Offline storage is the best option when hodling cryptocurrency, it reduces mistakes, hacking attempts and keeps everything secret. Hot wallets which are always connected to the internet are viewable for all to see, all a hacker needs is your wallet address and they can see which cryptocurrencies you hold.
If you have large bags of certain cryptocurrencies then it will mark your wallet for hacking attack attempts. The more you have the more determined the hackers will be. Hackers find your wallet address when you purchase cryptocurrencies, they can be found with a bot or by manually viewing trades for certain high-value crypto targets.
Offline/Cold Crypto Wallet
Once you have purchased your crypto from a crypto exchange you should then transfer them to a cold/external wallet. This keeps everything secret and no one will know what you hold in your wallet. They can be disconnected from the web and held in a safe or bank vault depending on your choosing.
These external or cold wallets are about the size of a USB drive. Just plug them into your device install the software that sets up your security/transfers and the crypto is held offline. Once you have loaded your offline wallet just unplug your device and your crypto is inside, or the contract/code for the blockchain.
The Best Offline Crypto Wallet
Currently, the best offline wallet is the Ledger Nano brand, they were the first to create a cold wallet for offline storage. They cost from $70 – $120 depending on the size ETC. If you are going to buy and store cryptocurrencies offline then the Ledger brand is by far the best all-around wallet.
- Cold/External Crypto wallet
- 24-word passphrase
- Additional 25th-word security
- USB connected
- Easily stored in a vault/lockbox
- Bluetooth compatible
- Pricing: $55 – $120
Conclucsion – Storing Cryptocurrency Offline
We advise all our readers to store their crypto offline unless they are trading daily or looking to enter another crypto with a straight swap. These are the only reasons you should be using a hot wallet. There is just too much risk involved, plus hackers find different ways to steal your crypto every day. With cryptocurrencies becoming more and more mainstream more users are looking to store Bitcoins and Altcoins for safekeeping.