Getting Started with Bitcoin
How to Store Bitcoin
Storing Bitcoin safely is one of the most important steps for any holder. In this lesson, we'll explore the main storage options, their pros and cons, and the best practices that keep your BTC secure.
Hot vs. Cold Storage
There are two primary categories: hot storage (connected to the internet) and cold storage (kept offline). Understanding the differences helps you choose the right approach for convenience vs. security.
Hot Wallets
Hot wallets include mobile, desktop, and web wallets. They're convenient for day-to-day transactions but carry higher risk because they're online and more exposed to malware or phishing.
- Mobile wallets: Store/manage BTC on your phone (e.g., Trust Wallet, Mycelium).
- Web wallets: Hosted by exchanges or third-parties; convenient but may not grant full control of private keys.
- Desktop wallets: More control on your own machine, but funds are vulnerable if the computer is compromised.
Cold Wallets
Cold storage keeps keys offline. It’s generally the safest option for long-term holdings and larger balances.
- Hardware wallets: Devices like Ledger and Trezor store keys offline and sign transactions securely.
- Paper wallets: Printed public/private keys. Immune to online attacks but fragile—susceptible to loss, damage, or theft.
Multisignature Wallets
Multisig setups require multiple keys to authorize a transaction (e.g., 2-of-3). This adds strong defense against single-device compromise and is popular for teams, families, or higher-value self-custody.
Best Practices
- Back up your wallet/seed: Store recovery phrases securely (preferably offline, with redundancy).
- Enable 2FA: Use two-factor authentication on related accounts/services.
- Use strong, unique passwords: Consider a reputable password manager.
- Prefer cold storage for long-term funds: Keep private keys offline whenever possible.
Summary
Good storage hygiene protects your BTC. Choose the right wallet type for your usage, apply strong security practices, and keep recovery info safe and offline.
What's Next?
Next up: how to send and receive Bitcoin safely—addresses, fees, and avoiding common mistakes.
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