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How To Store ICO Tokens? By Tim Enneking

Store ICO Tokens

With the recent ICO boom, a lot of people are wondering how to store their newly acquired ICO tokens. While there are a variety of different options available, the best option for most people will be to use a dedicated ICO token storage wallet. In this article, Tim Enneking discusses why you should use a storage wallet for your ICO tokens, as well as some of the best storage wallets on the market.

Tim Enneking on How To Store ICO Tokens

Storing ICO tokens securely is a crucial part of participating in token sales, says Tim Enneking. Knowing the different options and understanding how to store tokens safely will help keep your funds secure.

Most cryptocurrency wallets are designed to store digital assets like Bitcoin, Ethereum, and altcoins, but not all wallets support ICO tokens. Before investing in an ICO, it’s important to confirm that the wallet you plan to use supports the specific token you are purchasing.

The most widely adopted wallet types for storing ICO tokens include hardware wallets, desktop/laptop wallets, mobile wallets, and web-based wallets. Let’s go through each type so you can decide which one is best for your needs.

Hardware Wallets: Hardware wallets are physical devices that store your cryptocurrency offline. They are considered to be the safest type of wallet and help protect tokens from malware, hackers, and other malicious threats. To access your funds, you’ll need to plug in the device to a computer or laptop. Popular hardware wallets include Ledger Nano S and KeepKey.

Desktop/Laptop Wallets: Desktop/laptop wallets are software programs that can be downloaded onto your computer. Like hardware wallets, desktop/laptop wallets store coins offline and offer advanced security features such as 2-factor authentication (2FA). This helps keep ICO tokens secure against hackers who might try to gain access remotely. Examples of popular desktop/laptop wallets include Electrum, Jaxx, and Exodus.

Mobile Wallets: Mobile wallets are apps that you can download onto your phone and allow you to store, send, and receive tokens on the go. They offer convenience of use when compared to hardware wallets but tend to be slightly less secure. Popular mobile wallets include Jaxx Liberty, Trust Wallet, and Coinbase Wallet.

Web-Based Wallets: According to Tim Enneking, web-based wallets are hosted on a remote server and accessed via a web browser or an app. They do not require users to download software onto their computer or phone. They offer convenience of use but may be more susceptible to security threats than other types of wallets due to being online all the time. Examples of web-based wallets include Blockchain Wallet, MyEtherWallet, and Edge.

Tim Enneking’s Concluding Thoughts

It’s important, as per Tim Enneking, to remember that no wallet is 100% secure, so it’s always a good idea to store the majority of your ICO tokens in a hardware wallet. If you plan on actively trading tokens, web-based wallets may be more convenient for you. Whichever type of wallet you choose, make sure to research and read reviews of each option before investing in an ICO. Additionally, take the time to create strong passwords and back up all of your wallets regularly. By following these steps, you can ensure that your ICO tokens are stored securely.