Everything you need to know about Bitcoin Cold Storage
Cryptocurrencies and 21st Century
Cryptocurrencies are digital or virtual currencies that are usually encrypted using cryptography. Now you folks will be wondering what is Cryptography? Cryptography is an application of encryption technology to protect and verify the transactions. The digital or cryptocurrencies are normally designed to work as a decentralized medium of exchange. The digital or cryptocurrencies are further classified as an alternative currencies and virtual currencies. Some experts deliberately admit that these digital currencies are the currencies of Future.
The Mechanism of Bitcoin.
One Of the greatly known Cryptocurrencies are Bit Coins. Bitcoins are a kind of decentralized as opposed to the centralized fiat currencies that operate under the regulations of Central Banks. Moreover, officials are closely observing and planning to centralized it in multiple capacities.
The state of the art storage is "Cold Storage"
When we folks talk about the storage of Bitcoins, it becomes imperative to explain the complete Storage Mechanism of offline wallet prior to get a pace in this discussion. As we know the safe storage of our Bitcoins is one of the frequently discussed matter in the world of digital currencies.
The value and importance of Cold-storage.
In-order to have a complete and thorough understanding of cold storage and its entire mechanism you are advised to learn some important aspects and basic functions of Cold storage. Cold storage is also known as offline storage and have a matchless value in the world of virtual currencies.
Functions of of Bitcoin Cold storage.
Cold storage or offline storage is a kind of storage that includes printing out your public and private keys on a slice of paper which you eventually store and keep in a safe place. Usually the keys are printed in the form of QR codes which you can scan for your future transactions. Paper wallets are a kind of offline cold storage method of storing your cryptocurrencies secure and safe.
Cold Storage device or USB
Yes, there are many companies offer devices to store BTC on them. These devices same like USB. Many people also buy them online to keep their funds in it. But as per my view, I never recommend this to you. This device can be crashed any time or mostly under virus attack. So it stop working accidently, you will have to suffer a lot for that. The probability of loss is so much in this. so conscious people make wise decision.
What is paper wallet:
Bitcoin paper wallets are certain ways to keep your BTC holdings with maximum safety and the highest security for the maximum time. A well known "seed phrase" refers to a (private and confidential key) written on a piece of paper is called BTC Official Paper wallet. It must be kept offline and therefore this process is called cold storage. This private and confidential key is a serial of long and confusing randomly chosen characters. However, a seed phrase is a randomly selected serial of 24 words authorized you to recompose your private and confidential key.
Why paper wallet is considered a best option:
Bitcoin paper wallet is considered one of the best option when we talk about the storage of Cryptocurrencies. its offline storage feature completely distinguishes its safety measures from other available storage options. However the hot storage safety measures are also popular but the importance and value of paper wallet is an extra ordinary matchless feature. Offline storage provides an important security measure against theft or loss. As said earlier the offline storage feature of Bitcoin Holdings provides an important safety and security measures to its owners against any kind theft or loss threat. Its state of the art offline feature enables you to keep your BTC Holdings fully secure even for the longer period of time. This offline storage facility empowers you to enjoy the maximum peace of mind with foolproof security features.
Store your private keys offline:
This distinguished offline storage feature ensures the maximum safety of your Bitcoins Holding in many ways. It offers you the facility of protecting your private and confidential key offline for a complete peace of mind so that you simply stay away against the threats of cyber players .You are only required to keep that private key at some safe location where you think you could only have the access.
Last but not Least:
As it has proved that the most secure and safest way to store your Bitcoin is Cold or offline storage. It is considered the best storage service as compare to online storage. Where online storage or usually known hot storage leave your security concerns unanswered, the cold storage provide you the fullest security and protection through its off line or cold storage. After getting the offline copy of your private key you are recommended to keep that slice of paper at some safe place where you could only have the access. Summing up the whole discussion, we will reiterate that the cold storage or the offline storage is the best way to go for the holders of Bit Coins or any other crypto currency.
Top Bitcoin cold storage companies
1. Circle internet financial
Founded in: 2013
Location: USA http://www.circle.com
Circle is a digital currency company founded in 2013, and is building a suite of consumer products aimed at enabling greater ease-of-use in online and in-person payments, enhanced security and privacy for consumers, and the convenience of free, instant, global digital money transfers.
2. Bit Go
Founded in: 2013
Location: USA http://www.bitgo.com/
Our mission is to deliver trust in digital assets. For institutional investors to participate in digital asset market, they need services and solutions they can trust. BitGo eliminates risk and increases transparency in the digital asset markets by providing the most secure and compliant custodial and liquidity solutions. We’re changing the way the financial system works. Digital assets are the most exciting investment vehicles in decades, and institutional investors need services and solutions they can trust.
3. BTC Official Wallet
Founded in: 2012
Location : Switzerland https://btcofficialwallet.org
BTC Official believes that bitcoin’s ultimate success will be based on trust – whether individuals trust the digital currency’s stability and whether they trust the industry’s security. That’s why we’ve assembled a team of financial services and security experts to build an entirely new bitcoin storage experience. By offering two distinct products – an easy access wallet and a locked-down vault – we’re marrying the convenience bitcoin users want for everyday needs with the security they require for confident bitcoin saving.
Founded date: unknown
Location: USA http://mycelium.com/
Mycelium revolutionizes the payment ecosystem of the future. Comprising a suite of cutting edge consumer and merchant technologies, we seamlessly transfer value from one participant to the other securely, instantly, and with an average reduction in costs of more than 90%. We are self-sufficient, leveraging blockchain technology to offer a light weight solution with no reliance on traditional infrastructure (i. e. payment terminals, central servers and secured lines of communication) and can be entirely independent of third parties such as banks, global payment networks and other technology providers. Each Mycelium product can operate on standalone basis but when combined together they powerfully form the next generation system for value transfer.
Founded in :2014
Location: Isle of Man https://www.coincorner.com
CoinCorner is a bitcoin exchange based in the Isle of Man, where users can buy and sell bitcoins and other digital currencies with the British Pound (GBP). Users can fund bank deposits using GBP, USD, and EUR. Bank deposits are free, while bank withdrawals has a fee of £10.00 GBP. Additional fees may apply; see Fees page for more details. CoinCorner keeps the majority of bitcoins in cold storage, while keeping a small amount in their hot wallet for smaller customer transactions. CoinCorner requires users to enable two factor authentication to withdraw funds, and has a native wallet to store your bitcoins. Users don’t have access to their bitcoin private keys.
Location: USA http://cryptoart.com/
Cryptoart merges bitcoin cold storage with art, thus giving you a safe way to secure and visually enjoy bitcoin. The result is a new form of art– one that not only derives value from aesthetics and scarcity, but from the value it literally holds. Cryptoart combines offline bitcoin storage with digital art, giving buyers a safe and easy way to secure their digital currency in physical form. This reduces the risk of having one’s computer-stored Bitcoin hacked or stolen. Each piece of art is handmade and produced as a limited edition with a certificate of authenticity.
7. Bitcoin to you
Founded date: unknown
Location: Brazil https://www.bitcointoyou.com/
Bitcoin To You is a bitcoin exchange based in Brazil, serving the Latin American bitcoin market. Users can buy and sell bitcoins using the local Brazilian Real (BRL) currency. Deposits and withdrawals can be made using bank transfer or cash ATM deposits. There is a 0.35% bank deposit fee, and 1.89% bank draft fee. Bitcoin To You also offers memberships, with a paid membership giving you access to other bitcoin related benefits; see site for details. Bitcoin To You has two factor authentication account security, advanced 128 bit encryption, and account pins. They also store customer funds in cold wallet storage as well as hot wallets, utilizing bitcoin multi-signature technology.
8. Lake BTC
Founded date: unknown
Location: China https://lakebtc.com/
LakeBTC is a China based bitcoin exchange but serves the international bitcoin market. Users can buy, sell, and trade bitcoins using US Dollars (USD) and Chinese Yuan (CNY) currencies. Deposits can be made via wire transfer, Ripple, or EgoPay. There is no deposit fee, but trading and withdrawals incur a 0.1%-0.5% fee. LakeBTC also has a built-in wallet, with two-factor authentication, SMS confirmations, cold storage, and transaction alerts. However, the wallet can only be funded by buying bitcoins using the LakeBTC trader, and doesn’t operate as a traditional bitcoin wallet where you can create bitcoin addresses and send bitcoins to it.
Founded in: 2013
Location: United Kingdom http://www.coinfloor.co.uk/
Coinfloor is the UK’s bitcoin marketplace combining a professional exchange with a consumer friendly market. Coinfloor was founded with a focus on trust, security and reliability. Our goal has always been to create a safe and accessible place to buy and sell bitcoins. Coinfloor’s history goes back to 2012 when we experienced first hand the challenges of buying, selling and trading bitcoins in the UK, and wanted to build a business that solved this problem.
Founded in: 2013
Location: Finland https://www.coinmotion.com
The founders have been involved in bitcoin for years and the difficulty and technical proficiency needed for acquiring it was clearly a problem hindering adoption. In a region as well developed as Europe it should be easy for individuals and companies to convert into bitcoin. There were no options available so they gathered a kick-ass team and built it.
11. Prasos oy
Founded in: 2012
location: Finland https://prasos.fi/
Prasos is a Finnish bitcoin and blockchain technology service provider startup located in Jyväskylä.
Founded date: unknown
Location: Netherlands https://ecash.io/
ECash.io offers a highest security managed Bitcoin wallet. All funds are kept in cold storage. Merchants can easily accept Bitcoin payments. Through the eCash.io dashboard merchants can manage and track their ecommerce projects, incoming payment transactions, deposits, withdrawals and automated refunds. Initially supporting Bitcoin we may expand to include Ripple, Litecoin and other cryptocurrencies on the rise.
Founded in: 2014
Location :United Kingdom https://www.loyalbit.com/
Loyalbit is an EU based Bitcoin exchange that takes deposits in funds and Bitcoin. All customers Bitcoins are stored securely in our 100% cold storage wallets and funds in bank accounts. We provide a secure environment for them to be exchanged at any time, and then withdrawn back to personal wallets (Bitcoin) or bank accounts (funds).
14. Shift devices AG
Founded in: 2015
Location: Switzerland https://digitalbitbox.com/
The Digital Bitbox is a plug-and-play wallet that combines the highest security of cold storage with the convenience of software wallets.
We warmly welcome your Feedback: If you guys have ever gone through the experience of keeping your BTC holdings, we would appreciate having your personal comments on it in our comments section.
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