Bitcoin wallets: why and how to store your private keys

Translation of the article  Bitcoin Wallets  by bitcoiner  Tony β‚Ώ

So, you've bought some bitcoins, and now you're faced with the next question: what is the best way to store them? We will help you choose the wallet that is right for you.

Although, at first glance, there is nothing complicated in this, the choice of a wallet is associated with a considerable number of nuances.  How many bitcoins do you have? How often do you plan to spend it? Are you sure your keys are safer than cold custodian?  The answers to these questions will help you find the right solution for you.

Bitcoin is a bearer asset, which means you can store the keys to your bitcoins yourself. When you store your own Bitcoin keys, you have direct control over your money. Thus, you do not have to turn to the services of a third party (for example, a bank) and trust it. Therefore, as soon as you can confidently state that the risk of personal storage of your keys is lower than the risk of losing them to a custodian, it becomes simply necessary to set up a scheme for self-storing your own bitcoins. Making this decision depends mainly on your understanding of how and why to store your own bitcoin keys. In this article, we will help you come to an understanding of both the former and the latter.

In this article, we will cover the following aspects:

  • "Not Your Keys - Not Your Bitcoins"

  • Security versus convenience

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This is, in short, our take on self-storing bitcoins. If you are still unsure of your own abilities, do not worry. We recommend that you take control of your bitcoin keys only when you become comfortable with all the related features. But we urge you to continue diving into the details of the unique opportunity that Bitcoin provides: the ability to take complete control of your own savings.

Self-storage is getting easier every day. Assess your situation and choose the most optimal storage method for yourself. We're here to help, feel free to contact us with any questions.



This article has been prepared and translated by the Swan Bitcoin and Bitcoin Translated teams  .




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