As the cryptocurrency continues to grow many new investors are getting in to buy crypto, but where to store all that cryptocurrency safe? As you all may know cryptocurrency can be stored in "Wallets".
There are two kinds of wallet in cryptocurrency:
1. Online wallet (Hot wallet)
- Best for storing small amount of assets.
- You can usually get one for free.
- Not suitable for storing large amount of crypto.
- You can access online wallet from anywhere until you have access to the Internet.
- Often online wallets can store multiple cryptocurrency.
- Third Party company is responsible for your privacy so you don't have total control over your privacy.
2. Offline Wallet (Cold Wallet)
- Best to store large amount of cryptocurrency.
- Much secure than an online wallet.
- Usually cost about 50 to couple hundred dollars for a hardware wallet.
- No third Party Software is included so only you are responsible for your funds.
- You cannot access Offline wallet from anywhere you need a PC or Mac to access it
Always Look after these points before choosing a wallet
- Look for a wallet which can store multiple cryptocurrencies.
- If choosing hardware wallet see if you are comfortable with its design, U.I, and with it's price.
- Web based online wallets should always have https in its Url as https is more secure than http.
- What does the community have to say about the wallet? Check forums like Bitcoin Reddit or Bitcoin Forum.
- For security see if it has two-factor authentication and hierarchical deterministic (HD).
- How transparent is the wallet provider? Do you know who they are?
- Is the wallet simple to use?
- Is there a way to backup the wallet?
Note: There are hundreds of fake bitcoin wallets over the Internet always use the wallet from a genuine company you can also search on Google for the best results.