Hot Wallet vs Cold Storage
| Hot Wallet | Cold Storage | |
|---|---|---|
| Internet connection | Always connected | Never connected |
| Convenience | High | Low |
| Security | Lower | Highest |
| Best for | Small amounts, active use | Long-term savings |
| Examples | Blue Wallet, Muun | Ledger, Trezor, Coldcard |
Cold Storage Options for Canadians
Hardware Wallets
Purpose-built devices that store your private keys offline. Sign transactions without exposing keys to the internet.
- Ledger Nano X (~$170 CAD)
- Trezor Model T (~$220 CAD)
- Coldcard (~$180 USD)
Available at Amazon.ca, Best Buy, or directly from manufacturers.
Paper Wallets
Generate a private key on an air-gapped computer, print it, and store physically.
Free but requires technical knowledge and careful storage.
Multi-signature (Multisig)
Requires multiple keys to authorize a transaction.
Ideal for large amounts but requires technical setup.
Cold Storage Best Practices
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Never store seed phrase digitally — no photos, no cloud, no email
-
Write it on paper — store in a fireproof location (or engraved on metal)
-
Test your backup — verify you can restore before storing large amounts
-
Multiple locations — consider storing seed phrase copies separately
-
Never enter your seed phrase online — anyone asking for it is a scammer
After Buying at 1Bitcoin.ca
1Bitcoin.ca sends Bitcoin directly to your wallet address. If you've set up a hardware wallet, provide that address and your Bitcoin goes straight to cold storage.
