How do I securely store different CryptoCurrencies?

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I may be seen as a newcomer and and a non-tech-savy person for asking this, but after serveral hours combing the internet, I now have to admit my defeat and ask the question instead of just finding the answer myself.

For long I have been wanting to invest in more "exotic" crypto currencies. What is the most secure way to do long-time investments in crypto currency?

I don't like the idea of having my currency lying at a broker, and ideally I would like to buy a currency, transfer it to a cold wallet, and then let the wallet and backups thereof sit offline until I believe it's time for selling the currency again.

Is this possible to do for anything else than BitCoins and Etherium?

Squazz

Posted 2017-09-01T18:27:47.640

Reputation: 111

Try Monero or Bitcoin Cash. – MCCCS – 2017-09-01T18:31:13.473

1I think this question is mistitled: What you actually seem to be asking is "how do I securely store cryptocurrency". Since questions for investment advice are off-topic here, I think you'll get a much better response if you edit your question to clarify it is about storage. – Murch – 2017-09-05T22:01:53.360

Answers

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Short answer: Yes, it is possible. But depends on every coin. The majority of the top coins has his own wallet where your funds can't be stolen.

First of all, taking into account that cryptocurrencies are a developing technology I wouldn't use the word "securely". But if you want to minimize the risk, I recommend you to diversify your portfolio, for example:

  • 50% BTC
  • 20% ETH
  • 10% LTC
  • 10% XMR
  • 5% IOTA
  • 5% MAID

That would be pretty much my choice, you can make your own.

In any case, for a long-term investment I recommend you to research the core technology of each coin. And of course guard the funds on your own wallet.

If you want to invest on really new cryptocurrencies that doesn't have a wallet yet, you'll have to let the money on the exchange until a wallet is launched. There's no other way.

fsinisi90

Posted 2017-09-01T18:27:47.640

Reputation: 158

For example, for a medium-team investment I have been looking into WTC. But I cannot find any way to buy and the nexstract those coins.

But as you are saying, in those cases where the coins are really new, I might just have to rely on the broker and then hope my coins aren't stolen or lost before a wallet is out there. – Squazz – 2017-09-01T20:00:36.510

Asked: 2017-09-01T18:27:47.640

Viewed: 317 times

Active: 2017-09-06T05:32:22.180