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How to securely store funds in cryptocurrencies?

Answered by Benomad Community, digital nomad community

It actually sounds daunting at first but depending on your level of paranoia, you can get away with just a few hours of work to do a pretty good job of securing your crypto ecosystem.

My solution is Coinbase + Binance for exchanges, MetaMask for the immediate needs, Ledger for storage, and since I am a bit of a geek anyway, an air-gapped machine with offline transaction signing and cold wallets (not because I really have much to protect, but because it is good to learn how to be cautious).

The air-gapped machine works as follows: I took an old laptop that I stopped using some years ago, wiped it clean, installed Ubuntu twice (wiping the drive again in the middle - wasn't necessary, but I felt I made some errors the first time) from a clean USB. Never turned on the wifi or connected it in any other way to a network, installed anything I needed from a USB stick. And I transfer anything I need to/from it via a USB stick. You can go much further than this on paranoia, but this felt sufficient for my purposes.

If I had to do it again, I'd probably assemble a basic Arch Linux OS (but that's a couple of extra days of work).

If you skip the air-gapped machine, you'll be done in an afternoon max.

Overall, Ledger is good, but it is not the same thing as a proper cold wallet. I'd recommend the devs own wallets on the airgapped computers. I'd say, the rule of thumb is below $10,000 you should be fine with a Ledger only - and it is dead easy. Beyond, consider spending some time making proper cold wallets.

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