When it comes to storing your crypto-currency coins properly this can be the tricky part because you really do not want to end up like this guy who lost millions of dollars worth of Bitcoin, or this guy who lost thousands of dollars worth of Bitcoin due to failing to store their coins securely and properly.
We also do not recommend people to store their coins on any exchanges thinking it to be a safe haven for their coins. That is a very bad move, because crypto-currency exchanges can close down at the drop of a hat for any reason as many have done in the past. And people that have their coins stored on such platforms lose them in the process. A crypto-currency exchange should only be used for the purpose it is intended for – trade coins and then withdraw them ASAP after the trade to a secure wallet. Beyond the period it takes for the coins to be traded it should not be left on the platform in our opinion.
In this article we are going to talk about the best places to store your ADZcoin. There are two safe places where you can store your ADZcoin – ADZbuzz web wallet or ADZcoin offline wallet.
ADZbuzz Web Wallet
Every one that creates an ADZbuzz account has their very own web wallet address attached to their account whereby they can store their ADZcoin. Using your ADZbuzz web wallet to store your ADZcoin is very easy, especially for those who do not want to deal with having their own offline desktop wallet to manage. Those who are less technical may also find using the ADZbuzz web wallet to be the best option as well.
Locating your ADZbuzz Web Wallet
Once you have your ADZbuzz web wallet address you can easily send ADZcoin from any exchange that you purchase the coin from to your web wallet to be safely stored. Make sure to read and implement the best practice on how to send coins to any web wallet address.
Pro’s and Con’s of Storing ADZcoin in the Web Wallet
The benefits of storing ADZcoin on the web wallet is that it is safe as all the coins are not actually stored on any online server, rather they are actually stored offline. Thus the coins would not be able to be stolen through any online hacking attempt of the web server. The wallet also comes with extra security features, such as two-factor-authentication before any ADZcoin are able to be withdrawn, so if anyone gains access to your account they would still not be able to withdraw your coins. It is recommended that you have a solid ADZbuzz password, because your ADZbuzz account could potentially be as valuable as your bank account or even more so.
It is also very easy to use and convenient, it requires no managing and backing up of your wallet as it would all be done for you. Thus, you would be able to access your ADZcoin from anywhere in the world so long as you have an internet connection to gain access to your ADZbuzz account.
The disadvantages of using the ADZbuzz web wallet is that there would be a small transaction fee when sending coins from your wallet – a small price to pay for the ease and security that comes with using the wallet. Also withdrawals have to be manually approved as a security measure and that can take up to 24 hours, so if you want your coins in a hurry you may have to wait a little while or best plan in advance.
ADZcoin Offline Wallet
The ADZcoin offline wallet is basically a desktop wallet that anyone can download onto their computer to store their ADZcoin. Using this wallet puts the owner in 100% full control and responsibility over their own coins, as well as the security and safety measures involved in ensuring that the wallet is backed up and the coins are properly stored.
Because failing to manage the wallet properly can lead to huge losses with your ADZcoin not ever being retrievable again. However, if you know what you are doing then the offline wallet gives you complete control over your stored coins which some people may prefer.
You can download the ADZcoin offline wallet here, and if that link does not work it has been uploaded onto Dropbox here. Sometimes the anti-virus software on your PC may detect the file as a virus and quarantine it. However, it is 100% safe and virus free, so if your anti-virus software does that just make sure you configure it to ignore the application file and not quarantine it.
Installing the Offline Wallet and Setting it Up
Once you have downloaded the adzcoin-wallet.zip file to your PC click on it and you only need to extract the AdzCoin-qt application to where ever you want your wallet to be accessible on your hard drive.
If your anti-virus tries to quarantine the application as a virus then just configure it to allow the application through as it is completely safe, but some software recognize the application as a threat for some reason.
Once you have extracted the above application click on it to open your wallet.
When you first open your wallet it would be out of sync and would need to synchronize with the network, so that your wallet is up to date with all the transactions that have ever occurred on the ADZcoin blockchain. The synchronization would need to be completed before you would be able to see your balance if you have deposited any ADZcoin into your wallet.
ADZcoin is just over a year old, so as you can see in the above example the wallet is 58 weeks behind. All you need to do is keep your wallet open until it has completely synced and it should not take that long.
Meanwhile, you can find and label your wallet address by clicking on ‘receive’ above.
Name your default wallet address which you would use to deposit ADZcoin into your offline wallet. You can create multiple addresses if you like by clicking on ‘new address’ below – this is useful if you want to deposit ADZcoin into your wallet from different sources and name the address by that source, so you know where the coins have come from.
Once you have done that you should encrypt your wallet by adding a password.
This is important as it would protect your coins from being used without your permission if someone gains access to your wallet. Make sure you use a secure password that is not easily guessable and one that you will never forget. Because if you encrypt your wallet and forget your password you will lose your coins forever, as you would not be able to use them.
Once you encrypt your wallet and the wallet synchronization is up to date with the network you can then deposit ADZcoin into your wallet by using any of your wallet addresses from the ‘receive’ section.
Backing Up the Offline Wallet
We cannot emphasize how important this part is once you have deposited ADZcoin into your offline wallet. If you don’t want to end up like the guys who lost millions or thousands of dollars worth of Bitcoin (in this case ADZcoin), due to failing to back-up their wallets properly then make sure you pay attention to this step.
Once you click on back-up wallet it would prompt you to specify the location where you would like to save the back-up file. The file format would be ‘wallet.dat’ and this file along with your wallet password are the two most important things needed if you ever lose your computer or suffer from hard-drive failure.
We recommend that you save the wallet.dat file in more than one location such as your hard drive but not your main one, as well as on an external hard drive or USB too. It is very important that you have a copy on an external drive in case if anything happens to your PC, so long as you have access to your wallet.dat file you would easily be able to recover all your coins again. Otherwise your coins would be lost forever. So make sure you have multiple back-ups of the back-up on external drives.
We also recommend that you back-up your wallet after each time you receive new coins and save your wallet.dat file in your various back-up locations. You can never be too careful and it is better to be safe than sorry.
And always remember your password, because your wallet.dat file would be password encrypted so you would need to know your offline wallet password if you ever have to recover your coins using the wallet.dat file in the future.
Pro’s and Con’s of Storing ADZcoin in the Offline Wallet
The benefits of using this wallet is the fact that you have full control over everything. You can easily use your coins without having to wait for any approval and you are fully responsible for the security of your wallet. There is no transaction fee when sending coins from your offline wallet either.
However, it can be too much for some people to handle being fully responsible for their wallets’ security and ensuring the wallet is backed-up and stored safely. Whereas the ADZbuzz web wallet handles all of the security for you. Also you won’t easily be able to access your wallet from anywhere in the world if you don’t have access to your computer where your ADZcoin wallet is stored on; or specifically your wallet.dat file which is needed to gain access to your coins if you are moving your wallet to a different computer.
So it really depends on you as an individual. Many people prefer the ease and convenience of the ADZbuzz web wallet of just signing into their account and storing their coins which is safe and secure without having to worry about doing it all themselves. But others may prefer managing the security and storage of their coins themselves to be in full control over everything.
It really depends on you and your preferences…
If you have any questions please leave us a comment below.
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