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Storing Cryptocurrency Best Practice


A Story on Lost Cryptocurrencies

John is a friend of mine and a long-time cryptocurrency hodler since 2016. During the 2017 crypto rally, he came to me looking really worried. He misplaced his wallet and with that, he effectively lost his MyEtherWallet (MEW) paper wallet and his private key. Unfortunately, he also couldn't remember where he stored his recovery seed, probably on a piece of paper chucked somewhere.

Example of a MEW paper wallet
mew paper wallet example

There is nothing I could do to help. In today's decentralized context, even the wallet app developer can't help John because they don't control his wallet. The only way he can retrieve his wallet is via the recovery seed phrases. The above situation can also apply to a cold storage hardware wallet like Ledger or Trezor. While the hardware wallet does an excellent job in terms of protecting your digital assets, it can still be stolen, misplaced or damaged in a household fire. 

Of course, John could have chosen to keep his cryptocurrencies in online (hot) wallets and exchanges, but this method is not advisable for storing high-value digital assets (e.g. the recent QuadrigaCX saga). Any wallet or exchange connected to the internet is susceptible to hackers and loss of funds.

Recommendation

Here at Justhodlcoin, we highly recommend you to take control of your own cryptocurrency assets by purchasing a hardware wallet together with Stronghodl for the highest level of security. The best practice would be to use a hardware wallet for storing high-value crypto assets and keep a copy of its BIP39 recovery seed in a fortified backup wallet like Stronghodl. 

Combining ease-of-use with versatility, our product enables you to back up your BIP39 cryptocurrency seed or private key with no third party involvement. We spent a long time designing Stronghodl to ensure it is a breeze to enter your data.  Each set contains one stainless steel Stronghodl cold storage wallet backup capable of storing up to 24 words mnemonic phrase and private key (up to 96 characters), with a mix of over 280 letter and number tiles. Blank tiles are included to facilitate three-letter mnemonic words.

John is our loyal customer now, he tells us he is ready for the next all-time high. Get yours now to continue hodling strong!

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