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How To Store Bitcoin? Storing Cryptocurrency Safely

How To Store Bitcoin_Storing Cryptocurrency Safely
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The evidence to the value of cryptocurrency and the success is the estimated value of $13,249 achieved by bitcoin on December 17, 2017.Having this value of cryptocurrency and bitcoin, in particular, has got masses attention to the malicious purpose behind them.

Since 2011, there have been 35+ heists of cryptocurrency exchanges, resulting in the loss of 980,000 Bitcoins, valued at more than $4 billion. Hackers, cybercriminals, web stalkers, and fraudsters are trying to weaken the havoc in the cryptocurrency market, by stealing coins and cryptocurrency from the user who fails to safeguard them.

 

There are many reasons why cryptocurrency market is multiplying with online fraudsters.

  • Minimal knowledge of cryptocurrency owners regarding the safety of tokens.
  • freewheeling exchanges of cryptocurrencies has weakened in terms of technology’s security readiness.
  • Regulatory mechanisms against cryptocurrency are either non-existent or still in progress, cybercriminals get more adventurous in attacking these.
  • Applications provided fail to implement security like two-factor authentication giving air to cybercrime users creating a
  • Using unsecured wallets for online trading of cryptocurrency.

 

Unsafe online bitcoin wallets 

To store your cryptocurrency safe you should have a clear knowledge of online wallets.These wallets store cryptocurrency tokens using the different type of technology.You can send and receive tokens online for your instant order settlement. Bitcoin exchanges use multi-signature technology to safeguard their wallets. This cryptocurrency wallet based on the Internet can be violated. In fact, HaoBTC wallet itself released a statement asking users not store all their cryptocurrency coins in one online wallet!

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Trusted wallets to safely store cryptocurrency

Desktop wallets: these wallets are like the original Bitcoin client called Bitcoin Core, these wallets relay transactions on networks, and create cryptocurrency addresses for sending and receiving coins. Some desktop wallets deliver enhanced security, like Armory, while some focus on anonymity, like DarkWallet. These wallets work by locally downloading the blockchain history, reducing dependency on web interfaces, and delivering more security.

Mobile wallets: These wallets visons the desktop wallet on the smartphone by replying the functionality of desktop wallets it uses NFC capabilities of the phone to enable easy payment via cryptocurrency.

Some of the best cryptocurrency wallets

Armory Bitcoin Wallet

People familiar with cold storage have probably heard of Armory. It is an open-source Bitcoin wallet that serves to clients who require an advanced storage system for their Bitcoins.

It allows you to keep the cryptocurrency in cold storage and also use multiple signatures for better protection. These private keys can be stored offline on your computer for better security as less offline use saves you from hackers.Only those who know the physical location of your device can access your bitcoin. The wallet offers users decentralized locks, free access to both public and private keys and cold storage support.

Armory is free, user-friendly and compatible with Windows, Mac, IOS, Linux Ubuntu devices. Once installed, the software allows you to transfer Bitcoins across the blockchain network.

TREZOR Model T

Trezor is the world’s first Bitcoin hardware wallet, developed by Satoshilabs, a Czech Republic-based Company. It is compact, has a very sleek design, and features an OLED screen. This wallet can be connected via USB on your computer.this way you can store all your bitcoin personal information and private keys.

Once you connect Trezor to your PC, a nine-digit pin code will flash on the backlit monitor. Enter this code on your PC to connect the two systems. A random code is generated every time you try accessing the device; even if your PC is tampered with, the Bitcoins remain safe and secure. After entering the pin, the system asks for a 24-word recovery prompt. The recovery seed is crucial for data recovery and restoring your Bitcoins if the hardware gets misplaced.

Ledger Nano S

Ledger Nano S is similar to Trezor, with few minor differences in the framework and features. It is Designed and developed by a French start-up company, the Ledger Nano is like any external hardware USB connector that can be used to store and transfer information to other devices. You can only access this when connected to computer as it has no battery

Installing and configuring of the Nano S with a new device or computer system is easy, though time-taking. All you need to do is plug in the device; then enter the pin code in order to secure the wallet. Once you have logged into your account, you’ll have to put in a unique 24-words password or recovery phrase. This phrase is used when you have to recover or retrieve the Bitcoins in case of theft or an accident. With Ledger Nano S,  your private keys can be saved offline, securing them from any kind of cyber-attack.

The most secure bitcoin wallet is paper wallet

The paper wallet is a document that contains copies of the private and public keys you need to complete a cryptocurrency transaction. The main benefit is it’s not stored anywhere rather it is in form of documents; hence safe from all hackers. Whereas all the other wallets are portable and can be stolen.

To create a paper wallet, you can use a service such as BitAddress.org (for Bitcoins). Follow the on-screen instructions and go to the Paper Wallet option. Select the number of addresses you need, click Generate, and then print hard copies of the wallet.

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