If you are going to do transactions through bitcoin, then you need a wallet. Without any wallet, you are unable to do that. For transactions purpose, you have to download or create secure bitcoin wallet address. The most important thing is, how you can secure your wallets from scams.
Wait …. Wait…
Here, we will discuss your wallet security but first, you have to know about wallets and types of it. Some of them are;
- Online bitcoin wallets
- Bitcoin hardware wallets
- Software wallets
- Paper wallets
Each wallet has its own characteristics. Like, you can do low-cost transactions by using online bitcoin wallet. i.e. COPAY available on IOS & on all windows. If you need to secure your transaction process you also can use bitcoin hardware wallets. i.e. ledger Nano, Trezor, OpenDime, etc. In addition, paper wallets are private keys printed from the offline computer.
Security terms for bitcoin wallets:
As, we know that, there is no middle authority to control the transaction process. The margin of risk at your end is too much high. Especially, when your transactions are in billions. At that point, you need crystal clear and transparent transaction system. I am here, to provide you complete detail about the security of your money. Because there are a large number of scams in the market.
Don’t be afraid, there are many secure ways for your money transactions. By keeping these points in mind, you can keep your spending habits private.
Keep separate wallet with strong password:
There are a large number of wallets/addresses for your bitcoin Then, to protect your wallets from scams, encrypt it with the strong password.
You can use paper wallet and hardware wallets for savings. Whereas, for daily expenses, use mobile, window wallets.
Protect your privacy:
you, then download the whole blockchain like bitcoin core or armory. Never ever tell your private key to anyone. Bank account number is equitant to your wallet address, then, your private wallet key is your pin.
Don’t re-use the wallet addresses:
Today’s wallets use a new address for each transaction. Which makes the easy way to group transactions, difficult or totally insane decision of taking or re-use the address as in group transaction.
Users of bitcoin should keep the backup of his/her wallets in the different form.
Instructions are depending on your client. For example, the desktop client is used to store your bitcoin wallets. In the case of fire or water damage, you need to keep your backups in separate physical form. For extra protection of paper, wallets are to write in metal form.
Web wallets side effects:
There are more than 100 cases of hacking of bitcoin wallets. Web wallets should be used in daily spending. For the sake of saving bitcoins, you need cold storage.
These wallets are another example of cold storage wallet. Basically, it is the combination of numbers and words you keep in your brain. When you are going to enter passphrase into a site, you’ll get your private key.
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At the end…
Above all is the short discussion to secure bitcoin wallets address as well as bitcoin. Once you take the step in bitcoin revolution then it is not difficult to maintain its wallets.