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Coinreport Dont Lose Your Bitcoin Wallet! Tips On How To Secure Your Bitcoins

Coinreport Dont Lose Your Bitcoin Wallet! Tips On How To Secure Your Bitcoins

Gotten yourself a couple of bitcoins and trying to find a way to keep them safe? Just like a regular wallet, you have to take precaution with your bitcoin wallet since you dont want to lose your money. It may seem a bit difficult to protect a virtual wallet, but if done properly you can definitely secure it. The following guide will explain a few practices you can do to keep your virtual coins safe and sound. Keep Only a Small Amount of Bitcoins in Your Wallet In having a wallet, whether a virtual or physical one, you wouldnt want to have all of your money in it since if you lose your wallet you are broke. Therefore, it is advised that you store only a few coins on your phone or computer which will be your everyday spending money. The rest should be kept secure at another location. This is a web-based wallet that stores your private bitcoin key online. This means your coins are controlled by someone other than you. In addition, it can place great power into the hands of the organization that runs your online wallet because they have the private key. On the other side, having a web based wallet is a good for when you want to have access to your bitcoins anywhere at any time. Here are a couple of known online wallet sites: Blockchain , Coinbase , Strongcoin . Out of these three, Strongcoin is the only one that allows you to encrypt your private keys before sending them online, offering a bit more security. A basic, yet imperfective way to protect your coins is to encrypt your wallet. Encrypting means setting a very strong (at least 16 letter) password with capital letters, punctuation marks, numbers, etc. This helps against most robbing mishaps, however there are limitations: Hackers could use a software to log your keystrokeshence even if you have a super strong passwor Continue reading >>

Safest Way To Store Your Bitcoins?

Safest Way To Store Your Bitcoins?

Quote from: avacadoareg4u on May 11, 2017, 04:39:01 AM Im relatively new to crytocurrency. I have read in manys sources that the safest place to store bitcoins is in a offline wallet. Why are offline wallets the safest? What are your recommendations? Offline wallet means if you're not need to connect your computer to the network if you're trying to checking your amount on your wallet. That means you can try to check them everytime with just clicking the icon on your dekstop. I will give you a recomendation to use hardware wallet and offline wallet. The hardware can be intergrated with offline wallet. Offline wallets are something where the secret key is not shared with anyone (only if such wallet is generated in a safe environment and trusted source). The cheapest way to an offline wallet is to finding an old computer and generating a paper wallet through that machine (and that machine should never establish a connection to internet or devices such as a printer that connects to the internet). There are some other ways too but this is the one which I trust the most for the paper wallet. AFAIK, there isn't much difference between the safety level of: the difference is in the price and usability. - a paper wallet is allmost free (the cost of a piece of paper), but can only be used to collect unspent outputs. When you need the funds, you have to sweep the paper wallet and throw it away. It's also a bit tricky to make a paper wallet in the correct way - a cold (offline) wallet costs a lot more, since you need an old PC that can never be connected to the internet as soon as you start using it to store your funds. However, if you set it up correctly, it's not that hard to use, and you can send and receive as much as you want, but you can also access the full feature set (like Continue reading >>

How To Store Your Bitcoins - Bitcoin Wallets - Coindesk

How To Store Your Bitcoins - Bitcoin Wallets - Coindesk

Bitcoin wallets store the private keys that you need to access a bitcoin address and spend your funds. They come in different forms, designed for different types of device. You can even use paper storage to avoid having them on a computer at all. Of course, it is very important to secure and back up your bitcoin wallet. Bitcoins are a modern equivalent of cash and, every day, another merchant starts accepting them as payment. We know how they are generated  and how a bitcoin transaction works , but how are they stored? We store fiat cash in a physical wallet, and bitcoin works in a similar way, except it's normally digital. Well, to be absolutely accurate, you don't technically store bitcoins anywhere. What you store are the secure digital keys used to access your public bitcoin addresses and sign transactions. This information is stored in a bitcoin wallet. Bitcoin wallets come in a variety of forms. There are five main types of wallet: desktop, mobile, web, paper and hardware. Here’s how they work. If you have already installed the original bitcoin client ( Bitcoin Core ), then you are running a wallet, but may not even know it. In addition to relaying transactions on the network, this software also enables you to create a bitcoin address for sending and receiving the virtual currency, and to store the private key for it. There are other desktop wallets too, all with different features. MultiBit  runs on Windows, Mac OSX, and Linux. Hive is an OS X-based wallet with some unique features, including an app store that connects directly to bitcoin services. Some desktop wallets are tailored for enhanced security: Armory falls into this category. Others focus on anonymity: DarkWallet – uses a lightweight browser plug-in to provide services including coin ‘mixing Continue reading >>

Securing Your Wallet

Securing Your Wallet

Like in real life, your wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money. You should be wary of any service designed to store your money online. Many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance and security to be used to store money like a bank. Accordingly, you might want to use other types of Bitcoin wallets . Otherwise, you should choose such services very carefully. Additionally, using two-factor authentication is recommended. A Bitcoin wallet is like a wallet with cash. If you wouldn't keep a thousand dollars in your pocket, you might want to have the same consideration for your Bitcoin wallet. In general, it is a good practice to keep only small amounts of bitcoins on your computer, mobile, or server for everyday uses and to keep the remaining part of your funds in a safer environment. Stored in a safe place, a backup of your wallet can protect you against computer failures and many human mistakes. It can also allow you to recover your wallet after your mobile or computer was stolen if you keep your wallet encrypted. Some wallets use many hidden private keys internally. If you only have a backup of the private keys for your visible Bitcoin addresses, you might not be able to recover a great part of your funds with your backup. Any backup that is stored online is highly vulnerable to theft. Even a computer that is connected to the I Continue reading >>

Bitcoin 101 - Coindesk

Bitcoin 101 - Coindesk

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy Please consider using a different web browser for better experience. Please enable JavaScript in your browser for a better site experience. To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as bitcoin. The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins arent printed, like dollars or euros theyre produced by computers all around the world, using free software. It was the first example of what we today call cryptocurrencies, a growing asset class that shares some characteristics of traditional currencies, with verification based on cryptography. A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. To this day, no-one knows who Satoshi Nakamoto really is. In what ways is it different from traditional currencies? Bitcoin can be used to pay for things electronically, if both parties are willing. In that s Continue reading >>

11 Best Bitcoin Wallet Hardware & App Reviews 2017 / 2018

11 Best Bitcoin Wallet Hardware & App Reviews 2017 / 2018

Restrict unsupervised access. Set a strong password and close all ports and maintain a strict firewall. Frequently change address. Use a different address for every transaction. Multiple Signatures (Multi-sig). Multiple private keys to deter breaches. Bitcoins simply consist of a string of data. Thats why they can be stored anywhere. You could paint Bitcoin on a wall with your blood. Nobody does that though. Hopefully. Instead, we store BTC on computers because we need them handy to trade. After all, we need to be connected to the internet to send value from one wallet to another over the Blockchain. To some readers this might seem like a weird question. Truth is, people coming from a financial or business background are likely to expect Bitcoin to be a direct alternative to our current financial system. This is not the case. You dont need a Bitcoin account. There is no such thing really. You just need a wallet. The only accounts you might encounter are online wallets that are separated into various accounts via a user system. Web-wallet. Accessed via web-browser. Access to money gained through username or password. Access gained via physical access to computer. Access gained via physical access to phone. Hardware wallets delimit access of your funds to the hardware device alone. The coins are stored in a microcontroller, and are to be transferred only when authorized. The act of storing of your wallets private keys in a way that is completely detached from a network. How do I know which wallet is best for me? Lets be honest. Its unreasonable to expect anyone else to make this decision for you. After all, your preference depends entirely on your personality and needs. So just be honest with yourself. Frankly, you shouldnt need anything complicated if youre using the wa Continue reading >>

How To Keep Your Cryptocurrency Safe: 7 Must Have Wallets

How To Keep Your Cryptocurrency Safe: 7 Must Have Wallets

How To Keep Your Cryptocurrency Safe: 7 Must Have Wallets Angel Investors, Startups & Blockchain developers... References are made wherever possible. All statements are based on the authors experiences. I take pride in informing the public and helping as many as I can through sharing my experiences with my readers. That said, no one except you can take responsibility for your investment decisions, so do think it through before investing. With the current merciless run of the bull market, it is only a matter of time before your crypto holdings surge in value. When it does, like it or not, crypto will unavoidably receive much-unsolicited interest from hackers. To not repeat the tragic Mt. Gox incident, holders are removing cryptocurrency from the exchange and decentralizing their storage. The question of why you should purchase a wallet becomes the more pertinent question of which wallet should a cryptocurrency investor use. As do all forms of insurance, security comes at the cost of money and convenience. How should we balance it in a way that suits our risk profile? In this post, I will summarize the unique features of the top 7 cryptocurrency wallets that an experienced holder must know of. Desired traits of a Cryptocurrency Wallet What are the desired traits of a crypto wallet and how hard can choose a wallet to be? This seemingly easy answer, unfortunately, does not have a satisfying answer: convenience may come at the cost of security; additional features may come at the cost of a steeper learning curve. More importantly, what are the traits that, ultimately, you value over the others? See the list below, not in order of importance: Cost. Is it free? What are the drawbacks of using this wallet? Security. Does the company have a track record of security excellence? Continue reading >>

Here's How To Keep Your Bitcoin Safe

Here's How To Keep Your Bitcoin Safe

While Bitcoin has been making the headlines for hitting record highs and lows that give new meaning to the term volatility, its also increasingly gaining attention with regard to cybersecurity. Illicit uses for Bitcoin include its being used as a means of shuffling money around the Dark Web , and as a method of payment on the infamous dark market of the Silk Road . Another problem is that once the Bitcoin is mined, it remains difficult to hold onto the digital currency, which is an encrypted address on the Blockchain with nothing physical to back it, and out of the mainstream of established financial institutions that so far are staying on the sidelines . With the equivalent of billions of dollars potentially out there in the form of Bitcoin and other cryptocurrencies, its a prime target for hackers and indeed has already proved extremely profitable for them. In some cases, computers get hijacked via apparently benign software, such as BrowseAloud, a browser plugin for text-to-speech designed to help the blind and those with reading problems, but which contained the Coinhive cryptojacking script , which turned the victims computers into crypto-mining rigs. In other cases the coins are stolen more directly, such as in 2014 when Bitcoin bank Flexcoin was taken for 896 BTC, resulting in it shutting down, and the larger exchange MtGox also was hacked, which sent it into bankruptcy. While those early setbacks could perhaps be seen as part of the growing pains of cryptocurrency, the problems continue, with NiceHash getting hacked, and losing $63 million, at the end of 2017. Finally, some users lose their Bitcoin the old-fashioned way they lose their password or their computer hardware, as in the (admittedly extreme) example of James Howells , whose hard drive ended up in a l Continue reading >>

How To Store Bitcoins And Other Cryptocurrencies Properly.

How To Store Bitcoins And Other Cryptocurrencies Properly.

How to store Bitcoins and other cryptocurrencies properly. I will tell only a few possible stories that are waiting for you in the case of lack of computer literacy: If you catch some “shit” in an attempt to generate a license key for some extremely desirable game. This software will scan your hard disk, then it will find the private key. After a few milliseconds a new transaction appears on the bitcoin network that will take all of your hard-earned money If your email provider will loose the database of its users. Then some guy John will buy it in the darknet and quickly begin to run different semantic analyzers. After a couple of hours, it will lead to the disappearance of all bitcoins from all of the services that use authorization via email. In other case, some guy Peter, who works for Google and has a admin rights (like Snowden had) simply steal your Bitcoins from some service. And nobody will notice that. Will be like magic. Some virtual exchange, where all of your crypto is stored will disappear along with all the money. Exactly what Mt.Gox did and dozens of others. If you catch some trojan in the process of hunting for a cool porn. It can encrypt all the files on the hard disk. Afterwards it will find all links to your wallets and it quickly realize how much money you have and how much money it can demand from you. If you wan’t pay your hard drive will not be decrypted. This is a tragic scenario. After all, you can’t even send money to this hacker, because your keys will stay on an encrypted hard drive! If you lose your unencrypted laptop or phone. If you catch a clever Keylogger, none of your activities will save you from epic fail. If you will get an email from the service where your crypto-money stored. However the name of website is not blockchain.i Continue reading >>

How To Setup Bitcoin Cold Storage

How To Setup Bitcoin Cold Storage

Read an important announcement about Bitcoin from Bitcoin.com. In this guide we will walk you through setting up your very own cold storage wallet. Before diving into the process, you may be wondering what is cold storage? In simple terms, cold storage refers to keeping your Bitcoin completely offline. Cold storage, also known as a cold storage wallet, is the opposite of a hot wallet where your Bitcoin is kept online. Since Bitcoin is a digital asset, keeping them online increases your risk or attack surface for having your bitcoin stolen when kept online using a custodialservice. By keeping your bitcoin in cold storage , your attack surface is greatly diminished. Getting started The first step to getting your Bitcoin into cold storage is creating an offline Bitcoin address. This address will have both a public and private key-pair which never goes online (until youre ready to spend it). With this guide, we will show you how to make a free cold storage wallet using the paper wallet method. Setting up a paper wallet Setting up your cold storage paper wallet is fairly simple and requires very little technical knowledge. The first step will be to go to the Bitcoin.com paper wallet tool here . Before doing anything else, while on this page you will want to save it locally to your computer. To save a web page to your local machine, press Ctrl-S and save the file as a complete webpage (to your desktop for example). After saving, simply close out the open Bitcoin.com paper wallet tool page. Then disconnect your computer from the internet; dont worry, you only need it offline temporarily for this task. After disconnecting from the internet, open the saved file (on your desktop). Move your mouse around on the page and/or type some random characters into the text box to create e Continue reading >>

Bitcoin Cold Storage: A Comprehensive Guide

Bitcoin Cold Storage: A Comprehensive Guide

Bitcoin cold storage might sound like storing your cryptocurrency inside of a fridge, but the reality is quite different. When it comes to cryptos, hot and cold storages refer to the wallets that hold them. There are many different ways to store your Bitcoin (or any other cryptocurrency at that), so it might be confusing as to which methods are the best and which are the worst, especially if youre a beginner in the field. In this guide were going to talk about all things cold storage Bitcoin: well talk about how to store Bitcoin offline, cover the best cold storage wallets (also the worst!) and compare hot wallets vs cold wallets. Well start slow, though to make sure that were both on the same page, lets walk through the definitions. In the cryptocurrency world, cold storage refers to physical objects (usually complex, yet small devices) in which you would store your cryptocurrencies. These devices are encrypted with special security codes to protect your crypto coins and still be accessible at any given point in time. Other than cold storage, these devices can also be called cold wallets. In turn, hot storage (or hot wallets) refers to digital crypto storing wallets these wallets can be available on the internet, your desktop or any place in between. Theres a lot of discussions about which wallet is the better, superior choice. So before we go any further with the Bitcoin cold storage guide, lets try and answer this question. The two methods of how to store Bitcoin offline are subject to an ongoing debate. In this debate, people compare and contrast hot wallets vs cold wallets in hopes of finding the perfect choice for storing their cryptocurrencies. Well talk about both hot and cold storage Bitcoin. There are a lot of positions from which you could start this debate. Continue reading >>

I Can't Stress This Enough. Use An Offline Wallet To Store Your Bitcoins!!! : Bitcoin

I Can't Stress This Enough. Use An Offline Wallet To Store Your Bitcoins!!! : Bitcoin

With the recent "security breach" at NiceHash, I can't stress it enough: STORE THE BULK OF YOUR CRYPTO CURRENCIES OFFLINE IN A HARDWARE WALLET. If you don't control your keys, your coins are at risk! For all of you newcomers to Bitcoin, I wanted to share my flow so you can understand how to protect your crypto currency. I personally use GDAX ( ) as my exchange of choice, but I do not store many coins with them. I have a policy, that if my exchange wallet funds top $2000 USD, I transfer them to an offline hardware wallet. My hardware wallet of choice is the Ledger Nano S (LNS) ( ) ( is another reputable option). For those of you that are considering a LNS, when setting it up, I urge you to test your seed prior to any major coin transfer. When I originally purchased the LNS, I set it up and recorded my 24 word seed. I then moved a small amount (~5 USD) of coin to the LNS. Once it was completely received and verified, I reset the device and rebuilt it using the seed words. I am glad I did this, because the first time I did it, the seed I recorded was wrong. Luckily, I only lost ~5 USD. The second time, it worked and I was able to fully restore the device. I would also encourage you to memorize your seed or at least store the hand written record of it in a safe or safety deposit box as anyone with the seed can access your funds. Never enter your seed words into a internet connected device. Even just typing it into a text editor to print it off is bad because someone could be monitoring your devices keystrokes. I would also highly recommend setting a pin on your LNS to protect it in the case it is stolen. If the LNS is ever stolen or lost, your funds can be restored as long as you have a pin setup (to keep people out of the old device) and you know your seed words. This is Continue reading >>

How To Store Your Bitcoin As Securely As Possible

How To Store Your Bitcoin As Securely As Possible

How to Store Your Bitcoin as Securely as Possible It seems like every few months we hear whats basically the same story about someone who bought a bunch of bitcoin but lost access to it once the cryptocurrency became really valuable. The latest, from Engadget , tells the tale of a reporter who managed to salvage $200,000 in bitcoin after traveling to Hong Kong and getting extremely lucky. So if youre just getting into bitcoin, youre probably worried about making sure its safe and secure, and if youve been holding onto some bitcoin for years you may want to upgrade your storage setup. Here are the best ways to keep your bitcoin secureor at least as secure as possible. The key thing to understand is that no matter what you do, you wont actually be storing the bitcoin itself. Thats because a bitcoin isnt an object, its an encrypted address on the blockchain. What you own is a unique key that unlocks a specific bitcoin location, and thats what you need to be protecting at all times by storing it in a wallet. With that covered, there are a few different ways to store your bitcoin depending on how secure you want to be and how much you plan to use it on a regular basis. The easier way to store your bitcoin and other cryptocurrency is in a digital wallet online, or locally on your smartphone or computer. But leaving your bitcoin in public view can open you up to attacks from hackers and phishing scams. Thats why the best option is a hardware wallet that stores your bitcoin offline. Most hardware wallets look like USB drives and can be easily connected to a computer. They use a PIN number for security, along with a secondary password called a seed in case you forget the PIN. If you forget both passwords youre pretty much screwed, so it might be worth writing the seed down some Continue reading >>

The Top 5 Best Bitcoin Wallets That You Should Use For Storing Btc

The Top 5 Best Bitcoin Wallets That You Should Use For Storing Btc

The Top 5 Best Bitcoin Wallets That You Should Use For Storing BTC By: Sudhir Khatwani In: Wallets Last Updated: I am sure you have heard about Bitcoin by now. And Im also pretty confident that some of you might even own some bitcoins!! But where are you keeping those bitcoins? On Bitcoin exchanges like Binance , Bitfinex or hosted Bitcoin wallets such as Coinbase or CEX ? If thats your answer, then you are putting the ownership of your bitcoins under serious risk!! These services keep your Bitcoin private keys under their custody on your behalf. This is not a safe practice, as your Bitcoin private key is the only way to claim your bitcoins. If you dont know, consider reading this guide on private keys , and the MtGox hack . So now the question is, where should you keep your bitcoins? Here at Coinsutra , we dont write about things that we have not personally used. Moreover, I think one needs to look for the following things when selecting a reliable Bitcoin wallet, irrespective of whether it is a software or a hardware wallet: Control private keys A wallet where you own and control your keys. Backup & security features Seed backup keys and pin codes. Developer community Active development community for maintenance. Ease of use Elegant UI for fast and easy use. Compatibility Compatible on different operating systems. Now that you know what to look for in a Bitcoin wallet, lets check out the top 5 best Bitcoin wallets. The Best Bitcoin Wallets: (Hardware, mobile & desktop) Ledger Nano S is a hardware wallet from a French start-up. Its like a USB drive which connects to any USB port.It doesnt have a battery and only starts up when plugged into a computer (or mobile device). The Ledger doesnt come with an anti-tampering sticker as its cryptographic procedure checks for int Continue reading >>

How To Keep Bitcoins Safe

How To Keep Bitcoins Safe

If you are thinking through the process of accruing bitcoins, you may be wondering where to keep them once youve done so. After investing time and resources into the digital asset, can you be sure they are locked safely away for when you want to use them? In truth, bitcoins arent stored anywhere. As a purely digital entity, it is not as if they are held in bank vaults or stuffed under mattresses. They are accessible through Bitcoin addresses, which require a set of digital keys for entry. So, the question of how to securely store bitcoins comes down to the security of these keys. Every Bitcoin address has two keys: a public key and a private key. Bitcoin addresses are derived from public keys, and these Bitcoin addresses are shared. Think of it like sharing your email address with someone: they can send you an email but cant get into your inbox to read your mail. Similarly, nobody can get into a wallet and take bitcoins from it with a public key; it can only be used to send bitcoins. Therefore, it is safe to share. A private key is what allows users to take bitcoins from a wallet or to send them to others, and it is what must be protected to keep a users bitcoins safe. Whoever holds the private key is considered to be the owner of the bitcoins at that address, although technically its possible to possess somebody elses keys without owning the bitcoins they lead to. There are a few different methods that users employ for protecting their private keys. To hold a private key, its possible to encrypt bitcoin wallets with a private password, but this is generally the most basic level of security and one that could potentially be breached by computer hackers or viruses. Others opt to keep their access offline completely. Instead, they hold private keys in disconnected databa Continue reading >>

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