How Manitobans Can Store Bitcoin – Beginner's Guide (2025)

As more Manitobans start investing in Bitcoin, one of the biggest questions is: where do you actually store it? Unlike cash in a wallet or money in the bank, Bitcoin lives on the blockchain. 

As a Canadian who has owned Bitcoin for some time, here are some different strategies to consider:

1. Storing Cryptocurrency on an Exchange

The simplest option is to leave your Bitcoin where you bought it - on a crypto exchange. This is easy and fast, especially if you plan to trade regularly. But it comes with risk: exchanges can be hacked or freeze your account. The most famous examples of this include Mt. Gox and FTX. In summary, holding your Bitcoin on an exchange is like keeping your cash at someone else’s house. It might be convenient, and they might even promise to keep it safe - but ultimately, it’s not under your control. You’re trusting someone else to guard your wealth, and in the crypto world, that trust has often been broken. Additionally, exchanges hold personal information about your purchasing habits and your hardware wallet address (see next point) which means potential data leaks, as was seen in May 2025 with the exchange Coinbase. 

Many Bitcoiners preach “Not your keys, not your coins.” for these reasons.

Popular platforms for Canadians include: Bitbuy, Coinsquare, NDAX, Newton, and Shakepay.

Best for: Beginners who plan to buy and sell often and are okay with some risk.

2. Holding Bitcoin Using a Hardware Wallet 

Manitobans have access to many different types of hard wallet providers. Using a hardware wallet like a Ledger or Trezor means you hold your Bitcoin offline IE via cold storage, away from the internet  safe from hacks. But it also means you are fully responsible for your private keys. Lose access, and it’s gone forever. That’s where your seed phrase (a 12–24 word backup) comes in. In order to get Bitcoin into a hardware wallet, it is first required to go to an exchange to purchase Bitcoin or going to a Bitcoin ATM. Exchanges offer the cheapest way while Bitcoin ATMs offer more privacy. 

Two examples of common seed phrase strategies:

Split Storage: 

Write down your seed phrase and store half at home and the other half in a safety deposit box.

Multi-Copy Redundancy: 

Keep three copies - one with a trusted family member, one locked in a fireproof safe, and one offsite (e.g. a bank vault).

When it comes to selecting a strategy, we recommend keeping it as simple as possible, and, telling a trusted person how you store it. It should be re-emphasized that Bitcoin itself is always stored on the blockchain, what is stored by you is the password to your account. 

Best for: Those who want full control and are comfortable being their own bank. 

3. Storing Bitcoin on a Mobile or Desktop Software Wallet

Apps like BlueWallet, Exodus, or Phoenix let you hold Bitcoin on your phone or computer. These are convenient for small amounts and daily use, but they’re not as secure as hardware wallets for long-term holdings. Make sure to choose the best wallet for you, considering using bitcoin.com to help you find a temporary electronic wallet.

Best for: Spending small amounts or learning how wallets work before going fully self-custodial.

Final Thoughts

There’s no one-size-fits-all answer. Begin by understanding the risks and choosing a storage method that matches your comfort level. As you gain experience, consider upgrading your security, because with Bitcoin, you are the bank.

Reminder: Always back up your seed phrase, never share it, and don’t store it digitally (like in email or Notes).