Cryptocurrency is making wise investors wealthy. This is the market and security we have been lacking in the financial world. More importantly, the blockchain technology used to link and uphold can be used for this security and so much more than just finances.
Satoshi established Seven Basic Principles, number one being: "Networked Integrity. Principle: Trust is intrinsic, not extrinsic. Integrity is encoded in every step of the process and distributed, not vested in any single member." (Tapscott, p.42). We must remember that the goal of the blockchain technology is to establish security without the need for third party intermediaries like PayPal or Robin Hood. These platforms are good for buying, selling and trading crypto for the short term. Wise investors seek for the absolute safest place to store their assets to ensure appreciation over depreciation over the long term.
Crypto Wallets Matter Because Security Matters
Where we store and HODL our cryptocurrency should be number one our checklist just like in Satoshi's Seven Principles. Security is extremely important when we plan to HODL crypto for the long haul. As mentioned in a previously published article by this author, we need to make sure that we are the sole owner of our cryptocurrency and the only ones who hold the keys to our wallets.
When we choose to trust third parties with a new financial system we take the risk of losing our investments or worse -- finding out that the money we used on these third party platforms for our long term investments was never allocated for cryptocurrency at all.
Safest Options For Storing (HODLING) Cryptocurrency
There are 2 sensible options for storing (HODLING) our crypto.
Software (Hot) Wallets (Most Popular) - Exodus, Crypto DeFi Wallet, Coinbase Wallet, Interstellar: Stellar Wallet, Ripple Wallet, and a few more.
Hardware (Cold) Wallet (Safest & Securest) - Ledger Nano S, Ledger Nano X, and Ledger Pack.
Using the 2nd option is the absolute safest manner for storing (HODLING) our crypto. It does not require an internet connection and can be safely stored at home or on our person. Even if lost, no one will be able to access any of our funds without the private keys. We must store our private keys somewhere no one we do not want accessing it, sees it.
We need to start doing more research of where we store our digital assets, not just finances. What about our personal information? Can we store and secure our personal information on a similar "wallet"? Can we store private medical information on a cold "wallet"? What about using it for military secrets? Anything is truly possible with this blockchain technology.
The world is changing and so is our financial system. A great place to start doing some research is by reading books like: Blockchain Revolution, The Basics of Bitcoins and Blockchains, and the Book of Satoshi: The Collected Writings of Bitcoin Creator Satoshi Nakamoto. Another great place to start is YouTube, TikTok, & Reddit.
Thank you for taking the time to read this article. Feel free to share this article with your friends and KryptoFam.
Disclaimer: By no means are you obligated to take any information from this article as financial advice. Please do your own research and consult a professional financial advisor for professional financial advice. This article is for educational purposes only.
Lead Image Source: Photo by Artem Beliaikin from Pexels
