How To Store Cryptocurrencies Safe & Secure?

Bitcoin be taxed?

If you are storing bitcoins I only recommend a couple of various wallets. For short term spending type wallets (low Dollars) I recommend the Exodus Wallet discussed here shortly. For long term storage and large dollar amounts I only recommend the Armory wallet. Trust me if somebody steals your Bitcoins they are going to lock them up in an Armory wallet!

Exodus 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.

ATTENTION:

I recommend getting a Bitcoin or Crypto Only Computer to use for these types of transactions. (make sure the hard drive has been wiped clean and only the operating system remains-Such as Windows 10). If you do not know how to do this hire a computer expert to format your hard drive and wipe it clean of all software and install a new operating system on the machine, such as Windows 10.

Since your cryptocurrencies (Private Keys) will be stored on your computer, write all of this down in a good notebook, because if you fail at this then you lose access to them forever. There is no resetting your private keys, or resetting your password. They are gone!

Therefore, it is very important to make backups, because You can recover your cryptocurrency wallet (see details below).

As we discussed in the video Download Exodus wallet:

Exodus

 

Choose your Bitcoin wallet.

 

Following downloading, install to your computer. (you should always verify your software prior to installing it-to learn more click HERE)

 


Bitcoin receive:

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.

ATTENTION:

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.
    Choose your Bitcoin wallet.
  • 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.
    Choose your Bitcoin wallet.
  • Then You can share with the person willing to send You Bitcoins.

That’s all!

Now anyone can send You Bitcoins.

 


Sending Bitcoins:
  • Click on the “Wallet” then on “Bitcoin”, then on the “Send” button:
    Choose your Bitcoin wallet.
  • You have to provide the Bitcoin wallet ID to the person You wish to send Bitcoins. Then click on the “Send” button:
    Choose your Bitcoin wallet.

That’s all!

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.
    Choose your Bitcoin wallet.

That’s all!

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!
      Choose your Bitcoin wallet.
    • Type your password again:
      Choose your Bitcoin wallet.
    • Print the 12 words, or note them in the same sequence as seen on the image. NEVER share the list with anyone!
      Choose your Bitcoin wallet.
    • Confirm a word of your paper backup:
      Choose your Bitcoin wallet.

That’s all!

Now your backup is ready.


Recovery from backup using the 12 words:
  • Click on the “Restore from Backup”.
    Choose your Bitcoin wallet.
  • Click on the “12 Word Recovery Phrase”.
    Choose your Bitcoin wallet.
  • Exodus will then ask to restart. Click on the “OK”.
    Choose your Bitcoin wallet.
  • You have to provide the 12 words in the right sequence:
    Choose your Bitcoin wallet.

That’s all!

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.

Choose your Bitcoin wallet.

You can order “Ledger Nano S” here:

Ledger Nano S physical cryptocurrency wallet–>>

Never order a Ledger from some other site than the Shop.Ledger.com site (the manufacturers site).

Learn how this man took $100 and turned it into $1000, the he turned it into…Click HERE to learn more