How to Keep Your Cryptocurrency Safe?
If you’re
new to the crypto world you might
have overheard people transferring their assets into cold storage or cold
wallets but were unsure exactly what this involves. Simply put, it means securely
transferring and storing your cryptocurrencies/ assets offline to decrease
access to hackers. There are two ways in which you can store your cryptos
offline, here’s how you can do it:
Hardware: Wallets
vary from software wallets in that they store a user’s private keys on a
hardware device like a USB. Although hardware wallets make transactions online,
they are stored offline which delivers improved security. Hardware
wallets can be compatible with several web interfaces and can support
different currencies; it just depends on which one you decide to use. What’s
more, making a transaction is easy. Users simply plug in their device to any internet-enabled
computer or device, enter a pin, send currency and confirm. Hardware wallets
make it conceivable to easily transact while also keeping your money offline
and away from danger.
Paper: Wallets are easy to use
and provide a very high level of security. While the term paper wallet can
simply refer to a physical copy or printout of your public and private keys, it
can also refer to a piece of software that is used to securely generate a pair
of keys which are then printed. Using a paper wallet is relatively
straightforward. Moving Bitcoin or
any other currency to your paper wallet is proficient by the transfer of assets
from your software wallet to the public address shown on your paper wallet.
Alternatively, if you want to withdraw or spend currency, all you need to do is
transfer funds from your paper wallet to your software wallet. This process,
often referred to as ‘sweeping,’ can either be done by hand by entering your
private keys or by scanning the QR code on the paper wallet.
If you are about to invest in XcelToken Plus (XLAB) it is suggested
that you store them in the above ways to make sure that your assets stay safe.
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