First we need to establish what a cold storage is. storage when dealing in cryptocurrencies is Sturridge which is not directly connected to the internet.
To secure your funds you can use a paper wallet, it is the cheapest option but also the option that needs the most work. So we put in the easy solution in the bottom.
The hard way
Before you get started there’s some things we need to be aware of when making a paper wallet:
- make sure that your printer is wired directly to your computer for security reasons so we do not send the private key out into the network
- go to https://www.bitaddress.org/ (other coins use https://walletgenerator.net/ suppoting 197 currencies) and go through the first step which is to create a unique signature you can do this by moving the cursor around on the screen.
- But now you get your first wallet address up, this one you will not use instead you will disconnect from the internet
- Now you can click on the paper wallet tab in the top menu
- Is a standard set too 3 paper wallets, what is the standard A4 size, And even though you have three wallets on your screen I would click generate.
- Now you get the 3 new wallets up, and you can print them on your wired printer
- When you have created the wallets you need you will now need to empty your browser history this is to make sure that no one can hack in and gain access to your private keys.
- After you have emptied out your browser history your computer needs to be restarted in order to empty the RAM-blocks
- Make sure you store you are a paper wallet safely, And the no one she’s your private key do not take pictures of it, people can hack into your phone or computer if you have a picture so I can see your public and private keys and thereby take all your funds.
- when you need the funds start on your paper wallet you should empty the entire wallet, and burn it afterwards because once you use the private key it is useless. It should be understand that you can still use the wallet but it is against all recommendation since the private key is out there and others can obtain it it by hacking you.
The easy way
it is a lot easier to use a hardware wallet since it does all the calculation on the wallet and thereby keeping the private key internally even though you’re connected to a computer, Show your private key will always be safe in the hardware wallet and you can transfer funds in and out of it most hardware wallet support multiple coins.
Instructions for using a hardware wallet once it is first set up it’s quite simple and will be included in the package, and in contrast to the payment wallet everytime you need a new address on the paper wallet you will have to go through all the 10 steps list above, we are on a hardware wallet it is simply just created by a few clicks
I have a background in cryptocurrencies I have been into the cryptocurrency game since 2011