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Eggs in a Basket

Step Two - Keep your coins safe

Once ​you have determined what area of crypto floats your boat, you will need to store the new assets in a "digital" or "crypto" wallet, and there are hundreds to choose from.

 

Free Wallets exist and are very common, ideal when you first get started, although not for long term or high-value amounts. Most beginners use the wallet on their prefered exchange. 

 

The risk profile is undoubtedly high with online wallets. For example, if the wallet provider vanishes or gets hacked, it could be the end of your portfolio. Such incidents have occurred. Delightfully, some hacks have shown the men from the boys when it comes to the integrity of decent wallet providers paying back losses. Unfortunately, not all do the same. This is crypto, you must expect never to see those assets again, and it really is a bonus if you do. Let's face it - You cannot say you are in crypto if you haven't taken a loss or two.

So, how to circumvent loss? Frankly speaking, there will always be an element of risk to which you can mitigate to the best of your ability. Cold storage! Adds heightened security measures by keeping your coins in a wallet offline. "Cold storage", "Paper Wallets", or "Hardware Wallets" tend to be offline methods that only you have access to. More to the point, they keep a wall between your wallet and the internet. 

Crypto Renegade

A big, big thank you to Crypto Renegade. here is a great explanation of the difference between Hardware and software wallets
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