NewsJanuary 11, 2018 by David Nugent

How to Store Digital Currencies Offline

How to Store Digital Currencies Offline

It is vitally important that you treat all of your digital currency holdings much like you would treat cold hard cash, and sadly that is something that quite of lot of first time digital currency users tend to overlook, and as such today I will enlighten you as to how you can store you cryptocurrencies safely.

Many people seem to think that by storing their digital currencies on their computers, laptops or mobile phones will be good enough to protect them, however the number of people who for example lose or get stolen their mobile phone is on the increase and if you do store any cryptocurrencies on a mobile device and it gets lost or even stolen you then you will lose them.

There is also the possibility that such a device you use to store your digital currencies on may get damaged or may crash, never to be rebooted again and once again you will lose any digital currencies you have stored on them if you do.

So what I would strongly advise you to do to negate the possibly of any of the above things happening to you is to make use of one of the many offline storage tools you can buy and make use of that will allow you to store your digital currencies offline, as that way they will at the very least be free from hackers.

Plus, you will also be able to hide those storage devices somewhere safe to which may be in a safe or in a bank vault!

Protecting Your Digital Assets after Death

Many people tend to keep their digital assets such as cryptocurrencies a secret from other people, but what you should ensure what you do is to ensure that your family members who are set to inherit and digital currencies you may have are aware of them and know how to access them after your death.

So if you do have any quantities of digital currencies then have some system in place, possibly in your will that will ensure those people you do want to have your digital assets can actually access them once you have gone, for if they do not know they exist they won’t be able to access them!

However, never put your cryptocurrencies at any risk by making everyone know you have them, for you still need to protect them when you are alive whilst also ensuring that only the people you want to have them can get them when you die.

Whilst not many people want to ever think about dying it is always important that you do leave a will and that you give full instructions as to how those beneficiaries of yours can access their inheritance if it does take the shape or form of digital currencies.

Automatic Transactions

I am aware that some digital wallets will allow you to set a time and date to make automatic transactions from those wallets. Therefore that may be something to look into if you always want to ensure that your digital currencies are paid out to your family members or friends after your death.

Look at such transactions as a type of direct debit or standing out that you can set up on your bank account, you simply set the wallet to send out units of whatever digital currencies you have stored in them to other people’s digital wallets, and after your death those transactions will then be preformed automatically.

Obviously you will need to have the address of those peoples digital wallets and ensure they are sent them once you have died and they are aware the payments are on their way, but it another option that will allow you to peace of mind in knowing that your digital currency holdings and assets are not simply going to do with you.

There is also the possibly that the longer you wait until transfer any digital currencies to anyone else, the much higher in value they become, but please do make sure you have taken all of the required steps to ensure you digital currencies are always safe and secure at all times, for if you lose them or have them stolen you are never going to be able to get them back.