How to store Bitcoin? Put it in a suitable Bitcoin wallet

Now that you have a bitcoin , how do you store it? Put it in a piggy bank, deposit it in a bank, or bury it?

These ideas can effectively store your diamonds, but they don’t seem to be applicable to storing Bitcoin. Usually, we store Bitcoin in our own Bitcoin wallet.

There are several ways to store Bitcoin.

1There are online Bitcoin exchanges

Usually, when users open an account on a Bitcoin exchange, they will receive a Bitcoin wallet address given by the exchange. When users buy and sell on the Bitcoin exchange, your Bitcoin will flow in and out of the Bitcoin wallet on the platform.

Storing Bitcoin in an online Bitcoin wallet allows for quick and easy transactions and use of Bitcoin.

2Store in your own Bitcoin wallet

After the user installs the Bitcoin client, he can apply for his own Bitcoin wallet address.

Unlike online Bitcoin wallets, the private key of a Bitcoin wallet you apply for yourself is in your own hands, but when it is in an exchange wallet, the private key is held by the Bitcoin exchange.

3Store in an offline Bitcoin wallet

This method is more technical. Users need to create a Bitcoin wallet address offline and then obtain the private key. At this time, we store the private key in an offline USB flash drive (or other storage tools). Whenever we need to open a Bitcoin wallet, we use the wallet private key to sign the operation offline, so that Bitcoin can be kept away from hackers. This method is also known as Bitcoin cold storage technology.

4Stored in an online Bitcoin wallet using multi-signature technology

This type of Bitcoin wallet requires multiple authorizations to open, which effectively prevents the possibility of Bitcoin being stolen inexplicably. The difference between it and cold storage technology is that multi-signature wallets do not require other authorizations when depositing Bitcoin, and only require authorization when spending; while cold storage wallets require offline use of private keys regardless of storing or withdrawing Bitcoin.

I have briefly talked about how to store your own Bitcoin, which is actually putting Bitcoin into a Bitcoin wallet. As for which Bitcoin wallet is more suitable and safer, it depends on the actual needs of the user.

5 Tips for Storing Bitcoin

Generally speaking, for small transactions and the use of Bitcoin, it is more appropriate to choose an online wallet.

When a large amount of Bitcoin needs to be stored and is not frequently accessed, it is safer to use a cold storage Bitcoin wallet.

For those who value sharing, Bitcoin wallets that use multi-signature technology are even more interesting. “Hey, you know I’m using the Bitcoin in my wallet, would you like to try it too?”