Safest Ways To Hold Cryptocurrency in 2023
The past year was the most brutal on record for cryptocurrency traders. Prices cratered industry-wide in what came to be known as the crypto winter and several high-profile scandals shook the public’s faith in digital tokens, their value as an investment and the ability to keep them safe.
The safest place to hold crypto is in a hardware wallet. It’s not the only option — you can also store digital assets in software wallets and centralized exchanges.
In all three cases, the term “wallet” is misleading because your tokens aren’t actually stored inside. Crypto wallets contain the keys that allow you to access, view and manage your holdings where they live on the blockchain.
Forbes recently highlighted a few bright red flags from FTX’s recent wallet failure that novice crypto investors might not have known to look out for. The most egregious breach of protocol was the fact that FTX allowed users to make transactions without a private key.