3 Golden Rules For Choosing Your Bitcoin Wallet
3 golden rules for choosing your Bitcoin wallet So youve decided to get some Bitcoins, congrats! This short guide will explain exactly what you need to take into account when choosing a Bitcoin wallet. Since theres such a wide variety of Bitcoin wallets the selection can sometimes be overwhelming, but here are the basic things to keep in mind. Note: Although this post refers to Bitcoin wallets specifically, the principles stated in this article are relevant for choosing ANY crypto wallet. Before we begin heres what you need to know about Bitcoin wallets A Bitcoin wallet is just a program that helps you send and receive Bitcoin in a user-friendly manner. Just like you use Outlook or Gmail to manage your emails, youll use a Bitcoin wallet to manage your Bitcoins. The most important part of any Bitcoin wallet is the private key. The private key is a long string of text and numbers that acts as the password to your bitcoins. Its kind of like a treasure map with the coordinates to where your Bitcoins are hidden. This means that whoever knows your private key can also steal your Bitcoins. Many wallets today use a seed phrase instead of the long cumbersome private key. This means the private key is replaced with 12-24 random words that act as a private key replacement. This of course seems much more simple, however its as equally as important. If someone manages to steal your seed phrase they can control your bitcoins. So by now you know that the private key, or seed phrase (depending on which wallet youre going to use), is the most important part of any Bitcoin wallet. They can also be used to restore your Bitcoins in case the device you keep your wallet on gets lost, stolen or destroyed. Now lets move on to choosing your wallet. Rule #1 If youre going to store a large amoun Continue reading >>
How To Choose The Best Bitcoin Wallet
After the initial step of buying your first bitcoin , you will need a Bitcoin wallet in which to secure your bitcoin. Knowing which Bitcoin wallet to choose is the second most important step in becoming a Bitcoin user. Since you are investing funds into Bitcoin, choosing the right Bitcoin wallet for you is a critical step that shouldnt be taken lightly. There are many wallets to choose from, including Bitcoin.coms Official Wallet . In this guide we will take you through the top items in our checklist we recommend reviewing before making the decision to choose a Bitcoin wallet . Remember, these are just suggestions to help you make an educated decision. In the end, things can always change based on the wallet and the market. But doing your homework first is highly encouraged. Knowing the wallet is secure is important and shouldnt be overlooked. If its a web wallet , you should always check if the website has HTTPS or HTTP? For it to have a secure protocol it must be HTTPS. Does the wallet offer secure and strong logins? In addition does the wallet offer two-factor authentication (2FA)? These are just a few things to look into before making a final decision. In addition to a secure wallet platform, see if the wallet offers a multisig option. This is a preferred method when securing your bitcoin from theft and attackers. Multisig refers to requiring more than one key to authorize a bitcoin transaction (it takes multiple parties to spend the funds). An easy to understand analogy is think of a lock box, where it takes two parties with two different keys to open the lock box. If you dont have access to the private keys for the bitcoin in your wallet, technically you do not have control over them. This is a very important factor when choosing a bitcoin wallet. Being able to p 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 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 Choose A Bitcoin Or Ethereum Wallet?
How to Choose a Bitcoin or Ethereum Wallet? There are lots of different types of Bitcoin wallets that give you different features, better or worse security and different levels of ease of use. What this guide will do is show you how to pick the right wallet for you from our extensive list and how to select which app has the features you want - how to pick the Bitcoin wallet that fits in your pocket . The first thing to decide is how technical you want to get and whether you want to get into the nuts and bolts of bitcoin . Generally a rule of thumb is that the more technical the wallet, the higher the levels of security and the more onus on you to look after your funds. On the flip side, the more easy to use the wallet is the lower the security is and the higher the risk of third party oversight there is and generally the better availability of access options or platforms that support it. Choosing a platform for your Bitcoin, Ethereum or Litecoin Wallet You can get Bitcoin wallets that operate on your iphone, your android phone, windows phone, that operate on your desktop or that you can just log into by using your browser. Most people want to have access to their bitcoins wherever they are so generally they want to use them on their phone. This is generally called a hot wallet and is analogous to your normal everyday wallet - one that you take everywhere with you - the opposite is a cold wallet that is analogous to your bank (think a big safe in your house). You can use our selection tools to pick a wallet by how you want to access it. There are wallets that come as their own device or Hardware wallets . These have the highest levels of security as you keep your wallet offline and only use it as and when you want to make a transaction - kind of like a cheque book that Continue reading >>