Welcome to the Adventago blog, where I cover everything, entrepreneur mindset, personal finance, and internet marketing/sales techniques related, and today we’re going to be talking about the top 5 wallets to store your bitcoin on securely (Of course).
Now, here’s the thing, if you’ve been in Bitcoin for even a second you would understand that storing your Bitcoin on exchanges is very dangerous.
Basically, what you’re doing when you’re allowing the exchange to hold your Bitcoin is that you’re giving up the ownership of your Bitcoin, and allowing someone else to store it.
When we talk about being your own bank in Bitcoin and cryptocurrency, the responsibility should be on us to take care of our Bitcoin, and we all know there’s been a ton of terrible hacks on Bitcoin exchanges, people losing millions or in some cases even billions.
The important thing is to take responsibility for your own Bitcoin, and to make sure you’re managing your security.
So today we’re going to be talking about 5 different wallets that you can use to store your Bitcoin safely and securely.
1. Monarch Wallet
First, we have the monarch wallet, now the president of Monarch is Robert Beatles however, you guys probably know him better as crypto Beatles he’s a good friend of BitBoy Crypto.
A lot of people have said that the Monarch Wallet is very safe, it is a decentralized way to store your Bitcoin on the blockchain, and this is one thing that really separates the Monarch Wallet from other wallets out there.
Now, you do have to K. Y. C. but one round of K. Y. C. basically gives you all the services, as you can see right here, another cool thing, other than just the security of Monarch, is that it offers a lot of other features.
When you look at some of the other features here, they have crypto loans coming out in the future, they also have ERC. 20 decentralized exchange, a portfolio, and all kinds of things!
Monarch pay allows you to make payments for monthly services with your Bitcoin, so a lot of good stuff that monarch is doing, also, they get a lot of publicity and for good reason, I feel like it is one of the safest wallets you can use.
Also, you keep your private seed phrase, that way you know it’s your Bitcoin, no one from the Monarch team can get inside your wallet.
And like I said, it’s all store decentralized on the blockchain, so definitely check out https://monarchpay.com/ if you want to find out more information.
Let’s move on, and talk about another kind of wallet which is a…
2. Paper Wallet
If you ever want to make a paper wallet, and I will say if you’re brand new to Bitcoin this is probably going to be a fairly difficult task for you to do.
If you have been in Bitcoin for a little bit of time, then probably this can be pretty easy for you to figure out how to do.
Basically, what you have to do is go to, https://www.bitaddress.org/ and move your mouse and click random keys on your keyboard, then it generates an address for you, and now we have this paper wallet.
*** (P.S. Don’t use this wallet it’s only for demonstration purposes… Unless you want everyone stealing your money!) ***
Here is your address, you get this Bitcoin address and then you get this private key that allows you to get inside the wallet, and no one else has access to it but you.
However, I need to say this about paper wallets, one of the downsides about paper wallets is, if you lose the physical piece of paper you’re done for.
If you don’t have the private keys stored somewhere safely you can get ripped off, another thing you got to think of is, if you create a paper wallet and you print it out, and your computer stores things on the cloud this could result in hackers getting into your cloud and stealing your valuable information.
Don’t get me wrong, paper wallets are a very good way of storing your Bitcoin, but you have to remember it’s just paper.
You must keep it very safe, for instance, if a natural disaster happened and you don’t have other means of backup, to this paper wallet this could ruin you.
3. Hardware Wallets
Number 3 we have hardware wallets, the main hardware wallet that most people use is a ledger, there’s the Nano X, and the Nano S, and these are devices that allow you to store your Bitcoin on a device similar to a U. S. B stick.
All your Bitcoin is not actually stored on the device but, on the individual Blockchains of whatever crypto it is.
A little tip I want to give you all is that: You should get your Ledger directly from Ledger, if you order one of these Ledger hardware wallets on eBay, then there is a chance that someone can give you a device that’s already been open that they have the key for.
You could argue that you can reset one of these when you receive them, however, they could also install some malware or something on the device, so you want to make sure you order these directly from Ledger.
I’m going to link down below if you want to check that out, but Ledger is the most trusted name in hardware wallets, Trezor is a number one that a lot of people like a lot, and it’s been around for a while too.
But here is another tip about using hardware wallets: When you get a Ledger, you’re going to get a seed phrase that is 24 words, and you’re going to write that down, but you can actually engrave them into a titanium plate, by getting an engraver for 5 Bucks.
(There are all kinds of different titanium plates you can use to be able to write this on.)
But, don’t ever store a copy of these digitally, a lot of people say “Well Adventago, I’ll put it on a notepad and hide it on my computer”, but if a hacker gets into your computer they know exactly what to look for.
I remember BitBoy Crypto telling me a horror story of a guy who had a Trezor and had $60,000 stolen off of his hardware wallet, because he had taken a picture of his seed phrase and that picture was sent to his iCloud.
And a hacker sim card swapped him, and was able to get into his iCloud and found that seed phrase and stole the entire $60,000 from him.
The Ledger nano X, is the newer version, it’s very secure, you can store a lot of Bitcoin and different cryptocurrencies on the ledgers, and like I said they are the most popular hardware wallets, so you might want to check it out.
4. Cobo Vault
Moving on to number 4 we have the Cobo Vault, now this is another hardware wallet, however, this category I would call, the “Indestructible wallet”.
With a Ledger, if there was a flood or a fire, and your, Ledger burnt up you still could restore it if you had your seed phrase.
But you don’t want to have to deal with that, it’s very dicey when you have a device, you’re transferring a lot of Bitcoin from, it really should make you nervous because it is a lot of money you could potentially be transferring.
On the other hand, with the Cobo Vault, it’s simply indestructible, now if you were really set out to absolutely destroy it you probably could, but for normal wear and tear, you’re not going to be able to break this.
In my opinion, if you live in a place where you might have a lot of natural disasters, tornadoes, hurricanes, and, wildfires you may want to go for an option like an indestructible hardware wallet.
It’s going to be much more durable and it’s going to allow you the freedom, to not have to worry whether or not you dropped your Ledger, and it didn’t break.
So definitely Cobo Vault is another one that I would suggest you check out, if you really want to go the heavy-duty route.
5. Cool Wallet
Then the last one is the cool wallet, this is a hybrid between a hot wallet (Which is a wallet that is on a website or app) and a cold wallet (Like a paper wallet or a hardware wallet).
But, the cool thing about the cool wallet is that it has an app, also it’s pretty indestructible, you can take this wallet and drop it in water and it will not damage it.
Cool fact: BitBoy crypto has said that a lot of high-profile people he has met have a cool wallet, because they like the ability to be able to carry it around in their pocket.
Now, along with being hard to break, having cold storage, and being very convenient, the cool wallet also has an app, so when I say it’s a hybrid you have to have the physical device and the app to get the cool wallet to work.
And that adds a lot of security because it’s more steps, so someone would have to go through the actual card you have, and then hack your app which probably isn’t going to happen….
(Unless your James Bond).
So those are my top 5 safest ways to store your Bitcoin that you can go with right now, just remember please don’t store your Bitcoin on exchanges.
You’re handing over the keys to your Bitcoin to someone else, and, you’ve got to be responsible for yourself when it comes to your Bitcoin.
We become so dependent on banks and credit card companies bailing us out if someone hacks our account or we lose our passwords, but seriously we must take more responsibility.
I hope this blog has been very helpful for you, if it has do me quick and tiny favor by clicking here to discover how you can transform your financial well-being, and personal well-being right NOW!
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