The Best Places to Store Your Crypto Currency
Once you make the descision to start HODLing crypto longer over time, your going to need some good trustworthy ways to hold your currency. Most of these and more are available in my Tools and Resources section of my site. Just go to Tools and Resources then click on Wallets To Store Crypto
First I talk about online wallets, which the ones I use are Coinbase and Coinpayments. Coinbase to the point of this day, supports Bitcoin,Bitcoin Cash, Litecoin and Ethereum. Its very easy to buy crypto from Coinbase which is primarily why I use them. I use them to buy my crypto but then I transfer the crypto in other wallets. Its always important to spread your crypto out and not keep everything in one place. I primarily use Coinbase to get my funds out of fiat and have more into the crypto environment. Sometimes, Coinbase will run into issues, so you will need to know other ways to buy crypto currency as backup. I found a resource called VirWox which I covered in the video below.
Using VirWox is a way to buy Bitcoin but they will charge you with some pretty big fees but if you want to get started then VirWox is an alternative. If you want to avoid the fees as much as possible. I recommend going to Coinbase and buying Litecoin because the fees arent as big doing it that way. Then you can exchange the Litecoin on an exchange such as Bittrex.
The next online wallet I use is CoinPayments and I use this as more of a store of value and to convert my coins between each other. For example I would buy some Litecoin through Coinbase then send to Coinpayments and then convert to another coin like Digibyte for example. CoinPayments is a great place to store your cryptos because they have over 700 coins you can choose from. Another feature I like about it is the security. I get notified every time I log in the the account and my password are emailed to me each time in order to log in. I usually store my crypto here before I move it to an offline wallet.
Wallets Stored on Desktop and Mobile Devices
These next wallets, I only recommend if your Andriod,IOS or Desktop is in your full control. The next two I am going to talk about is Exodus and Exodus Eden. Both of these are only accessible by downloading the program straight to your computer. So if you do this method, make sure you are the owner of that computer. You can backup your wallet and install on another computer if anything happens to your computer but it is safer downloading on your own computer.
If I were to choose between the two, I would pick Exodus over Exodus Eden. You will have full support with Exodus. Exodus Eden is more for advanced users and doesn’t have the support that Exodus has. On the plus side, you will find coins on Exodus Eden that aren’t available on Exodus. Ripple is one of those examples. You can find them on Exodus Eden but not Exodus. Whichever version you choose the site is constantly being upgraded which whenever bugs and things are worked out or they added a new coin, you will have to reinstall to get the latest version.
Crypto Stored on Your Phone
There are many different apps you can download for your phone wheather you have a Andriod or IOS. For example, Litecoin has a standalone app you can download called, LoafWallet. Which is a way to basically send and recieve Litecoin straight from your phone. There is also another app, I just recently discovered called SatoWallet which has my three favorite coins (Bitcoin, Litecoin and Digibyte) all in one place. Like with the Desktop Wallets, if your going to install it on your phone, make sure your the only one with that access.
The last thing I am going to talk about is offline wallets and I will be going more into detail about this very topic in itself because I recently bought a Ledger Nano S.
I recommend if your going to HODL large amounts of crypto then put majority of it on you Hardware Wallet. Once you have your own Hardware Wallet it will ask for a password and a 20 word recovery phrase. These are important to back up your Ledger wallet. If you ever loose your Ledger wallet, it can be recovered by getting another Ledger Wallet and entering your 20 word recovery phrase but if you loose the 20 words then there is no way to retrieve the crypto from your device so it is very important to store your 20 word recovery phrase in a safe place. Do not make a digital copy of it or store it on the cloud. I will go more into detail on this with a video because I do have a Ledger Nano S on the way.