Loading...
cold-storage 2017-11-06T22:02:01+00:00

What is cold storage?

Cold storage is a method of storing your cryptocurrencies securely offline. All crypto currency wallets consist of 2 keys; a public key which is your receiving address for people to send funds to you, and a private key which is used when you send funds to somebody else. If anybody else has access to your private key, they have free access to send funds to any address they wish, potentially cleaning out your wallet. There are a number of cold storage methods, but in essence what they do is store your coins, private & public keys and everything else related to your wallet offline and disconnected from potential hackers.

Wallets are simply the pairing of randomly generated encrypted codes, a public (receiving) address and a private (sending) address. As long as you keep the private key safe, nobody but you can spend, use or store your coins. It sounds complicated, but it’s actually incredibly simple.

Different cold storage methods: 

Hardware wallet: Hardware wallets store your coins in a USB drive wallet. They are specifically made for holding cryptocurrencies, and every day being updated to support more and more alt coins. They’re favoured by long time holders, and therefore stored completely disconnected from the web and any kind of network which could be hacked. Users simply plug the USB drive into their PC whenever they need to send of receive funds. If you are serious about investing in cryptocurrencies it is highly recommended that you invest in a hardware wallet as this is the most secure method of storing coins along with paper wallets but has far more practical uses than a paper wallet.
Click below for a list of popular Hardware Wallets.

Hardware Wallets

Paper wallet: Wallets can be created in paper format. They are perhaps the safest way to store because they’re entirely offline, however if the keys happen to be lost or damaged, which paper is susceptible to, your coins could be lost forever. If you’re going to go down the paper wallet route, it is highly recommended to make multiple copies, but do keep in mind that if anyone finds it, they have total access to clean you out.
Creating a paper wallet is simple.

Recent cryptocurrency news

  • cryptocurrency digital marketing choosing the right domain crypto website

Choosing the Best Domain Name for a Crytocurrency Related Website

February 14th, 2019|0 Comments

Cryptocurrencies are quickly becoming one of the most sought-after trading and investment instruments. While the concept of Bitcoin was foreign to the average trader only a handful of years ago, recent statistics have shown that [...]

  • How blockchain will influence ecommerce

How Blockchain Will Influence the Ecommerce Industry

February 4th, 2019|0 Comments

The blockchain technology has revolutionized the financial transactions in the last few years. 2019 is going to be the year when this technology will influence the e-commerce market to a great extent. The fact that [...]

  • ddd

Learn How to Buy Cryptocurrency in Easy Steps

February 1st, 2019|0 Comments

The year 2017 saw the massive rise of Bitcoin which is currently the dominating cryptocurrency in the market. Despite its slight fall recently, it is still the future because technology is the future, there’s no [...]

  • MGO Mobile Go token

MGO Set For a Positive Uptrend as Game Devs Favor it as a Currency of Choice.

February 1st, 2019|0 Comments

Over the course of the last few weeks, game developers and publishers that utilize the Xsolla platform have begun to rely more and more on withdrawing the profits that they make directly in MobileGo (MGO) [...]