Hindsight is always 20/20.
No one ever argues this, and nowhere is this saying truer than when it comes to investing. While everyone scoffs at the “Fifth Beatle,” how many of us where wise enough to have bet the farm on MicroSoft while it was run out of a garage or the monolithic internet retailer Amazon when it first debuted? Joining this list of lost opportunity and regret is Bitcoin, the electronic currency whose value went from six cents to over $7,000 in less than a decade.
If you were wise enough to have bought some bitcoins, or if you’re looking to get into the action, one of the biggest decisions you have to make is where you will store your digital currency. This custodian for your encrypted money is commonly referred to as a “wallet,” and the following are among the safest, and hence most recommended options available.
In addition to acting as a wallet, Coinbase gives you access to a trading platform where you can buy, sell and trade cryptocurrency. However, be warned that although this site is user-friendly and has a good reputation, there have been historically cataclysmic results from storing currency on trading platforms, to include the present equivalent of an over $6 Billion lost at the hands of hackers in a single attack.
Blockchain ramps up the level of security from hackers when compared to Coinbase. Although Blockchain is an on-line service, meaning it could potentially be hacked, it is considerably more resistant to illicit attacks than is a trading platform. This service provider can boast more than 100 million transactions to date, and remains quite popular despite other Bitcoin-stealing scandals.
If you’re seeking a high-level of security plus software that is easy to use, check out Electrum. This is a no-fee site that receives high-marks for reliability and security. A pivotal aspect of this site is that you are the sole retainer of your “private key”- a lengthy alpha-numeric sequence that ultimately gains you access to your holdings. While this may prove relatively cumbersome for trading activity, it is an extra layer of digital protection.
Many investors are beginning to diversify their personal portfolios with cryptocurrencies in much the same way as they guard their wealth with gold. If you’re interested and want to learn about means that are even more secure than the above-mentioned options for storing your Bitcoin, check out this article at:
What’s the Best Bitcoin Wallet? | US News