Cryptos or cryptocurrencies, is currently being used by many people as a means of investment. They want to HODL some digital assets, which they believe shall reap the profits that reach the moon. They should believe that, but there is one reality every investor needs to acknowledge and prepare for. Safekeeping the key and the digital asset in question.
Key: More Precious than the Coins
There have been many well known instances of people losing access to their wallets and the contents within simply because they lost their key. This key cannot be duplicated or made anew. Once lost, there is no way to hack into your wallet. No supercomputer or organisation has any means of giving back access to your wallet.
See Also: Types Of Bitcoin Wallets You Can Use
Another factor which is matter of major concern is the fear which long time investors have, is that, they are dependent on third party portals. There is always the worry of them being hacked into or of their site shutting down. This makes one very vary of dealing or having any type of transaction with them. What one needs a middle ground as a solution to keeping their currency secure and safe. Cold wallets are the perfect answer to such a dilemma.
See Also: Ethereum Fork: All You Need To Know!
Cold Wallets: Offline and Secure
Cold wallets can easily be explained when compared to hot wallets. Hot wallets are online, cold wallets are offline. Its as simple as that. Cold Wallets are not connected to any portal. They are hardware devices that store your keys and coins. With hot wallets one always faces the risk of being hacked into. With an offline wallet that stores your cryptocurrencies, the best part is that, hackers can not steal your digital assets as they are not connected to the internet. Another difference is that online wallets may display the current value of the currency, offline wallets just show you the currency. You need to find out their values simply by searching on Google. They are better served for people who have bought ICOs and are in it for the long haul. This is a failsafe way of storing your asset.
There are many devices that are available for such purposes, Trezor, Ledger Nano, Keep Key are some which we highly recommend. You can easily search them online and decide which offers you features that best suit your need.
BiChip: New Age Wallet
Although this is surely is a radical invention that is still on the drawing boards, it will only be able to leave its mark once it enters the mainstream market. It has that kinda potential and market. BiChip is a revolutionary (some may even call it revolting) idea. BiChip is so small that it can easily be implanted inside your palm. It becomes the perfect way to safeguard one’s digital assets, important files etc to strike out any change of cyber security lapse. While it does seem to be a bit creepy, there are those who are willing to go an extra mile to secure their Bitcoin Wallets.