The use of cryptocurrencies and bitcoin is growing most rapidly in low- and middle-income nations; It is used to send money home, keep savings, and act as an alternative when local financial services are hard to find. You can check out the various bitcoin wallets in Canada to store your cryptocurrency safely.

1. Which is the safest method
of storing bitcoin with a
bitcoin wallet in Canada?

2. The use of cryptocurrencies and bitcoin is growing
most rapidly in low- and middle-income nations; It is
used to send money home, keep savings, and act
as an alternative when local financial services are
hard to find. You can check out the various bitcoin
wallets in Canada to store your cryptocurrency
safely.

3. Numerous new products and services have been
launched to make crypto usage and newcomers'
lives easier; However, the rise in hacks and thefts
has been accompanied by an increase in adoption
and use. Chainalysis's blockchain analysts found
that the year 2022 was the worst ever in terms of
the total value of cryptocurrencies stolen, with $3.8
billion.

5. Although there is no storage method that is
completely secure, the following are some methods
for increasing the security of your bitcoin and
cryptocurrencies.
Storage for Bitcoin When you buy bitcoin, you get to
keep the amount you bought. One of your keys is
your public key, and the other is your private key.
You use the public key to encrypt data and generate
your wallet address; the private key lets you decrypt
data and access your bitcoin. This is the key to
keeping you safe.

6. On the blockchain, your ownership of bitcoin is
securely recorded, stored, validated, and encrypted.
Due to the encryption techniques used, no
cryptocurrency has ever been stolen by altering
blockchain data. It would take centuries, if not
millennia, to brute-force hack a blockchain using
current technology.

7. Your private key, on the other hand, is stored in the
wallet you use, and because wallets are typically
software running on hardware that can be hacked,
they are the weak link between the blockchain and
the user. Hacking can happen to anything that lets
you access your bitcoin, like third-party apps like
wallets or anything else that stores or enters your
keys for you.
Read more on: how to buy Solana in Canada

8. Storage Types
There are typically two storage types: custodial and
non-custodial. For each type, there are hot and cold
wallets.

9. 1. Custodial Wallet
A custodial wallet is one that is managed by a third
party, like Netcoins or another exchange. The
custodian stores your private keys on your behalf in
this arrangement guarantees their safety and
occasionally offers insurance on holdings up to a
certain amount. Since users began using their
services, custodial wallets like these have been the
target of numerous attacks; Exchanges have
strengthened the security of their services by putting
user keys in enterprise-level cold storage that can't
be accessed.

10. 2. Cold or hot custody
wallets are both options.
● Wallets with no other users Non-custodial wallets are the
ones you use to store your keys alone. Additionally, non-
custodial wallets can be hot or cold.
● Software known as a hot wallet stores your keys and
connects to the internet. Because they generate the private
and public keys required to access cryptocurrency, these
wallets create vulnerabilities. Although the majority of bitcoin
users access and conduct transactions through a hot wallet,
these wallets are susceptible to hacking.
● About 17% of the bitcoin that will ever be available for
purchase is thought to have been misplaced, lost, or forgotten.

11. 3. Cold Wallet
A cold wallet, also known as cold storage, is a wallet
that does not have an internet connection.
Consequently, it carries a significantly lower risk of
compromise. Offline wallets and hardware wallets
are other names for these wallets.
SOURCE CREDIT:
https://buyethereumcanada.blogspot.com/2023/0
2/which-is-safest-method-of-storing.html

12. THANK YOU FOR WATCHING