How to store your Bitcoin securely in 2021

The ongoing evolution of technology has created many opportunities in our society. Things that seemed nearly impossible a decade ago are now simple to use and access. Even in the cryptocurrency space, there is an ongoing evolution to make entering this industry a breeze for novice users.

A Complex Beginning For Cryptocurrency

Whenever a new form of money is created on the internet, only a handful of people will be brave enough to try it. In Bitcoin’s infancy, unlike traditional payment services, the Bitcoin system never required users to convert existing funds to a new currency to be used online. Instead, everyone could connect to the network and “mine” bitcoin by using their computer hardware. Although those mined coins had no value at the time, it is a concept that lets users become their own financial custodian.

Having access to digital wealth without using a bank or receiving approval from a government is a technological marvel. Such concepts were deemed impossible and ludicrous just twenty years ago. Today, the cryptocurrency industry continues to attract new users daily due to its global and borderless nature. Such a new breed of money would never be successful were it not for passionate coders who want to create a new paradigm to empower the users.

Despite all of the growth in cryptocurrency, however, there are still some hurdles to tackle. Entering this space as a novice user has become a bit easier, yet it remains a daunting undertaking for most. Those who successfully overcome that part will need to figure out how to store their digital wealth securely. With cryptocurrencies, there are no “refunds” if something goes wrong or money is stolen. Instead, the user controls the money, which comes with a new set of responsibilities one would otherwise never experience.

In the early years of the cryptocurrency industry, buying Bitcoin or other similar assets was very difficult. With only one or two exchanges to choose from – neither of which still exist today – the user experience left much to be desired. Even after a purchase, there was no convenient way to store the balance other than through a desktop software client that was susceptible to mishaps due to user error or lacklustre security, giving hackers access to one’s wallet. When buying and storing a new form of money is difficult, people will look for other opportunities. Thankfully, things are much better today as technology continues to evolve tremendously.

How to store your bitcoin without relying on third-parties

In 2021, the purchase of Bitcoin and other cryptocurrencies is a lot more straightforward. Access to exchanges and trading platforms is more streamlined, as there are dozens – if not hundreds – of platforms one can choose from. More prominent cryptocurrency exchanges, such as Coinbase, Binance, and others, will always attract most users. This is because they have better infrastructure, a more substantial reputation, and often access to the most appealing crypto assets.

Top exchanges and trading platforms also let users store funds on those platforms. A convenient addition for those who are new to this industry, but not an ideal solution. In the cryptocurrency world, users need to have control over their money at all times. Storing funds on an exchange requires trusting a third party to take good care of one’s funds and give the user permission to withdraw them at any moment. 

It is often much better to find a service provider that does not rely on third parties. With Coin.space, users can buy and store cryptocurrencies through the same interface, similar to how exchanges work. However, the big difference is how Coin.space does not require the use of any third parties, returning more control to the user. Moreover, the company introduces convenient payment methods to buy cryptocurrencies, including Google Pay, Apple Pay, and other popular methods. It is essential to make this industry as accessible as possible, including the supported payment method.

Through its Coin Wallet – which focuses on total privacy – users can store crypto assets without worrying about the wallet storing personal data. All transactions remain secure and anonymous. By removing the involvement of third-parties advertisers – who often store user information for advertising purposes – users can transact in peace at all times. 

Closing Thoughts

The ongoing technological evolution has allowed our society to conquer many new frontiers in the past century. The introduction of cryptocurrencies to the equation has created new opportunities that are now more accessible than ever before. 

Although there is still room for improvement, the purchase and storage of crypto assets have never been easier than it is today. Users can finally take full control of their financial situation without worrying about third parties collecting user information. 

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