The Cryptocurrency Industry is rapidly growing, as there are more and more people who are keen on investing in digital assets. While cryptocurrencies do offer a significant return on investment, they also have some risks, especially when we talk about security. Security hacks and thefts are the two common kinds of attacks that happen in the cryptocurrency world making it necessary for users to keep their cryptocurrencies safe. One of the preferred ways to do this is to use exodus cold storage.
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What is Exodus Cold Storage?
Cold storage is the device that stores your cryptocurrency account and is disconnected from any of the networks reducing the risk of online hacks or thefts. If you keep your digital assets in cold storage, then your assets are not accessible to online hackers, making it difficult for anyone to have unauthorized access.
Following is the step-by-step guide to using Exodus cold storage to store your private keys for cryptocurrency accounts having digital assets.
Select the Exodus code storage option
There are a lot of different types of hardware wallets that are supported by Exodus. Some of them are Trezor, ledger, and Keep Key. Hardware wallets are cryptocurrency wallets that keep private keys in offline advantages of wallet storage that is not connected to the internet.
Create your wallet
After you have selected the hardware wallet, you need to follow all the required steps. The steps usually involve following the manufacturer’s instructions, storing the paraphrase, and taking a backup of your hardware wallet.
Transfer your cryptocurrencies
Now that you have set up your wallet, you can transfer your cryptocurrencies available in different online wallets. One can easily do this by connecting the hardware wallet to the appropriate app or mobile device and following the steps provided in the instructions.
Keep the seed phrase safe and store your wallet in a safe place.
Now that your cryptocurrency account and digital assets are in cold storage, you need to ensure that the hardware wallet you own is kept in a dry and safe place protected from any natural hazards or potential thefts. The best way is to store your hardware wallet in the safety deposit box.
Always follow the best practices
Cold storage is the best way to secure cryptocurrency assets but it is still crucial to follow good security practices. This usually includes keeping the firmware and software updated, avoiding accessing the unauthorized website, and using a strong passphrase.
While you select your passphrase, ensure that it is difficult and unique to guess. One should avoid using commonly known phrases or words. Further, you can also use a password manager to generate passphrases.
Conclusion
In conclusion, exodus cold storage would help you to keep your assets secure and safe. It is the best way to store your digital assets. Meanwhile, you should also follow the best practices like avoiding phishing scams or using a strong password. By following the right set of approaches you can enjoy a significant ROI on cryptocurrency investment.
