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what is the best place for storing cryptocurrency and tokens? (programming.dev)

submitted 3 days ago* (last edited 3 days ago) by mujtablue@programming.dev to c/crypto@lemmy.ml

5 comments fedilink hide all child comments

I had always kept my crypto and tokens in a local exchange called Nobitex but I heard that it is not the safest and best way of storing. So may I ask you, where have you had experienced storing your assets? if you ever migrated from one place to another, what was unsatisfying about your previous storage? where are you now?

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[–] lurch@sh.itjust.works 6 points 3 days ago (1 children)

the best place is in your wallet.

[–] mujtablue@programming.dev 2 points 3 days ago (3 children)

What wallet would you suggest? there are so many of them.

[–] swelter_spark@reddthat.com 4 points 3 days ago

I used Exodus for years because so many people recommend them. Then I read their privacy policy and realized they collect info on your transactions for advertising purposes. If I had realized that, I never would've used them tbh. I liked the look and features, but spying on me is 100% the opposite of what I want in a crypto wallet. I swapped all of my Bitcoin and Doge to Monero and switched to the Feather wallet. So far, I'm liking it. Not as slick-looking, but lots of features, and private.

[–] remotelove@lemmy.ca 0 points 3 days ago

I have one that you can use.

[–] dhork@lemmy.world 3 points 3 days ago* (last edited 3 days ago)

One of the main advantages of crypto is that you don't have to trust anyone to participate. But if you don't trust anyone, that means that you take 100% responsibility for the security of your own keys. You can buy a fancy hardware wallet, but if you keep your recovery phrase in unencrypted cloud storage than anyone who hacks that storage has your keys.

When you store crypto on an exchange, you are trusting that exchange to take care of it. If they get hacked, you might lose all your stuff. But if you are new to all this, you might decide the exchange has better security than you do, so trusting them may not be a bad move.

If you want to keep your own crypto, a good first step is to download a wallet onto an old phone that no longer has service, so only connects with your home wifi. Reset the phone first to factory default. Configure a wallet and write the passphrase down by hand, on paper - make sure that phrase is never input into any device, even as text, unless you need to recover the wallet. Move some crypto to it, then shut it down entirely, and make sure it's not set to turn itself on. You can't hack into something that isn't powered on!