With crypto currency developments and the August 1st deadline regarding recent Bitcoin improvements and potentially more changes to come, I suggest holding your coins in an offline paper wallet or USB crypto currency storage device such as the Trezor or Nano Ledger. If you decide to go with a paper wallet, please be aware that you need to generate your wallet offline! If you don't, you risk the possibility of someone getting the private key's to your wallet. The walletgenerator.net site provides more details and instructions on how to create one from scratch. Using a device like the Trezor works great. You can gain access to your coins from anyplace that has a computer. One downside, is It is limited to a handful of coins for storage. Currently, you can store Bitcoin, Litecoin, and they support wallets for Ethereum. These are some of the best ways to protect your investments, without the worry of having your coins, lost, stolen or even frozen in an exchange wallet.
If you like these options,here are some links to help get you started:
https://walletgenerator.net/
https://shop.trezor.io/
From my own personal experiences, I have made the decision to create multiple storage facilities for my crypto currencies. I do not keep all of my eggs in one basket. Storing your coins in an online exchange account is not a great idea. If you are holding coins for the longterm, you definitely want to have a place to store them. Having multiple wallets of different types. That means have a wallet for that particular crpto-coin that you are purchasing. In my opinion, this is a good way to protect yourself from losing everything in the event a hacker has gained access to your wallet and passwords for example. When the markets get crazy and there is big news that may cause volitility, where everyone is either buying or selling at a time period of extremely high volume, you may not be able to get access to your account or make a withdrawal! The reason being, is that some exchanges have not prepared for this and become overwhelmed and understaffed or ill-equipped to handle these scenarios, so it can take along time in some instances to get access to your coins, if they are stored on an exchange. Trust me, I experienced this, and it is a scary feeling. It was an early mistake I made. I was unable to get a simple ticket answered on one of the largest crypto exchanges, and it took me over a week to get my issue resolved. The issue was making withdrawals. I made them, but the exchange froze them for an unknown reason. After 10 days, my issue was resolved. Luckily for me, I was eventually able to withdrawal my funds from the exchange and move it to a place that was safe and secure!
Also, It is always good to use multiple security methods as well. If you can remember your password, it is not secure. I use alphanumerical passwords with both upper and lowercase letters. In addition to long passwords, I also use 2FA (multi-factor authentication)security. It is a is a method of confirming a user's claimed identity by utilizing a combination of two different components. These are the best ways to protect against unwelcome guests or thieves from accessing your personal account.
I can provide more detail to any of this subject matter, if anyone has questions here. Thank you for reading and showing interest in my article. Please give me an up-vote, if you thought this information was helpful!
