How to Choose an Efficient and Secure Bitcoin Wallet

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For our day to day purposes, we use different modes of payment like cash, debit cards, credit cards, etc. The same goes for cryptocurrencies. Bitcoin is one of the most famous forms of cryptocurrencies. It is decentralized without any central bank or single administrator regulating and monitoring it without the help of intermediaries. If you don’t know about cryptocurrencies yet then read this How They Make Money for free With Cryptocurrency

We at Tricky Bell will tell you How to Choose an Efficient and Secure Bitcoin Wallet. But before that to control and secure your assets we need to understand how the system works and which is the easiest yet safest way to deal with it.

To control and secure your assets at Blockchain, one needs to have two different sets of keys i.e. public key and private key. Public keys are like your mail IDs. To transact assets between people we need the public key. Private keys are the keys to access this mailbox. Your public must match the private key.

Use of Wallets

How to Choose an Efficient and Secure Bitcoin Wallet

One may choose to remember it all in their brains but most of us can’t and moreover there’s always a risk to forget. Therefore, here’s where a wallet comes in. Without a proper match, you cannot access your assets nor use them nor confirm any transaction made. Hence, a wallet is used to store keys. There are different types of wallets and different providers provide wallets with unique features and a lot more. But it is paramount to research well and wisely choose your wallet or else you may get scammed or it might not just suit you. One of the most trusted bitcoin wallets is Luno Bitcoin Wallet.

Factors to consider before

Before you Choose an Efficient and Secure Bitcoin Wallet here are some factors you may want to consider

  • Platform: You can store your keys in PC, an electronic device, phone, etc
  • Network: Your wallet may be connected to the web 24×7 which is quite convenient but then it makes it less secure as hackers have access to steal. While offline methods known as cold wallets are a secure way to safeguard long term assets.
  • Security: The more security you demand the number of verification it will make you pass. It is good for long term assets but little less convenient for short transactions made in a regular basis.
  • Comfort: It means simple and quick. The easier the interface, simpler sequence and the mobility the more comfortable the wallet feels.

Types of Wallets

How to Choose an Efficient and Secure Bitcoin Wallet

  • Paper

    It simply means to store the keys in a piece of paper. In other words, to write them down somewhere. The security level here is highest assuming the fact that you have hid the paper pretty well. But if you have doubts regarding the durability or etc you can buy yourself a  dedicated time-proof physical wallet.

  • Hardware Wallet

    The way it works is it is an electronic device that stays offline most of the time until it is connected via a USB port. It receives the transactions, signs it and sends it back.

  • Mobile software/client

    Installing a mobile app and using it with a few clicks is one of the most convenient methods. You can send and receive transactions, scan QR codes with your camera, check balance and other small features that go a long way. However, this is also one of the most less secure methods too. The chances of hacking are high.

  • Desktop Client

    Here, one download and install dedicated software to manage all crypto transactions. Here, the user is responsible to maintain the security of the system as the keys are stored in computer memory. If by any means the system is hacked there is a high chance the keys will be hackable as well though it is different to hack open a Windows account than hacking a software programmed to secure your keys. One may increase the degree of security by setting up firewalls, installing antivirus or special security software.

  • Online Wallet

    Online wallets are yet another simple website that helps you in your transactions and forms your blockchain addresses. It is a very simple yet most efficient method. You don’t need any particular device installed with a software or an electronic device. You can easily access the internet from anywhere in the world and in most urban parts of the world, they give you access to free wi-fi. But again, the downside of this method is security. Therefore, it is very crucial to trust only upon a trusted and well experienced online client. Also, the device that lets you have access may have security breaches that you may not be aware of. We suggest you never to transact via cybercafes.

How to Choose an Efficient and Secure Bitcoin Wallet

How to Choose an Efficient and Secure Bitcoin Wallet

The bottom line is each and every method is considerable under specific conditions. The primary concern is security and then how often do we use the keys. For high-end assets or we can say for lifetime assets we can use a durable good quality paper and hid it well enough. Other than that I suggest investing in an electronic device. They offer security and are convenient to use. Being a portable lightweight device, we need to hide it well.

Review

 

Platform

Connection

Security level  

Comfort

Paper wallet

Paper

offline

High

Low

Hardware wallet  

Dedicated device

Offline

Online on transactions

High

Medium

Mobile wallet

Smartphone

online

Medium

High

Desktop wallet

Laptop

Desktop PC

online

Medium

Medium

Web wallet

Any device with a web browser

online

Low

High

 

Wrapping Up:

So, this was us telling you How to Choose an Efficient and Secure Bitcoin Wallet handmade by us just for you. Hope you like the article. We have tried to cover everything from online methods to offline methods and how the system works altogether. If you have any queries or suggestions regarding our blog of How to Choose an Efficient and Secure Bitcoin Wallet don’t forget to comment in the comment section. Cheers!

Also Read: Ecommerce Rising at a Supersonic Speed

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