Here is what
every bitcoin user must know: The amount of bitcoins you earn or buy is not as
important as the safety measure you take to have a secure bitcoin wallet. Since
bitcoin wallet serves as our bank account where all funds are kept and
transactions are being carried out, it is demanded we use the best and most
secure wallet service.
And the code truth is that the safety and security of your bitcoins is ultimately your responsibility.
Following the news and trend and hearing how people lose a lot of bitcoin to scammers and hacker is something I hate. Bitcoin transactions are irreversible so once your bitcoin are being stolen away from your wallet, there are only few chances that you will get them back.
Having a secure bitcoin wallet in one or two different wallet storage types could save you a lot of headache.
The hustles to keep our bitcoin wallet secure can be said to be the hustle of trying to keep our private key strongly secured. In bitcoin we have public keys and private keys. Public keys are wallet address such as this 1LePQGeg9HN2UyqaAuJpsmYm8rZXXxMXEX which you could be use in sending and receiving bitcoin while our private keys are the security codes only known and showed to us. We use it in login in and accessing our wallet. Without private keys no one can access your wallet and anyone with your private key can access your wallet easily.
And the code truth is that the safety and security of your bitcoins is ultimately your responsibility.
Following the news and trend and hearing how people lose a lot of bitcoin to scammers and hacker is something I hate. Bitcoin transactions are irreversible so once your bitcoin are being stolen away from your wallet, there are only few chances that you will get them back.
Having a secure bitcoin wallet in one or two different wallet storage types could save you a lot of headache.
The hustles to keep our bitcoin wallet secure can be said to be the hustle of trying to keep our private key strongly secured. In bitcoin we have public keys and private keys. Public keys are wallet address such as this 1LePQGeg9HN2UyqaAuJpsmYm8rZXXxMXEX which you could be use in sending and receiving bitcoin while our private keys are the security codes only known and showed to us. We use it in login in and accessing our wallet. Without private keys no one can access your wallet and anyone with your private key can access your wallet easily.
Below I am going to talk about five different types of bitcoin wallet that exist and their security level. There are several types of wallets out there to choose from, and they vary in features and devices on which they are used. It is advisable to know these categories so that you always choose one that suits you.
1. Cold wallets and Hot wallets
All bitcoin wallet are classified into two types, majorly Cold and Hot wallet.
Hot wallet refers to all form of bitcoin wallet that are hosted online or run
on the internet, While cold wallet are the direct opposite, they are bitcoin
wallet
that are disconnected from the internet and are used to stored bitcoin
offline.
Both forms have their good and bad side. Cold wallet are considered to
be the most secure because they are majorly offline, thus they are
used to store a large amount of bitcoin and less prone to hackers attack while Hot wallet makes it easy to make transaction daily thus its good for bitcoin traders with only trading fund and not for savings or storing large funds.
that are disconnected from the internet and are used to stored bitcoin
offline.
Both forms have their good and bad side. Cold wallet are considered to
be the most secure because they are majorly offline, thus they are
used to store a large amount of bitcoin and less prone to hackers attack while Hot wallet makes it easy to make transaction daily thus its good for bitcoin traders with only trading fund and not for savings or storing large funds.
Bitcoin Online Web Wallet
These are
provided on the cloud by third party wallet service
companies. The wallets on these platforms are only accessible through
an internet connection. They are the most used and popular type of bitcoin wallet but security is not 100 percent guaranteed as they are prone to attack from hackers.
companies. The wallets on these platforms are only accessible through
an internet connection. They are the most used and popular type of bitcoin wallet but security is not 100 percent guaranteed as they are prone to attack from hackers.
1. Blockchain.Info
Bitcoin's most advanced web wallet. Also the most popular online
bitcoin wallet and where most newbie’s start their bitcoin journey from. Creating a wallet over there is quite easy and fast and no transaction fee. Follow this link above to create one.
bitcoin wallet and where most newbie’s start their bitcoin journey from. Creating a wallet over there is quite easy and fast and no transaction fee. Follow this link above to create one.
2. Coinbase
Coinbase claims to be the world’s most popular way to buy and sell
bitcoin and ethereum (a cryptocurrency). They also provide one of the most secure online bitcoin wallets.
bitcoin and ethereum (a cryptocurrency). They also provide one of the most secure online bitcoin wallets.
3. Bitcoin Wallet
One of the best options for bitcoin newbies. They have a feature that allows
users add all Bitcoin Addresses and Send Coins To other Users For Free Security.
Add all the public addresses you already have. Accept any cryptocoin
from anyone on one page. Send any amount of bitcoin to any
other user instantly with no transaction fee and no confirmation
delays. Proof of Solvency, SHA-2 SSL, AES user data encryption, 2FA on
all accounts, majority of funds in cold storage.
Add all the public addresses you already have. Accept any cryptocoin
from anyone on one page. Send any amount of bitcoin to any
other user instantly with no transaction fee and no confirmation
delays. Proof of Solvency, SHA-2 SSL, AES user data encryption, 2FA on
all accounts, majority of funds in cold storage.
Bitcoin Software/Desktop Wallet
These types of bitcoin wallets are said to be the most secured because of it
offline nature. You will need to download any service software providing this wallets
service type into your desktop or laptop and perform transaction from it even
when you are offline on your system.
However most people, especially bitcoin newbies find this type of bitcoin wallet less interesting because it could be complicating and very technical.
However most people, especially bitcoin newbies find this type of bitcoin wallet less interesting because it could be complicating and very technical.
4. Bitcoin Core
Bitcoin Core is the first and original wallet. Using this option means having
control over both your public and private keys, this ensures safe storage.
Bitcoin Core is a community-driven free software project, released under the MIT license However; Bitcoin Core also requires a lot of space as the software comes with data on every bitcoin transaction ever performed.
According to the download page, Bitcoin Core initial synchronization will take time and download a lot of data. You should make sure that you have enough bandwidth and storage for the full block chain size (over 100GB). If you have a good Internet connection, you can help strengthen the network by keeping your PC running with Bitcoin Core and port 8333 open.
Bitcoin Core is a community-driven free software project, released under the MIT license However; Bitcoin Core also requires a lot of space as the software comes with data on every bitcoin transaction ever performed.
According to the download page, Bitcoin Core initial synchronization will take time and download a lot of data. You should make sure that you have enough bandwidth and storage for the full block chain size (over 100GB). If you have a good Internet connection, you can help strengthen the network by keeping your PC running with Bitcoin Core and port 8333 open.
5. Multibit
Just over 30MBs, Multibit is a light weight desktop bitcoin wallet. With
Multibit you control your wallet and your funds: they reside encrypted on your
computer and never with a 3rd party.
Use MultiBit with KeepKey
Using MultiBit with KeepKey adds an extra layer of security for your bitcoins.
KeepKey is a USB device that stores and secures your bitcoins. When you entrust
KeepKey with your money, each and every bitcoin transaction you make must be
reviewed and approved via its OLED display and confirmation button. It now
becomes nearly impossible for virtual attackers like malware or viruses to
steal your valuable bitcoins .More on KeepKey below.
Bitcoin Mobile Wallet
The main reason I love bitcoin mobile wallet is the flexibility it gives me,
easy to access my fund and make transaction and very practical even for
newbies.
However it’s a good idea to keep only a small amount of bitcoins in mobile wallets while keeping the rest in more secure options. As security cannot be 100 percent guarantee.
Below are the three best wallets for android
However it’s a good idea to keep only a small amount of bitcoins in mobile wallets while keeping the rest in more secure options. As security cannot be 100 percent guarantee.
Below are the three best wallets for android
6. Xapo
Famous for its vault and security, Xapo combines cold storage and multi-sig
technology to keep users’ bitcoins safe. Its servers are kept ‘behind
reinforced concrete walls, a steel blast door and radio wave-blocking Faraday
cage’, located ‘within the Alps’.
7. Mycelium– Easy to Use
Is an easy-to-use and regularly recommended wallet that comes with just the right set of useful side features.
It uses HD (Hierarchical Deterministic) seeds, meaning that to back up your Bitcoin; you only need to remember a set of twelve English words. Be careful when backing up your words, though, as anyone with these words has access to all your money
7. Mycelium– Easy to Use
Is an easy-to-use and regularly recommended wallet that comes with just the right set of useful side features.
It uses HD (Hierarchical Deterministic) seeds, meaning that to back up your Bitcoin; you only need to remember a set of twelve English words. Be careful when backing up your words, though, as anyone with these words has access to all your money
8. Schildbach Bitcoin Wallet– App Only 2.9MB!
The application is listed by Google as having between a million and five
million installs, named after its developer Andreas Schildbach (now known in
the Play Store as simply “Bitcoin Wallet”) and is the oldest mobile Bitcoin
wallet.
9. Physical Wallets
If you thought bitcoins were digital only, then think again. Paper
wallets can securely hold your bitcoins in cold storage form for a
long time. You can store this form of wallet it in a safety deposit
box along with your other valuables.
In order to generate a paper wallet, you use sites such
Bitaddress.org or Blockchain.info. Once they are generated, you print
them out on a piece of paper.
wallets can securely hold your bitcoins in cold storage form for a
long time. You can store this form of wallet it in a safety deposit
box along with your other valuables.
In order to generate a paper wallet, you use sites such
Bitaddress.org or Blockchain.info. Once they are generated, you print
them out on a piece of paper.
Bitcoin Hardware
A hardware wallet according to wiki is a special type of bitcoin
wallet which stores the user's private keys in a secure hardware
device.
They have major advantages over standard software wallets such as
private keys being stored in a protected area of a microcontroller,
and cannot be transferred out of the device in plaintext and immune to
computer viruses that steal from software wallets.
Also hardware wallet can be used securely and interactively, as
opposed to a paper wallet which must be imported to software at some
point.
wallet which stores the user's private keys in a secure hardware
device.
They have major advantages over standard software wallets such as
private keys being stored in a protected area of a microcontroller,
and cannot be transferred out of the device in plaintext and immune to
computer viruses that steal from software wallets.
Also hardware wallet can be used securely and interactively, as
opposed to a paper wallet which must be imported to software at some
point.
10. Pi-Wallet
The Pi-Wallet is a small computer with the Armory bitcoin client.
Transactions are signed offline, and then transferred on a USB stick via
Sneakernetto an online system for broadcasting.
Transactions are signed offline, and then transferred on a USB stick via
Sneakernetto an online system for broadcasting.
11. Ledger HW.1 - USB Smartcard Hardware Wallet
HW.1 is an implementation of a deterministic (BIP 0032) Hardware
Wallet on a USB smartcard.
It is typically used as a blind secure device for multi signature
transactions - holding a set of derived private keys and signing
transactions without requiring user confirmation.
12. KeepKey: Your Private Bitcoin Vault
KeepKey is a USB device that stores and secures your bitcoins. When
you entrust KeepKey with your money, each and every bitcoin
transaction you make must be reviewed and approved via it's OLED
display and confirmation button.
KeepKey has a unique recovery feature utilizing a rotating cipher to
restore private keys with a BIP 0039recovery seed. This means it is
not necessary to store your private keys on KeepKey: the recovery
process is secure enough so that KeepKey can be used as a transaction
device for paper wallets.
you entrust KeepKey with your money, each and every bitcoin
transaction you make must be reviewed and approved via it's OLED
display and confirmation button.
KeepKey has a unique recovery feature utilizing a rotating cipher to
restore private keys with a BIP 0039recovery seed. This means it is
not necessary to store your private keys on KeepKey: the recovery
process is secure enough so that KeepKey can be used as a transaction
device for paper wallets.
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