Guide : How To Buy Cryptocurrency In Australia

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Your Personal Wallet - You Control the Keys

You will need personal wallets for your cryptocurrency for longer term storage. If you purchased a Ledger hardware wallet most of the popular crypto including bitcoin, ether and more altcoins can all be stored on this same device. Read more…

Hardware Wallet

For long term storage, large amounts or the paranoid - use a hardware wallet – you can buy a hardware wallet like the Ledger Nano S.... Even if you lose the device you can restore your wallets to a new device. This is the recommended method for storing cryptocurrency for the long term or for storing large amounts of cryptocurrency. Hardware wallets are generally considered more secure than desktop, mobile or web wallets.

Other Wallets

For Bitcoin - – An online web wallet one step more secure than an exchange. Recommended for ease of use and accessibility.

For Ethereum - – An online interface to use a wallet if you have the private keys. Secure, as long as you're careful and store keys securely.

There are plenty more wallets but I won’t go into them here, just go with a simple option that you understand. The most important thing is that you backup your wallet and store the backup securely in your place of choice. You should test restoring your wallet from a backup prior to using it. All good mobile and web based wallets will allow you to make a backup in the event you need to restore your wallet if the device you are using is lost or dies. The backup will contain information including the private keys for your wallet, which are required to use your cryptocurrency. If someone unsavoury gets hold of your private keys, your cryptocurrency is gone, as simple as that. You need to encrypt your backup and put it somewhere safe that you can easily retrieve it from. If you don’t use a cloud account you should store the file in multiple places, once it is securely encrypted.

Next : Finishing UP (BTC & ETH FTW!)