How to store cryptocurrency safely

Nowadays people are more interested in cryptocurrencies, but many people start buying them without learning how to store them safely. In this article, I will share how to store coins in the safest way because we not only need to know how to buy but also need to know how to store it to eliminate all problems that will come to your assets.
How much money have you spent in the market? This is the first issue I want to mention. The numbers given will only be relative because each person's assets are different and each person deducts a different percentage to invest in crypto.
Some people think this is a risky market so they only spend 10-20% of their assets to invest, others are extremely confident in its potential so they have chosen to invest their long-standing savings. market. So a very important thing is how much money you have spent in the market, that is, the assets you have accumulated for a long time cannot be allowed to fly away for some reason. Let's not talk about investment losses or profits because in this article I will focus on how to store coins/tokens in the safest way. Below are 3 ways in order of safety priority
How to store safely
Cold wallet
For those who ask where they keep their DCA money every week, the answer is the cold wallet. This is considered the safest storage method today and should be preferred for storing coins. This is a device that looks like a USB, to make it easier to imagine, you can compare a cold wallet to your safe, if you put coins in there, no one can take it from you except when you reveal 24 characters. Its mechanism is to operate offline. When you need to transfer or receive money, you need to connect to the network, but all wallet information is stored by a security chip of several MB. This is what makes hackers cry when they have no chance to take away your assets. Currently, cold wallets cost about 2 million - 3 million on the market, depending on the type. This is a very small number if you determine to invest long-term (not just this one season) but the following seasons.

Or it is also very reasonable if your assets are worth hundreds of millions, so investing in a device to safely store assets is something you should consider as a priority. Notes when using cold wallets: Only use when purchased with intact seal Do not use the type that has a pre-installed pin code or has 24 characters available Always keep the 24 characters carefully and write it down on paper 24-character encryption to increase safety (If you don't know, you can watch the video below) Hot wallet The most popular hot wallet or online wallet you can use is Metamask, there are also other wallets such as Trust Wallet, Coinbase,... This is a safe storage place after cold wallets, because it is always connected to the internet. Therefore, it will be a place that hackers pay attention to.
In addition, it only has 12 characters (less than a cold wallet), so the security will not be as good. However, if your assets are not too large, you can consider using a hot wallet to store coins with the following notes: Absolutely keep 12 characters on paper (can save at least 2 copies to avoid loss) Not connected to any website or dapp, the wallet to hold coins only transfers and receives coins. Absolutely do not perform connection operations in a DeFi environment Do not touch strange tokens that are suddenly sent to your wallet (no free gifts will suddenly come to you, especially in this market, you have to be careful) Regularly remove viruses on your computer. Exchanges This is not recommended even if you leave money on today's major exchanges such as Binance, OKX, Bybit.
There is always a risk, so holding coins on the exchange when you buy them will always be the most unsafe way for your assets. Surely the story of CZ-CEO of Binance being fined 4 billion USD has caused many people to panic and transfer money away from Binance, or previously the collapse of FTX exchange caused many people to leave their money there in vain. bring fear.
Therefore, for me, the trading floor should only be reserved for trading, I will leave a very small amount of money there to always be proactive with plans and a separate part of capital for trading coins. Those who just bought a small amount can leave it on the exchange for a short time or learn how to transfer coins to a hot wallet (such as metamask). summary “Not your keys not your coins” has become a classic saying that reminds us that money is only safe when it is in your hands. Therefore, owning a cold wallet for the long term is something we should all consider when intending to hold coins. If you feel it is unnecessary or costs too much to transfer money, you can research how to use Metamask wallet in this article. This is also a relatively safe way to store assets behind a cold wallet without losing any money to own an online wallet. Wishing you all the best to store your assets safely in this very risky market!