As the Bitcoin prices get higher and new investor pile in, it’s a good time to review how to store your Bit coins securely. Not only has Bitcoin’s value gone up over the past year, but the available options for Bitcoin storage have also increased. The choice can be especially intimidating for Bitcoin novices.
No matter what you choose, however, there is always a tradeoff between convenience and security. And while privacy is also a factor, here we assume you are not willing to go the extra step of anonymizing and completely eradicating your financial trail.
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Type of Bitcoin transactions
Bitcoin usage can be separated into two independent variables: “Transaction volume” and “Transaction value.” Whether these values are high are low changes which Bitcoin wallet is best for you.
“Transaction Volume” is the rate of bitcoin transactions you make. This might mean one transaction per day, or only one per week. What counts as high or low is this case is fairly arbitrary.
Transaction Value is the bitcoin value of a given transaction. What defines a large bitcoin value is similarly ambiguous. A good rule of thumb is that a low transaction value is less than or equal to the amount of money you would be comfortable carrying around as cash in your pocket. Everything larger than that might be high value.
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