Best Bitcoin Wallet in India

Where to store your bitcoins? Online, Hardware or Paper Wallets? Solved

Bitcoin Wallet

Hi Fellas, so you got your bitcoins whether you mined it or bought it online or exchanged it locally with your friends. NOW WHAT! You got your bitcoins now you don’t want to miss the step of storing it safely and securely. This is the most basic step but the most crucial step as well. As I have already told you that a bitcoin is just a piece of code that can be easily hacked, therefore, it is your utmost responsibility to store them in a safe and secure vault. It is a digital gold and therefore you need a secure vault so that no one but you has access to your bitcoins.

If you haven’t already read the GETTING STARTED WITH BITCOINS, then I recommend you go through that post first.

The Big Question is “Where I should Store my Bitcoins?”

And the BIG ANSWER is you can store your Bitcoins at three places viz Online Wallets, Hardware Wallets, and Paper Wallets. The Hardware Wallet is the most secure way but it will cost you a bit. The online wallets and the paper wallets are free of cost. But since online wallets are susceptible to hacking, therefore, I won’t recommend you to store a big amount in those, and I will totally recommend you use paper wallets for a start and make sure you don’t lose them. Treat them as you treat your currency notes. Let’s give you some details on each of those.

Online Wallets – Zebpay, Minergate, Hashing24, and Genesis.

Online wallets are cool if you are just using for small amounts. As soon as you have a serious amount of bitcoins, you should consider moving it to a more secure place. For a Bitcoin transaction, you need to have your bitcoin address and a private key. Your online wallet holds your address and the private key. Now there are three vulnerabilities to an online bitcoin wallet.

  1. Your online bitcoin wallet provider can flee away with all your bitcoins as they have both your address and the private keys. That is why you shouldn’t trust any new bitcoin wallet. There are a number of Bitcoin scams out there.
  2. If any hacker got hold of your private keys by some means, then your wallet provider could do nothing if your bitcoins got hacked away from you. You will be at the losing end of course.
  3. Bitcoins are not legal yet in some countries. For example in India, Zebpay is the fastest growing app for buying and selling bitcoins. But in any case the central bank of India RBI (Reserve Bank Of India) decides to declare it illegal, then you are forced to sell your bitcoins and Zebpay has to close its operations.

Zebpay is running hot in India and if you are looking forward to downloading the app then I would like to offer Rs. 100/- on your first buy or sell on the Zebpay app. Just use my referral code REF35381884 before proceeding.

So my friend, don’t trust online wallets, not that the company will run away with it, but brother, it is online, therefore very much susceptible to hackers. As a matter of fact write the following quote down to your favorite dairy you read daily.

Store the Bitcoins at your own risk and always trust yourself only. If you keep your bitcoins on exchange wallets, then technically you do not own them.

Hardware Wallets – Is it necessary?

Well, this is a tricky question to ask. I have to be little diplomatic here. The answer depends upon how much serious you are for your bitcoins safety and if you are willing to reduce some load from your pocket. If you are thinking of buying a hardware wallet then I won’t go into many details and will definitely recommend buying one. As it is the most secure way.

Ledger Wallet provides a range of hardware wallets. Ledger wallet seems to be the most popular among other hardware wallets simply because it provides an affiliate program and therefore, every affiliate is trying to promote it. This does not mean that Ledger wallet is not worth a buy, in fact, the Ledger Nano S Wallet have some great reviews. The professionals, however, recommends Trezor. Trezor is the most secure, portable and a little beast. But my favorite and the most stylish way to store your bitcoins is the Wirex Card solution provided by wirexapp.com. Wirex is just one step ahead of all online wallets. The sleek and stylish Wirex card looks and works just like a normal bank card. But it does so much more.

Paper Wallets – As Free as it can get.

You should never store your bitcoins in your exchange wallets and you are too tech savvy for a hardware wallet. The only solution for you, my friend, is to go straightaway to this address –> bitaddress.org. And watch the video below to know exactly how these paper wallets work.

3 replies
  1. Nishant
    Nishant says:

    Thanks for this post. Helps understand creating a paper wallet.

    Few questions.

    Any leads one how one can move bitcons from zebpay to this paper wallet?

    And how does one transfer bitcons from paper wallet to bank to online wallet (like zebpay) to sell or trade them?

    And how do we check the paper wallet to know how much bitcoins or bits we have stored in them?

    Reply
  2. BitCoin
    BitCoin says:

    Many software bitcoin wallets feature a cold storage option. Or, you could go completely analogue, and simply use paper wallets for offline storage. At some point you’re going to want to spend your bitcoins. But where can you go to exchange it for goods and services?

    Reply

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