Bitcoin, with its high valuations, can be a prime target for hackers and robbers who may want to steal some of your money. This valuable cryptocurrency needs to be kept safely from the prying eyes of all these people. Many of us keep it in secure online wallets so that we can use it whenever needed. However, this is fraught with risks as the online wallet can be hacked at any time.
Therefore, you can keep your Bitcoin in an offline Bitcoin wallet where you can keep your hard earned investments safe.
How to set up such an ‘offline Bitcoin wallet’?
Setting up such a ‘cold storage’ offline Bitcoin wallet is very simple and can be done with the least amount of technical knowledge.
Firstly, you need to ask around for a reputed offline wallet where you can safely store your Bitcoins. As Bitcoins are now being referred to as the digital gold, you need to ensure that you take all the necessary precautions to ensure that you get the right offline Bitcoin wallet according to your requirements.
Once you are sure that the Offline Bitcoin wallet is dependable, you can then proceed to create an account there where you need to punch in all your details. Some wallets may also require you to fill a detailed KYC(Know Your Customer) form for you to open a wallet. This is done for security purposes.
Once done with this, you can then proceed to store your Bitcoins in the wallet as per your requirements. The offline wallet comes with two keys- a public and private one. The keys are generally in a QR form which you can decipher using a smartphone camera or otherwise. Once the keys are generated, you can get them printed on a text document and keep it safely for use.
There are some offline wallet services which allow you to print the keys in a way that you can keep it safely and seal it. This comes in handy whenever you do need to do Monero Bitcoin Exchange or any Online Bitcoin Exchange for any other cryptocurrency or hard fiat cash.
However, keeping a hard copy of your Bitcoin public and private keys can come with a challenge of its own. You need to ensure that the physical hard copy of your Bitcoin key is safely kept so that it can never fall in the hands of robbers or hackers.
There are many ways in which you can keep your Bitcoin hard copy safe. One way is to keep it hidden in such a place so that no one can steal it. Another way can be to keep it in a safe deposit locker, just as you would with your jewellery, important documents and cash.
That being done, you can now be safe that your Bitcoin is available offline, far from the risks of being hacked and robbed of your hard earned money.
With the help of offline wallets, you can check the wallet balance at all times by just punching in the public key in the search bar of the wallet provider. This can help you to keep a track of all your investments without having to worry about logging into your offline wallet account at all times.
There is no doubt that Cryptocurrencies are going to be a great way to invest money in the future. Bitcoin and other cryptocurrencies has shown us that there are other avenues to park money than the traditional stocks, gold, real estate, art or cash. For those of you who fear that their Bitcoin investments may be at risk by keeping them online, an offline wallet is the best option.