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Author : Hugh Kimura 16 January 2018
How do You Store Cryptocurrencies? With fiat currency like US Dollars, you can store them at the bank or in your wallet. It's pretty straightforward. But with digital currencies, there are a few wrinkles that you need to get your head around, but the idea is similar. Let's take a look at how cryptocurrency storage works. You store your cryptocurrencies on the blockchain in a “wallet.” This is simply an address on the blockchain. It's like how the website address tradingheroes.com directs you to my website, on the internet. Each wallet has a public address and a private address. The public address is the address that people send funds to. The private address is the “password” that you use to access and send your funds. Never expose your private key until you are ready to spend your funds, otherwise you will probably lose all the money in your wallet. Here's an example from a Bitcoin paper wallet at https://bitcoinpaperwallet.com/. Now that you understand the basics of cryptocurrency wallets, let's look at the different wallet options out there. Here are the different ways that you can store your loot. Online wallet: This is probably the easiest way to store your money. But it is also the least secure. So it's not a good long term storage solution, but it is fine for buying things and funding your trading accounts. Exchanges like Coinbase also have their own wallets built in.
Mobile wallet: You can download a mobile app like Mycelium at https://wallet.mycelium.com/index.html to store your spending money. It is more secure than an online wallet, but if your phone ever breaks or it gets hacked, everything in your wallet will be gone. Desktop wallet: Similar to a mobile app but just for desktop computers. Hardware device wallet: These are hardware devices at http://amzn.to/2qwtIP7 that are built especially for storing cryptocurrency keys. They are safer than the options above, but they are still susceptible to the things that can damage all electronic devices. Paper wallet: You can also store your private key on paper, like in the picture above. This is the most hacker proof, but it is also the least convenient. If you are going to go this route, be sure to store them in a safe place (like a safety deposit box) and don't actually use paper. Use something like this at http://amzn.to/2sfPcAj to make sure that your money isn't lost to something as simple as a spilled beer. Cryptocurrency Tracking Apps. Before I wrap it up, you will probably need an app to track cryptocurrency prices on your phone. So here are a couple of apps that might work for you. Blockfolio at https://blockfolio.com/. A simple app that allows you to add a watch list and add trades so you can track your portfolio, ala stock trading apps. The most useful thing about this app is that it displays all currencies on your watch list in the currency of your choice. Some apps insist on displaying the value in Bitcoin, which is annoying.
Coincap at https://coincap.io/. This app allows you to display currencies by market capitalization, volume and other ranking factors. They also have cool charts. Very useful for seeing what is being actively traded. Also displays prices in your currency of choice. These apps are not for storing or trading currency. They are just to check the markets. What Can Affect the Price of a Cryptocurrency? There are many things that can affect the price of a cryptocurrency…sometimes very quickly. Here is what you need to be aware of when you trade cryptocurrencies. Of course, there is no guarantee that these things will move the market. But based on what we have seen so far. Exchange Listing. This is a big one. When Coinbase at https://www.tradingheroes.com/coinbase added Litecoin to their already limited list of cryptocurrencies that can be bought, they made it easily accessible to the average person. Their interface is the best I've seen so far. It makes it so easy for the non-technical person to buy Litecoin. Soon after the Coinbase launch (marked with the arrow, in the chart below), the price of Litecoin started to skyrocket and it has never looked back. Now, you might be thinking that this could simply be a coincidence. …and it could. But it is very, very likely that exposing Litecoin to Coinbase's user base helped boost the price. So when a large exchange announces that they will start listing a cryptocurrency that you are trading, take notice.
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