How to store cryptocurrencies safe & secure
How to store cryptocurrencies safe & secure?
I recommend You three types of Bitcoin wallets. Two free of charge (on for mobile phone, and one for desktop computer), which are however safe, but cryptocurrencies will be stored on our computer. Therefore, I recommend them for storing of lower quantities.
The other solution is recommended if You are going to store higher amounts of cryptocurrencies, because this is a physical storage.
I recommend them for storing of lower quantities on mobile phone.
I prefer Jaxx Liberty Bitcoin wallet, which is very easy to use on mobile phone. It’s operation is really so simple, that I do not even go into details, because the software describes all details step-by-step.
You can download the software from here:
Jaxx Liberty Bitcoin wallet
On desktop computer:
I use Exodus to store lower amount of cryptocurrencies, because this wallet has a very safe and easy to use user interface. Beside that, You can perform exchanges between cryptocurrencies using Exodus.
It is safe, because the private key (which provides virtually complete access to your account) is neither stored online, nor in cloud, only on your computer.
Your computer shall be free of viruses (install an anti-virus software), prove a stable operation, and the computer where You install Exodus shall NOT be used by others.
Since your cryptocurrencies will be stored on your computer, if it goes wrong for any reasons, then You lose them forever.
Therefore, it is very important to make backups, because You can recover your cryptocurrency wallet (see details below).
Following downloading, install to your computer.
In order to let others send You Bitcoins, You have to provide your Bitcoin wallet ID. This is very similar to a bank account number.
The identifier is NOT identical to the Private Key! NEVER share the Private Key with anyone claiming that it is required to send money! IT IS NOT! If You share your Private Key with someone, then that person will own the specific crypto-wallet.
Click on “Wallet”, then on “Bitcoin”.
By clicking on the “Receive” button, your Bitcoin wallet ID shows up.
The ID showed up, that You can share with anyone (covered on the image). This is a very long character sequence, so the system makes a copy by clicking on the ‘+’ button.
Then You can share with the person willing to send You Bitcoins.
Now anyone can send You Bitcoins.
Click on the “Wallet” then on “Bitcoin”, then on the “Send” button.
You have to provide the Bitcoin wallet ID to the person You wish to send Bitcoins. Then click on the “Send” button.
Now You can send and pay with Bitcoin!
Exchange between cryptocurrencies:
Click on the “Exchange” button, then set which cryptocurrency You wish to exchange to another. I exchange Bitcoin to Ethereum on the image.
Now You can exchange cryptocurrencies!
Making a backup:
Backup is important because your cryptocurrencies will be stored on your computer, and if it goes wrong for any reason, then your money will be lost forever.
Click on the “Backup”. You can make backup if there is money in your crypto-wallet.
You have to provide a password, which is very important to remember!
Type your password again.
Print the 12 words, or note them in the same sequence as seen on the image. NEVER share the list with anyone!
Confirm a word of your paper backup.
Now your backup is ready.
Recovery from backup using the 12 words:
Click on the “Restore from Backup”.
Click on the “12 Word Recovery Phrase”.
Exodus will then ask to restart. Click on the “OK”.
You have to provide the 12 words in the right sequence.
After a few seconds the recovery is READY!
Storage of higher amount of cryptocurrencies:
I recommend “Ledger Nano S” to store higher amount of cryptocurrencies, because this is a physical storage. The most secure storage method, winning most tests.
The Private Key (providing virtually complete access to your account) is neither stored online, nor in cloud, only on your computer. All data will be encrypted on this tool.
If You store higher amount for longer period of time, use “Ledger Nano S”. I do not make an introduction, because there is a video series available on their website showing its proper use.
You can order “Ledger Nano S” here:
Ledger Nano S physical cryptocurrency wallet–>>