The most common method for storing bitcoin today is on a hot wallet or cold wallet.
Online wallets are known as “hot” wallets as they are connected to the internet on devices like computers, phones, or tablets. These wallets are great for making transactions quickly but lack security due to the vulnerability of having your private keys stored on a system with internet access.
The safest option for storing Bitcoin is with a “cold” wallet, a device that is not connected to the internet and therefore has less risk of being compromised. Hardware wallets, like a Ledger and Trezor, are both cold wallets storing your private keys on the device itself that has no internet access.