How can I secure my Bitcoins?
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There are 2 main types of wallets available to secure your Bitcoin. Hot Wallets and Cold Wallets.
- Hot Wallets: These wallets are connected to the internet for frequent transactions which makes them more vulnerable to hacking.
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Web Wallets: These are online wallets, hosted by 3rd parties like Coinbase or Blockchain.com. You need to trust these 3rd parties with your private keys.
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Software Wallets: These are digital wallets installed on your mobile, desktop or tablet. Examples are Trust Wallet, Bitcoin Core.
- Cold Wallets: These wallets are not connected to the internet, which makes them a more secure option to store your bitcoins.
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Hardware Wallets: These are physical devices that store your private keys offline, which makes them the most secure option to store your bitcoin. Trezor, KeepKey are some examples.
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Paper Wallets: These are physical pieces of paper with keys stored physically on paper, and because of this they are vulnerable to damage and theft.
If you want to trade frequently, then Software Wallets are good option, but if you want to store your bitcoin for a long duration, then Hardware Wallets are the best option for you.
But selecting which types of wallets totally depends on your requirements and your risk tolerance capacity.
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