Freezing cryptocurrencies is perhaps the most effective method to keep funds safe in case of cyber attacks or hacking. Learn how to safeguard your digital currencies efficiently and safely.
It is possible that for beginners in the cryptographic ecosystem the concept of "cold storage" sounds a bit strange. However, this term is quite common among users of digital currencies.
For those who have heard about this type of storage, or cold wallets, and were not sure what they meant in a few words, but it consists of storing their coins offline. In this way, the risk of theft by hackers or cyber attackers is reduced.
Hardware solutions
To move digital assets to a cold store using a hardware solution, the easiest way is to save the private key of your digital wallet as a file on a USB drive. In this way, the only way a hacker has to steal his coins is with the USB wallet in his hand. This as long as you make sure that there is no other copy of the private key on any device connected to the Internet, of course.
There are also physical solutions designed for the safekeeping of coins, known as hardware wallets. These are simply data storage devices that are designed specifically for this task and usually look like a USB stick, but with a small screen on them.
Most hardware wallets include additional security features and support to hold multiple types of coins simultaneously. Some of the most popular are: Ledger Nano S, Trezor and KeepKeey.
Paper wallets
However, there are also other less sophisticated options for storing out-of-line cryptocurrencies. If you want to freeze your cryptocurrencies and do not have a hardware wallet, you can get a paper wallet for free.
As the name implies, these are private keys printed on paper, however, this does not mean that they are less secure. The paper has no USB ports, no wifi, etc., so you can not hack remotely and keep your coins safe until you want to use them.
There are many paper cryptographic wallet generators that you can find for any type of digital currency that you want to just verify that the source you choose is a trustworthy source.
For example, some of the address generators available for Bitcoin are: Bitaddress, Walletgenerator, Bitcoinpaperwallet and Mycelium.
When you want to check the balance and transfers in the paper wallet, all you have to do is enter the public key in a Blockchain browser. This can be done with any browser for the particular cryptocurrency that you use.
With any option you choose to keep your funds offline, remember to keep your wallet in a safe place. One option is to laminate it or keep it in a safe deposit that avoids damage by water, where you do not forget it or the boat by mistake. In any case, consider it a physical case full of dollars.
