Cryptocurrency, a new but not-so-new monetary system, is pacing up in the marketplace. And the cryptocurrency ruling out all the investment vehicles is bitcoin. You may use a legit platform like Bitindex Prime APP for a better and more enjoyable trading experience. For most of the Gen-Z, investing in bitcoin is a style statement; they find it very cool when someone pays with bitcoin for goods and services.
A recent survey found that roughly 5% of the payments were made in bitcoin as a currency. However, if this trend continues, bitcoin will indeed rule the mainstream market by 2021, and nearly 20% of the global population will be using bitcoin as a currency. That is why people keep exploring stylish ways to store their bitcoin units. Here are a few stylish ways of storing your bitcoin
What is the most stylish way to store bitcoin?
The most stylish way of storing your bitcoin is by opening a Bitcoin wallet. You can store your bitcoins in any of the wallets, namely mobile, desktop, and paper wallets. If you are looking for safety, it is always better to store all your cryptocurrency funds in cold storage of a paper wallet or hardware wallet, as this will help you stay completely safe from any online theft attacks. On the other hand, online wallets are pretty popular these days, and people who start investing in bitcoin prefer this type of storage facility.
A Brief Overview of Online Bitcoin Wallets!
A cloud-based wallet is a software that works like an online provider for storing and sending your bitcoins. Your bitcoin funds are stored in the cloud with the help of your internet network connection.
These wallets are not as secure as the paper wallet or hardware wallet because they don’t provide a very high level of security to your bitcoin monies. In this kind of bitcoin storage, you can only store your funds in bitcoin, not any other cryptocurrency. The wallet keeps all the keys of your bitcoin in it, and you have to sign in to the wallet and start spending.
However, offline storage is still one of the best ways of storing your cryptocurrency as it helps you keep track of all the transactions you make and also helps track what coins you own at any given time.
Paper Wallet:
The most stylish way to store bitcoin is by printing out the private and public address codes and then storing it like a money note in your wallet. You can also write on paper notes or print them on thermal paper to keep a record of all bitcoins that you own.
However, once you lose the paper that contains the key codes, you will lose access to your bitcoins forever. To store the private key on a paper wallet, you need to print out the private key for each bitcoin and keep it in a paper wallet. However, the next step is to transfer the public address from your bitcoin wallet to your official printed address on paper. Ordinary printers can also have used for printing out your private keys.
Hardware Wallets:
A typical pocket wallet looks like an oversized credit card with a microcontroller inside, which is used to store private keys and a few other vital information about the coin. However, with the advancement in technology, you can also download apps from the web that allows you to use your phone as a hardware wallet.
Ledger Nano S:
It looks like an oversized USB stick that can be attached to your computer or used as a USB thumb drive. The device is famous for keeping the keys for bitcoins and storing other digital assets like Ethereum.
Bitcoin Trezor:
It is another hardware wallet that is used for storing bitcoins. The device looks like a USB drive and is famous for storing digital currencies like bitcoin and Ethereum. The hardware wallets are different from other traditional wallets because they do not stay on the web but remain offline. The private keys are stored by the hardware wallet or, in a case of an online device, it stays in the servers of a third-party service provider.
Summary!
There are many stylish ways to store your bitcoins for the long term. However, for the safety and security of your assets, it is best to use paper wallets as this eliminates the chances of online theft attacks. Therefore, the most stylish way of storing your bitcoin is by opening a Bitcoin wallet. You can store your bitcoins in any of the wallets, namely mobile, desktop, and paper wallets.
