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not your keys not your crypto this is the rallying cry of those who truly believe in decentralization and want to see banks around the world crumble that phrase means that if you don't actually use a private Bitcoin or Hardware wallet but you actually don't own your crypto the question is are you here for the movement or are you here to get rich because that determines how you need to keep your crypto safe let's get it [Music] hello and welcome to bit boy crypto your one-stop shop for all things related to Bitcoin and cryptocurrency if this is your first time here please make sure that you hit that subscribe button and turn on the bell for notifications so you never miss a video to save the conversation even further then please make sure to join one of my - telegram groups fit squad for regular crypto chat or bit squad traders to discuss trading strategies alright guys today we are gonna be looking at the best way for you to store your crypto and it might not be what you think as I talked about in the beginning what is your goal in crypto are you about trying to make the unbanked are you trying to destroy overarching government reach and power or do you literally only care about the money side of it because this is an interesting conversation maybe while in crypto say not your keys not your crypto the idea here is that if you keep your money on coin base then you don't really own it but by this logic you also don't really own the money and your regular bank and they would make that if you just use your bank account or debit card to buy some Bitcoin on coin base then chances are most likely you don't care that much about that or you would have been in crypto a long time ago so the question we really have to ask is this as a novice investor is your money safer if it stays on coin base or is it safer if you buy a hardware wallet and transfer your Bitcoin to it and I honestly believe that there is merit to a debate here now just saying this may sound like blasphemy to some who believe in decentralization but my main concern here is helping you to keep your money keep in mind if you mess up one character in a Bitcoin address you could be sending your funds to some random lucky person good for him now if you were to send your crypto to the wrong address you are never getting it back however if your crypto gets hacked of a rep you we'll exchange like coinbase or finance and it wasn't your fault then they're probably going to give you your money back and they have done that before finance actually has a specific fund called the Saifu fund for this very purpose and I will tell you this some of the biggest horror stories that I know in crypto sim from people neglecting their own crypto with their own sword solutions of course with less reputable exchanges we have seen nightmares in that direction such as quadriga CX bit grail and crypto Pia I think this is what it all boils down to are you equipped to move your own crypto if you have to have your kid help you change the input mode on your TV or you have to have your granddaughter show you how to create an email address then you may want to consider keeping it safe with a reputable exchange but the goal of crypto and decentralization is for you to own your own money so my opinion is this if you do not feel like you are equipped to use a hardware wallet or desktop or mobile wallet then you probably shouldn't right now continue researching and watching videos until you feel confident enough and start simple by sending a small test transaction generally the best practice when moving crypto is to make a small test transaction before sending the proverbial whole kit and kaboodle all right so you've now decided that you think you are ready to move from exchange storage to personal storage the safest way to store your crypto is through what we call cold storage most people consider cold storage to be only Hardware wallets but there are actually other types one thing that cold storage allows users to do is to own their own money like if you have cash you feel the dollar in your hand and you may actually be surprised how much people care about this for awhile i was doing street interviews and that's actually a very big concern for people they like cash because they can touch it a billion dollars in bitcoin looks the exact same way 1 billion in bitcoin looks like it's just computer code no matter how much you have is still just random characters on a network but a hardware wallet or a paper wallet allows you to be able to touch your crypto and many people like that one cool thing about a hardware wallet is that it never goes on your computer at all so there is no way for hackers to install a key logger on them and crack your private key in fact this exactly why it is called cold storage the private key or seat phrase has never in its history been online so it's virtually impossible to get hacked unless you make digital text or image copies of them but the downside to Hardware wallets is that you have to keep up with them if you lose it or it gets damaged then you need to understand how to restore them I'll just tell you how I have my private keys set up now I probably shouldn't reveal this but hey if you can find my crypto and get it then you deserve it I have a secret hiding place for my hardware devices they are not even in the same county as where I live the recovery phrases for those hardware wallets are in a safety deposit bank in a bank in a different County that's not even where I have an account the words in the recovery phrase are engraved on metal with an engraving pen if you can crack my safety deposit box to get my keys track down the hiding place that I use and get the crypto off of the devices I honestly salute you you deserve it and you did a great job so yeah good luck with that but you see if my devices were compromised a hacker could not get into them without the seed phrase however as long as I still had the seed phrase then I could buy a new device and restore the data and get my coins I actually have the recovery phrases stored in one other place as well for backup believe it or not actually in a totally different state but in terms of hardware wallets I would say the top two are obviously treasure and ledger they are the most trusted names in crypto when it comes to hardware wallets each has their own merits then make them possibly a good choice for you but along with those two popular brands do the ones I really like are the Kobo wallet and the cool wallet I think both of these are excellent choices as well now the quad is actually considered a warm wallet because it requires the use of a physical to and also a web app web wallets are called hot wallets so a cool wallet is worn because it requires both between those four choices and wallets I would say that ledger is the most trusted treasurer is the most secure Kobo vault is the most durable and cool wallet is probably the easiest one for beginners another cold storage solution is a paper wallet a paper wallet is literally a piece of paper with your private keys printed on it but a piece of paper is pretty flimsy now if you are going to make a paper wallet you have to be careful to make sure that your printer does not store the images that it prints or else there may be a digital copy of it on your cloud this is why I don't use paper wallets myself I don't even trust my own printer in grading a paper wallet is never going to be a great solution for a newbie so if you are looking to make the jump to cold storage as a new person to crypto you should probably skip the paper wallet now there are plenty of other wallets for you to choose from as you know I'm a big fan of both monarch wallet and the crypto comm wallet now crypto comm is a wallet but it also has an exchange in earn features you don't have your private keys though monarch has some of the same features as well but with monarch you do actually own your private keys making it a solid choice but remember this the way you choose this or your crypto is a personal decision there are advantages and disadvantages to each and every type of storage solution there are people out there who will criticize you for your own personal decision to keep crypto on an exchange or they will critique your wallet choice this is pretty dumb honestly I believe that these same people will tell you that banks and governments want to have tyranny over you and that we should fight them however they get upset about the way you want to store your crypto and they want you to feel guilty about it quite hypocritical if it's truly your money it's none of their business how you choose to do that I use a myriad of solutions personally and I do keep some of my crypto on exchanges specifically the money that I trade with or the crypto that I feel like I may actually consolidate or move around later down the road and I don't feel guilty about it and what never it's my money and I will do with it what I want and always remember guys don't go around telling people how much crypto you own or exactly how you store it that's a great way to make yourself a prime target while hackers can hurt you electronically there are bad people out there who would possibly physically assault you and torture you find out where it is especially in a bull run the same bad things people do for cash they also will do for crypto but now it's your turn how do you store your crypto what is your favorite crypto wallet drop it down below am i missing a great one if so please let me know I hope you enjoyed this video if you did then please make sure to smash the like button and hit subscribe do a co member of the fastest growing community in crypto the bit squad thank you so much for watching have a blessed day good boy ow [Music]