By this point you know enough about cryptocurrency to get involved in cryptocurrency.
But I want you to be fully prepared especially if you're thinking about using cryptocurrency regularly
and what that involves is storing your cryptocurrency. You see cryptocurrency is a very practical, and
it's very easy for people to receive and send cryptocurrency.
But with that convenience comes risk. Because hackers know that, and if hackers can get access to your
funds by getting into your mobile device or your laptop, you can lose your entire funds.
So what I can recommend to you right now is how you can store your cryptocurrency and to do that.
I want to tell you about two different ways of storing your cryptocurrency.
One approach is what's known as Hot storage. Hot storage is what you get whenever you have a smartphone
or a computer that's connected to the Web maybe even a web based wallet.
As long as you're connected to the Web you have what's known as Hot storage. Hot storage is very practical.
It's how you keep your funds very handy and you actually have to send say bitcoins to someone else.
They're right there.
You don't have to worry about anything they're just available in your smartphone and you can send them
to someone else.
But with that convenience comes risk because hackers could get into your device and if they get in there
they could steal your keys.
And if they steal your keys they could steal your cryptocurrency.
So hot storage, you need to be careful with you want to keep some crypto currency in hot storage because
it's convenient.
You might want to walk around with some money in your cryptocurrency in your pocket, but you don't want
to put your entire life savings in there because if somebody were to hack your device you could lose
all of your savings.
So the better approach is to keep the brunt of your cryptocurrency off line in what's known as cold
Storage. Cold storage is whenever you take your cryptocurrency off of a device that's connected on the
web and you pull it into off line.
So some examples of how you can do cold storage, is the first one a brain wallet. Brain wallet is exactly
what it sounds like. Its when you generate a wallet with a with a wallet such as Micelium and Electrum
and it'll give you a code that you will remember. You just have to memorize this mnemonic seed that you
Receive. And you can create this brain wallet and receive funds in that wallet.
Now there are some risks with that because you could forget your keys.
So another approach would be something called a paper wallet and a paper wallet is exactly what it sounds.
Its when you take your keys and you write them down.
Now you could write them yourself and you could store that paper or you can print a paper wallet,
and I've provided you a link on how you can create your own paper wallets.
So a paper wallet is another approach, but it has some risks as well because if you were to lose that
paper or if that paper got wet you would lose all your cryptocurrency.
So you've got to be careful when ever you use paper wallet.
Another approach for online stores is to have a USB stick.
Now one of these little USB drives will enable you to take your keys off of the computer and store them
off line.
Now one of the things that you need to keep in mind is that if you lose that USB drive, you basically could
lose your keys.
So don't lose that drive.
Another approach, which is probably the most popular and most secure that I would recommend, is to have
a hardware wallet.
This is a hardware wallet right here.
This is a Trezor.
There are other ones.
There is a Ledger Nano.
There's a Keepkey and there are many other ones as well.
The advantages of having a hardware wallet is that your hardware wallet will enable you to take your
cryptocurrency keys off of a device, and actually have them in here encrypted and you can protect these.
Additionally, you're able to generate what's known as a seed which if your device ever gets damaged you
could recreate the keys to your device and regain your coins.
So this is a very, very good recommendation.
So Ive provided you some guidelines on how you can store your cryptocurrency.
My key recommendation is make sure you never reveal to anybody your private keys and try to keep your
cryptocurrency as much as possible offline in cold storage.
Now let's go to the next lesson.
Let's talk about how you can start trading cryptocurrency.