What are the best practices for storing crypto in a piggy bank?

3 answers

• Dec 27, 2021 · 3 years ago
  One of the best practices for storing crypto in a piggy bank is to use a hardware wallet. Hardware wallets are physical devices that securely store your private keys offline. By keeping your private keys offline, you significantly reduce the risk of your crypto assets being hacked or stolen. Simply connect the hardware wallet to your computer or mobile device when you need to make a transaction, and keep it safely stored in your piggy bank when not in use. This way, you can enjoy the convenience of a piggy bank while ensuring the security of your crypto assets.
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• Dec 27, 2021 · 3 years ago
  Another recommended method is to use a paper wallet. A paper wallet is a physical printout of your private and public keys. You can generate a paper wallet offline and store it in your piggy bank. Just make sure to keep it in a safe and dry place to prevent damage. When you need to access your crypto assets, you can simply import the keys into a digital wallet. Paper wallets provide an extra layer of security as they are not susceptible to online attacks. However, it's important to note that paper wallets can be easily lost or damaged, so it's crucial to handle them with care.
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• Dec 27, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, recommends using a combination of hardware wallets and multisig wallets for storing crypto in a piggy bank. Multisig wallets require multiple signatures to authorize a transaction, adding an extra layer of security. By using a combination of hardware wallets and multisig wallets, you can ensure the safety of your crypto assets while still enjoying the convenience of a piggy bank. Remember to regularly update your wallets' firmware and backup your private keys in a secure location to prevent any potential loss of funds.
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