How Should You Store Private Keys?

Have you missed the first article about Private Keys? Read it before continuing this one: https://ecency.com/hive-167922/@mikezillo/what-are-private-keys

Keeping your private keys safe and secret is VERY IMPORTANT.

There is a range of different methods to keep them hidden from prying eyes. Cold-storage hardware wallets are the most secure choice. For everyday use, hot wallets are arguably more convenient, although can be hacked and compromised.

-Hot storage wallets: Hot wallets are permanently connected to the internet and are linked to both public and private keys. The wallets can be used to store, receive and send tokens. This option is convenient because hot wallets can be accessed from anywhere, as long as you have an internet connection. However, there is a risk of hacking if your device is compromised.
-Cold storage wallets: Others store their private keys offline with cold storage wallets. Cold storage wallets are physical devices that are not connected to the internet. Cold wallets are similar to hard drives except they are purely for the purpose of storing crypto and private keys. Cold storage wallets are a popular option because they are offline so cannot be hacked and are considerably safer.

Nowadays there are different cold wallets but the most popular are the Ledger (Nano S, Nano S Plus or Nano X) or Trezor (One or Model T).

Be sure to buy them only from their official website to avoid any kind of scam!

Ledger: https://www.ledger.com/

Trezor: https://trezor.io/

What happens if you lose your private keys?

If you lose your private key, it's gone forever. That means you also lose access to any funds that were associated with the key. Most wallets give users a few attempts to guess their key before encrypting the content and blocking access to the wallet. Tokens such as Bitcoin do not have a centralized company looking after the wallets. Therefore, there is no way of receiving new keys or accessing your funds without them.

Lose your private keys, and you lose your crypto, forever.

Can you change your private key?

Once a private key has been created, you cannot change it. To change private keys investors would need to create a new wallet account. As long as you keep your private key secure, there should be no need to change it or move your funds to a different account.