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How To Use Cold Wallet Or Storage To Keep Your Crypto Safe

In the wake of digital assets collapse, Binance CEO Changpeng Zhao suggested that more people use Cold wallets or storage to protect their crypto.

Cold storage or wallet takes your crypto offline and store them in an offline digital wallet that aren’t connected to the internet. This way, even with collapse of exchange platforms, your digital assets remains safe.

However, it is important to note that cold storage sort of freezes your asset, making it difficult for you to trade quickly. Also, if you lose the device where it is stored and the seed phrase, your funds will be lost forever. That is how secure these safety measures are.

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Here are a few steps to moving your crypto to a cold storage or wallet:

— Buy a cold storage device from a trusted manufacturer like Ellipal, Trezor, or Ledger and plug it into your computer.

— Next, download the required software and once you receive your seed phrase or backup code, store it somewhere secure and offline.

— Follow the guides provided to create a new wallet for each type of crypto that you own.

— Set up a pin that you will use to access your device and add your crypto to the cold storage wallet you have created (it should show you your wallet’s address).

— To take assets offline from an exchange platform, log into the platform and send the digital assets to the address of your cold storage wallet.

This way, your asset is protected from the collapse of a platform. Even if your crypto cold wallet provider is attacked, like in the example of the Ledger hack of 2020, your assets remain safe.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.