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Principles of cryptocurrencies’ safety: full guidance for hot and cold storage

The cryptocurrency has become mandatory in the digital economy, with its unique benefits and disadvantages, so this is a very sought -after device class. At the same time, as with all valuable investments, the safety of cryptocurrencies is crucial to protect your wealth from theft, loss or manipulation. In this article we are immersed in the basic principles of cryptocurrencies, specifically focused on hot and cold storage methods.

What is the safety of cryptocurrencies?

The safety of cryptocurrencies refers to measures to protect the digital portfolio, private keys and other sensitive information against unauthorized access, flight or destruction. As a Cryptocurrency user, it is essential to understand that the government or the central authority does not provide digital devices; Decentralized and their value is based on cryptographic algorithms.

hot storage: the practical but vulnerable option

Hot storage refers to storing cryptocurrencies in a centralized online wallet or a stock exchange account. This method allows users to easily access and manage their funds without having to transfer them from their digital wallet. However, hot storage has significant security risks:

* Passage attacks : Crooks may have a legitimate replacement or portfolio and encourage users to reveal sensitive information.

* Piracy of the Portfolio : Operations of vulnerabilities in portfolio software or third party services can provide unauthorized access to user funds.

* Exchange hackers : Large -sized exchange programs may be vulnerable due to security violations, which will result in significant losses for users.

Hot storage is also limited by dependent on external service. If the service is broken or endangered, all cryptocurrencies are exposed.

Cold storage: The secure and reliable option

On the other hand, cold storage involves storing cryptocurrencies in a physical device such as material wallet or paper wallet. This method offers many benefits:

* Immunity against hacking. : Cold storage devices are physically insulated from the Internet, making them less sensitive to computer attacks.

* Physical Security : Material wallets and paper wallets protect their own keys from unauthorized access, reducing the risk of theft.

* Offline Access : You can use these devices without internet connection, ensuring that your funds remain safe even in areas with poor connection.

Cold storage also eliminates the need for exchange programs or wallets on the Internet. This makes it difficult for crooks to exploit vulnerabilities and access the basics.

Types of material wallets

Many types of material portfolio are available:

* Office Portfolios : They are designed for office computers and offer advanced security features such as encryption and safe start -up mechanisms.

* Mobile wallets : These are used as a storage carrier for the user’s mobile device, often with keyboard and integrated pike protection.

* Safe tokens : These are small portable devices that can be used for cryptocurrencies for themselves.

Popular financial portfolio brands are as follows:

• Great book

• Trezor

• Keepkey

Paper wallets: The simple but effective option

Paper wallets are a traditional cryptocurrency storage method. This includes creating a paper document with private keys, which is then safely stored. Paper wallets are a cheap and easy -to -use option for cryptocurrency transactions on a small scale.

However, paper portfolios do not pose a risk:

* Loss or Flight

: If you lose your physical wallet, all your funds may be in danger.

* Lighting : Fake paper wallets can be created to steal sensitive information.

Conclusion

Safety of cryptocurrencies is a fundamental aspect of investment in this rapidly growing market.