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With Bitcoin, Ethereum, and a host of other cryptocurrencies once again making headlines following an incredibly bullish year, crypto security has never been more important, this guide will teach you how to protect your cryptocurrency with a paper wallet and cold storage.
It’s likely, if you’re reading this guide, you’ve recently decided to buy into this rapidly expanding market, potentially to trade but, most probably, with the intention of holding an amount of a particular currency long term. We’ve prepared it to help readers learn how to safely store their cryptocurrencies themselves, in the true trustless spirit of Satoshi Nakamoto himself/herself/themselves.
The first, and most important lesson in this guide are:You and you alone are responsible for your cryptocurrencies. Their security is only your concern. What is a cryptocurrency wallet?
A cryptocurrency wallet is a digital wallet that you can use to store, send and receive various cryptocurrencies. The wallet doesn’t exactly “store” your money as a real-world wallet does. Instead, it saves your public and private keys which in turn helps you send and receive money.
What are public and private keys?
Let’s think of a real world situation before we understand what public and private keys are. Imagine a vending machine. Can anyone and put their money inside the machine right? But, they can’t take out the money because they don’t have the key, they can only put money in the machine. The only person who can take out the money is the owner of the machine who has the key.
In this example, the vending machine is the public address which anyone uses to send money to you. You are the machine owner, and the key...