Jonas Schnelli, a Bitcoin Core developer and co-founder of minimalist bitcoin hardware wallet Digital Bitbox, has cautioned the users to depend on proper bitcoin storage methods due to the increase in bitcoin price at a rapid rate, CryptoCoinsNews reports.

He mentioned that one basic practice that users must always implement is, preventing the usage of custodial wallet platforms, which indicates that they should avoid using bitcoin wallet platforms or exchanges that allow third party service providers to hold user funds and bitcoin.

“If users store bitcoin in a trusted environment, upon potential cases of hacking attacks and data breaches, user funds can be stolen,” he stated.

He suggested that users must store bitcoin non-custodial wallets, cold storage and hardware wallets like Trezor, Ledger and Digital Bitbox, among others. In the case of beginner users or casual bitcoin enthusiasts, he stated that Ledger Wallet is a viable substitution, since its hardware wallet series like the Ledger Nano S, amplifies the process of sending and receiving bitcoin to and from others.

Those users who have much larger amounts of bitcoins that values to hundreds of thousands of dollars should consider purchasing physical bitcoins or rely on paper wallets that are forms of cold storage, he added.

Schnelli stated in his tweet, suggesting users to control their own private keys, utilize cold storage or hardware wallet in order to prevent unexpected security breaches.