Menu

Category Archives for "Bitcoin Wallets Online"

May 14

How to secure your Bitcoin Wallet?

By Admin | Bitcoin News , Bitcoin Wallet , Bitcoin Wallets Online , Crypto Currency News , The Crypto Wealth Formula

How to secure your Bitcoin Wallet?

Investing in Cryptocurrency or Cryptocurrency trading might sound really exciting. The hot buzz that Bitcoin has created is driving in many investors for cryptocurrency trading. People are buying Bitcoin wallets which allow you to send and receive the Bitcoins, thus enabling trading and other related transactions in cryptocurrencies like Bitcoins.

With the entire buzz around, comes a list of measures that one needs to adopt in order to carry out secure transactions in cryptocurrencies.

Bitcoins are completely different from the other traded stocks in the share market. Before you start trading in cryptocurrencies using the Bitcoin wallet, you need to choose the type of your Bitcoin wallet wisely from the different types of wallets available, based on your requirements. It is highly important for one to take appropriate steps that are required for the security of his or her Bitcoin wallet.

Bitcoin wallets are highly vulnerable to security issues, hence one need to adopt all good practices that will help secure money stored in the wallet.

Secure your Bitcoin Wallet

So how do you secure your Bitcoin wallet?

Below listed are some of the security measures that will help you secure your Bitcoin wallet –

  •   Keep small amounts –

It is advisable to have smaller amounts of Bitcoins in your Bitcoin wallets. More the number of Bitcoins, greater the loss! Hence it is advisable to keep small number of Bitcoins in the Bitcoin wallet and the rest in a safer environment.

  • Back up Bitcoin wallets –

Online Bitcoin wallets are prone to data loss issues, computer failures and other common types of human mistakes, hence it is highly recommended to back up the Bitcoin wallet. A backup of the wallet will be handy in case of theft of computer device or mobile phones. It is a good practice to regularly back up the Bitcoin wallet if the user is highly active and has frequent cryptocurrency trading transactions.

  • Encrypt Bitcoin wallets –

While storing offline Bitcoin wallets or back-up copies of Bitcoin wallets, it is highly recommended to encrypt the Bitcoin wallet files. This will prevent unauthorized access to the Bitcoin wallet.

How to secure your Bitcoin Wallet?

  • Use offline wallets –

For a trader who is more of an investment person in cryptocurrencies, it is highly recommended to go for cold wallets also known as offline wallets. These are less vulnerable to the risks that are associated with an online wallet.

  • Enable the 2 factor authentication –

With security being the utmost priority, all Bitcoin wallet apps are allowing the 2 factor authentication. This can be in the form of a finger print or a 6 digit code that is often updated regularly. This two factor authentication for your online wallets is a highly secure practice to follow.

  • Change wallets –

Yes, this might sound contradicting but it is highly recommended to change the Bitcoin wallets as a whole during regular intervals. Doing this will prevent the wallet security from getting vulnerable.

In spite of carrying out various security measures, there are lot of Bitcoin wallets that are prone to security issues, loss of data, malware attack and so on. Unfortunately, there is no magic wand that will entirely protect the Bitcoin wallet from financial crisis. But in order to protect your financial digital assets, one needs to ensure that all components of the system are equally protected and interact in a secure way by all means.

May 14

Bitcoin Wallets Online

By Admin | Bitcoin News , Bitcoin Wallet , Bitcoin Wallets Online , Crypto Currency News , The Crypto Wealth Formula

The Bitcoin wallet buzz

Just like digital e-wallets that are available online, you will find cryptocurrency Bitcoin wallets as well. Bitcoin wallets are of different kinds with different functionalities and characteristics. Bitcoin investment and trading transactions are different from the other stock market trading transactions; hence it is highly important for one to choose their Bitcoin wallet wisely. There are a number of security measures that one needs to know and understand before buying Bitcoin wallets online.

Bitcoin Wallet Online

The different Bitcoin wallets

There are a number of Bitcoin wallets that come in different types with different characteristics and features. The different types of Bitcoin wallets include:

  • Desktop Bitcoin wallets
  • Mobile Bitcoin wallets
  • Hardware Bitcoin wallets
  • Web Bitcoin wallets
  • Paper Bitcoin wallets

In addition to the above classification of Bitcoin wallets, you will also find Bitcoin wallets that are classified based on the connectivity namely,

  • The online Bitcoin wallets and
  • The offline Bitcoin wallets.

Bitcoin wallets online

These Bitcoin wallets are often referred to as hot Bitcoin wallets and cold Bitcoin wallets. Let us look into detail about the offline Bitcoin wallets and online Bitcoin wallets.

Online Bitcoin Wallets (Hot Bitcoin Wallets)

Often referred to as the ‘Hot Bitcoin Wallets’, these Bitcoin wallets are often connected to the internet 24/7 and hence are called as online Bitcoin wallets. These online Bitcoin wallets are operational all the time round the clock and hence they are very much like the wallet the one carries in his or her pocket. Hence you are free to execute Bitcoin sending and receiving transactions from your online Bitcoin wallet anytime, anywhere.

In addition to the advantage of 24/7 transaction access to Bitcoins, there are security issues associated with the online Bitcoin wallet. Bitcoin transactions are often prone to security issues. As the online Bitcoin wallet is all the time connected to the internet, it is highly vulnerable to security issues and threats. Hence one has to adhere to caution while using online Bitcoin wallets.

Bitcoin Wallet Online

Offline Bitcoin wallets (Cold Bitcoin Wallets)

Online Bitcoin wallets are hot wallets and so on the other hand offline Bitcoin wallets are popularly known as cold Bitcoin wallets. Unlike hot / online Bitcoin wallets, the offline (cold wallets) Bitcoin wallets are those that are not connected to the internet and are offline. These cold Bitcoin wallets are stored in hard disks, pen drives, and any other form of USB storage or on paper. As the name suggests, offline Bitcoin wallets can be accessed even without internet connectivity. These cold Bitcoin wallets are not always connected to the internet and hence are less vulnerable to security issues. But these offline Bitcoin wallets are vulnerable to loss and theft. The public address and the private key once lost cannot be recovered.

Hence both the online Bitcoin wallets as well as offline Bitcoin wallets are prone to security issues, hence one should wisely choose the type of Bitcoin wallet that best suits his or her own needs and requirements.