The Best Way to Store Your Bitcoins- Safe and Secure
Nov 09, 2017 Posted / 3956 Views
However, there is one thing that throws many of us back, is the safety and security of this kind of paperless currency. And, one or more story of frauds floating over the social media network further fuel the flames of scepticism in our minds. But, the truth lies on the opposite side of the fencing, it's not the Bitcoin, but the wallets robbing us. Like, you keep your hard cash safe and secured in a reputed bank, the same way Bitcoins need a space for storage.
After the scares of the Heartbleed, more and more people, nowadays, have started questioning the safety aspect of cryptocurrencies, whether its openness is presenting hackers a sea possibilities to put their evil minds in practice. However, the tech experts have a different opinion, claiming the open source technology have more ’hands and eyes’ on it than its alternatives, thus, telling it is the most robust technology.
Seeds of doubts once sowed is often tough to nix. So, we all wonder whether open source platform is the way to opt when it comes to Bitcoin wallets or not.
The problem is, the general public is not well-versed with the idea of cryptocurrency as yet. And, this turn, ensuring people harbouring security concerns at every level possible.
One of the simplest means to safeguard your Bitcoins is by storing them in a hardware wallet, like any physical device, it can be a USB drive or a DVD, that can store the private keys associated with every smallest unit of Bitcoin currency. So, in simple words, store Bitcoins in a hardware device, which isn’t connected to the Internet is an absolute no-brainer.
Additionally, tech experts worldwide warn people against keeping a lot of Bitcoins in digital wallet apps, through your personal computer or a smartphone. The Internet offers popping on different websites are not aimed for you earn something big but arw attack algorithms ready to make inroads into your digital assets.
Nowadays, there are several secure hardware wallets that cost you less than $100, available in the market, like the Ledger Nano S or the Trezor. Here, you need to pick a set of alphanumeric characters, in case you forget the PIN of your wallet. Since, they are robust wallets, make sure you have a copy of PIN and forgot password code safely, otherwise recovering your currency once you forget both the PIN and the recovery password can be a challenging task.
A distributed ledger and a cryptocurrency researcher at the Cornell University, Emin Gun Sirer, suggest one should keep both the PIN and recovery code fireproof safe.’
Your setup doesn't have to something big, you can just store a backup of your Bitcoin, on a portable device like the USB, just to make sure you have a second line of defence.
The single biggest shortcoming of a hardware wallets is that they make Bitcoin transactions a bit cumbersome. So, if you want greater fluidity access to your Bitcoins, tech specialists suggest, store a small chunk of your Bitcoins in a digital wallet for low-value transactions. The key to success is to only keep a limited among of Bitcoins in your digital wallet, and never share your private key. Then, the most important thing is to find a credible wallet. You can do this by surfing the Internet for feedbacks on some popular ones, also ask your friends or relatives who are into this Bitcoin game.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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