The easiest and cheapest way to store your cryptocurrency keys is to simply write them down on a piece of paper or any other physical source, but with cryptocurrency and any other kind of data, we strongly advise that you not rely solely on a physical means of storage. These “wallets” come in three main forms, but with so many vendors offering their own versions, it can be hard to know if your method is the best for a secure crypto wallet. Your holdings live on the blockchain, but can only be accessed using a private key.” the passwords to access your crypto) all together in one place.Ĭoinbase, who operates their own cryptocurrency trading platform and mobile crypto wallet, explains that these wallets are important because “Unlike a normal wallet, which can hold actual cash, crypto wallets technically don’t store your crypto. Source: Blockchain Simplified What is a Crypto Wallet?Ī cryptocurrency wallet is some sort of system or software that keeps your keys (i.e. You may be asking how you just misplace $76 billion, but it’s actually quite frequent and easy to do with a crypto wallet. One of the more common themes dominating the news is the nature of crypto wallets and the keys to unlock them.Īccording to the New York Times, about 20% of the Bitcoin in circulation today is stored in lost wallets. These new “bridges” that allow the transfer of crypto tokens from one blockchain to another are particularly vulnerable to hacking and ransomware attacks: previous 2022 attacks on blockchain bridges saw in excess of $900 million stolen. In June 2022, hackers stole over $100 million in cryptocurrency from Horizon, a blockchain bridge. Source: PwC Cryptocurrency Security in the NewsĪs we pull back the curtain and begin to question who and what is ensuring the safety and security of your cryptocurrency, virtual wallets, keys, NFTs ( and the list goes on), we start to see stories on crypto hacks and lost keys dominate the media landscape around cryptocurrency.
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