There are a few different ways to store your cryptocurrency.
Each has pros and cons:
Hardware Wallets
- What it is: A small device, like a USB stick, that stores your crypto offline.
- Pros: Very secure, because hackers can’t get to your crypto if it’s not connected to the internet.
- Cons: Cost money can be a bit tricky to set up.
- Best For: People storing a lot of crypto that they want to keep very safe.
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Software Wallets
- What it is: A program you install on your computer or phone.
- Pros: Free and easy to use.
- Cons: Not as secure as hardware wallets since your computer or phone is connected to the internet.
- Best For: People storing a small amount of crypto, or who want to make frequent transactions.
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Paper Wallets
- What it is: Your private key printed on a piece of paper.
- Pros: Very secure because it’s offline.
- Cons: Can be lost or damaged. Tricky to use.
- Best For: Advanced users.
Online Wallets (Custodial)
- What it is: Storing your crypto on an exchange like Coinbase.
- Pros: Easy to use.
- Cons: Least secure option because you don’t control your private key.
- Best For: People who are actively trading their crypto (buying and selling frequently).
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Important!
No matter what kind of wallet you use, write down your backup phrase (seed phrase) and keep it safe! This will let you get your crypto back if you lose your wallet.
