by Chris Marcus, Miles Franklin:
This “how to” secure storage strategy is for those of you who, like me, love gold, silver and bitcoin.
Actually, if you only love gold or silver and hate bitcoin, this article will show you how to store your precious metal in fully segregated and secure offshore storage facilities protected by your own armed security force.
If you love bitcoin and hate gold and silver, you’re going to learn how to safely store your bitcoin in a super secure, unhackable and bulletproof bitcoin “cold storage” system.
So I guess it doesn’t really matter if you do not love both precious metals and bitcoin. You are still going to learn something valuable by reading this article.
Here’s a newsflash for you….
Bitcoin and gold or silver are not mutually exclusive. You can and probably should like them all. Or at least buy them all. I’ve been buying gold and silver for fifteen years. I’ve been buying bitcoin since it was $50 a coin. And I’m still buying both.
But it is interesting to see how triggered some people get when discussing bitcoin and precious metals. You’d think you were talking politics. The debates on which is better can get really vicious and or delusional.
Hunter Riley III and David Morgan love the gold, silver and bitcoin.
I’m not exactly sure where Andy Schectman and the Miles Franklin team stand. Probably somewhere in the middle.
I do know that they will gladly take your bitcoin and sell you some gold.
Either way, I’m writing this article so I get the last word and here it is….
Read it and weep, Rickards.
Stop wasting your time and tears.
Cryptocurrencies and precious metals are all here to stay and will become even more popular and expensive or valuable once the idiots in charge of our governments have too many plates to spin.
Learn to love them both.
Learn how to buy them both.
Learn how to safely and secretly store them both.
As always, please share this article on your Facebook or Twitter pages or send it to a friend because it helps me gain more smart readers like you.
Now let’s get into it….
BULLETPROOF BITCOIN STORAGE SYSTEM
As you probably know, a bitcoin is not an actual coin, it is more like a sophisticated piece of computer code. And there are many different ways to store bitcoin on the internets, your computer, mobile phone or even a piece of paper.
And since all of this bitcoin cryptocurrency stuff has something to do with computers and the internet, you know what that means, don’t you?
It means your bitcoin can usually be hacked!
Well, your actual bitcoin can’t really be hacked, unless something known as a 51% attack happens, but you can be hacked and your bitcoin can be pretty easily stolen from you if you do not follow proper secure storage protocol.
There are many different ways to store your bitcoin.
Most of the methods for storing bitcoin are referred to as using some type of “wallet”.
To be quick, you have the option of storing your bitcoin in a hot storage wallet or a cold storage wallet.
When you keep your bitcoin in a hot wallet, you are keeping it in storage that is directly connected to the internet. Examples of a hot wallet are the Exodus.io software wallet or the Coinbase online exchange storage wallet. These are not “bad” wallets, I use both of these wallets for storage of crypto and bitcoin but I do not keep the bulk of my bitcoin stored in any kind of online or “hot” wallet as this leaves you vulnerable to third party risk, confiscation or a hack. Just consider hot wallets as your cryptocurrency checking account. Exodus happens to be my favorite wallet for my cryptocurrency checking account.
So where do I keep most of my bitcoin?
In a cold storage wallet.
A cold storage wallet is an offline wallet that does not have an active connection to the internet.
A cold storage wallet can be a “paper wallet” or a “hardware wallet”. A paper wallet is where you basically just print out your public and private bitcoin keys on to a piece of paper and store it in a safe with your gold and silver. A cold storage hardware wallet is more like a detachable USB drive that you can fit your billions of dollars worth of bitcoin in as easily as songs on your iphone.
My favorite cold storage hardware wallet is called a Trezor. This unique wallet does not have an active connection to the internet and never exposes your private keys to the internet which means that your bitcoin is safe from hackers and stays only in your possession. You can load billions of dollars worth of bitcoin onto this usb-like device and store it in a safe with all your gold and silver.