Bitcoin Cold Storage - How to Store Bitcoin Offline

Bitcoins were among the first coins used in the cryptocurrency market and later many Altcoins like Dogecoin, Ethereum, Ripple, and Dash made their appearance. As a matter of fact, the new Altcoins show enough potential to rule the crypto market in near future and many even comment that there might be a high chance that the Altcoins may beat Bitcoins in terms of convenience and usage.

However, Bitcoin is still one of the most used coins in the industry and going strong even with so many competitors in the market. To keep these coins and especially Bitcoins, you need a reliable bitcoin cold storage that will make sure your coins are safe from hackers, malware and other attacks. ELLIPAL cold wallets, especially the all-new ELLIPAL Titan can be your one-stop solution to prevent such attacks and maintain successful transactions within seconds.

Getting Started With ELLIPAL Cold Storage and Storing Bitcoin

The only external connection that your ELLIPAL cold storage will ever have is with the ELLIPAL App on your mobile. Turn on the ELLIPAL wallet, choose your preferred language and click on ‘Download ELLIPAL App’ to get a QR code, which you have to scan with your mobile to start downloading the app. On successful installation of the app on your mobile device, click on ‘Next’ on the QR code page of the offline Bitcoin wallet and here you will find three options to start with your Bitcoin account –

Create Account

Those who don’t have a cryptocurrency account should choose this step. Fill in your account name and password followed by clicking on ‘Create account’. Once the account is created, you will be prompted to create a backup of Mnemonic words. Keep a record of the 12-word Mnemonics in your mind, on a paper or on the ELLIPAL Mnemonic Metal device for premium security. Check each box, click on ‘back up now’ and verify the Mnemonics before final submission. Now, you can select the ‘Add coin’ option to add Bitcoins and ELLIPAL will create a respective address for this.

Recover via Mnemonics

Your 12-word Mnemonics are the most crucial keys to keep track and recover your cryptocurrency account on the best Bitcoin wallet. Under no circumstance, can you lose or forget the Mnemonics that might end up losing your coins and your crypto account permanently. When you need to recover your existing account, choose this option, enter the phrases and then select the path, enter the account name and password. The option ‘Recover account’ will be highlighted for you on successful submission of details and you will get your account set up in the wallet and mobile device.

Import Account

If you have an existing account, click on the downward arrow by the user name once you have installed the ELLIPAL app and then select ‘Import and Account’. To import via your private keys, you have to select BTC (Bitcoin) and then fill up the private keys in WIF format, add account name and password. You can also import your account on the Bitcoin hardware wallet by selecting the coin; enter Keystore and password and the account name. There is also another option to import via secret key but that is for the Stellar Lumen (XLM) and Ripple (XRP).

Now that your account is set up, you can add the Bitcoins to your ELLIPAL wallet. Click on ‘Assets’ and press ‘+’ to tick Bitcoin (BTC) and other coins as you wish before clicking on “Ok”. Now open the ELLIPAL App on mobile and follow the same steps to add Bitcoin to your coins list. Now select BTC on the wallet and click on “Connect to App” to get the QR code which you have to scan with your mobile app. On successful scanning, you will see the account balance shown against BTC (Bitcoin) option.

Throughout these processes, there is not a single time that you have to rely on wireless connections like Bluetooth, WI-FI, and mobile or PC internet and wired connections like OTG and USB cables through which cloning, hacking and installing malware is possible. All the operations are done offline, hence, securely.