Make sure you are establishing your wallet alone and ensure that no one is watching you!
If someone will hack your wallet, steal your crypto and get away with it. There is no one that will help you. This is the main reason for choosing the safe storage of crypto wisely.
Before you will choose your wallet that will be used for the storage of crypto, you have to know exactly what you want to do with crypto.
You should be one of these 3 persons:
- I am afraid that I will lose my private keys and I want to have an option to reset the password so I do not have to worry about that- Let’s call him “Humbler”
- I do not trust any third party, I will remember my private keys and If I will forget it, I don’t mind the responsibility of losing my money- Let’s call him “Brainiac”
- I do not trust anybody, even not my own computer, I want to bury my crypto underground- Let’s call him “Gearhead”
If you have categorised in one of these persons you have 80% of the success behind you! Congrats!
Humbler- Hosted wallets
This is the most used way of storing crypto. Hosted means that your cryptos are held in the hosted wallet. Hosted means by the third party. So if you lose your passwords/private keys you can restore them.
Brainiac- Non-custodial wallets
You are in 100% control of your funds, no third party. Your responsibility, but if your computer gets hacked- can be an issue. But for the beginning from our perspective the best choice. We would recommend Metamask MetaMask
Gearhead- Hardware wallets
Physical device. Kind of hard to use and costly from 100 USD. It stores your password and private keys offline. We would recommend Ledger. Eric Larcheveque
“With great power comes great responsibility”
This statement that was made by Uncle Ben in the first Spider-man movie best describes cryptocurrency. We have a unique power over our Fund but also huge responsibility to protect them.