The safest way to store Bitcoin is to use a hardware wallet, cold storage, or multi-signature wallet. Generate a seed phrase, write it on paper, and store it safely. If you bought Bitcoin on eToro, transfer it to the eToro Money crypto wallet. It's a secure app that supports multiple coins and gives you more control.
Start by picking the right wallet. It’s the single most important move you’ll make. Your choice depends on how much security and control you’re after.
There’s more than one route, and each comes with its own trade-offs:
Think of this as a vault in your pocket.
Hardware wallets are physical devices that keep your crypto offline and they're completely disconnected from the internet. That makes them tough to hack. Brands like Ledger and Trezor are the go-to choices.
When you set one up, it’ll give you a recovery phrase of usually 12 or 24 words. This is your master key. Write it down (yes, on paper), and put it somewhere secure. Not in your phone notes and definitely not on your email.
Lose the phrase, lose the Bitcoin. Simple as that.
More convenient but less secure, these are mobile or desktop apps like Exodus, Electrum, or BlueWallet. Perfect if you want quick access for everyday use or smaller balances.
But they’re always connected to the internet, which makes them more vulnerable. If you go this route, tighten up your device security and treat that recovery phrase like gold.
This adds an extra layer. Multi-sig wallets need two or more approvals to send funds. That means even if one key gets compromised, the attacker can’t move your Bitcoin without the others.
Great for shared wallets, business accounts, or anyone who doesn’t want all the eggs in one digital basket.
Let’s say you bought Bitcoin through eToro.
You can move it from your trading account to the eToro Money crypto wallet. That gives you actual ownership, so you can send, receive, and store your coins securely, without leaving the eToro ecosystem.
It’s not fully offline, but it comes with security features baked in.
Security basics you should always follow
Whichever wallet you’re using (hardware, mobile, or desktop) some rules aren’t up for debate. These are your baseline.
Here’s what I stick to, every time:
- Keep your recovery phrase offline. Write it down. Store it in two or three separate, secure places. Never on your phone. Never in the cloud.
- Turn on 2FA everywhere you can. If your wallet or exchange allows two-factor authentication, switch it on. Adds a good extra layer.
- Don’t overshare. At all. I never post wallet screenshots. I don’t talk about what I’m holding. It’s not worth the attention.
- Update regularly. Keep your wallet app and firmware current. It’s one of the simplest ways to avoid problems before they start.
These basics might feel obvious, but they’re the reason I’ve never had to recover from a wallet breach. So stick to them.
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About Mike Druttman
