In this article, we will discuss the aspect of using a Bitcoin wallet to securely store your Bitcoins. In a relatively short space of time, Bitcoins have gained their place as a viable alternative to paper money (fiat).
That said, it is very important for you to know what the BitCoin wallets are and how to securely store your Bitcoins in your wallet. You will need to treat your BitCoin wallet in the same way that you treat your physical wallet in your pocket. You would not leave your wallet on any random table for anyone to take, now you want?
You can create your BitCoin portfolio offline or online. The method you use depends directly on your personal security needs.
Have a portfolio of BitCoin Online.
With an online BitCoin portfolio you can easily perform operations in any location where you have access to the internet and on any mobile or desktop device. This gives freedom, for example, to move to another country with over $ 10,000 worth of Bitcoins.
The security measures in place to keep your bitcoins online are getting better every day. But like everything else in life – nothing is perfect. If the website in which the Bitcoins are stored does not have a high amount of security, there is a good chance that the site could have hacked. If this happens, some or even all bitcoins can be stolen – and there are ways to automatically recover Bitcoins once they are transferred to another account.
There are ways to increase the security of your online wallet such as two-factor authentication (available on all reputable online wallets), where you can enter your password and then display a text message on your phone with a second code of activation.
In addition to using two-factor authentication, you should also use a long password (mixed with letters, numbers and symbols) and be sure to back up your wallet in an offline location.
There is nothing completely impervious to persistent hackers, but using these strategies will give hackers a really hard time – thus, forcing them to move around easy targets.
Here is a list of popular online bitcoin wallets:
Having a BitCoin portfolio offline.
If you are worried about Bitcoins being stolen from your online wallet, then the best alternative is to download an offline wallet and store your bitcoins on your desktop computer.
Here is a list of the popular BitCoin desktop wallets for Windows and Mac computers:
If you are not very tech savvy when it comes to Bitcoin, then it is advisable that you need to use one of the simplest Bitcoin wallets.
An offline BitCoin portfolio must do the following:
1. Connect to the BitCoin network (BlockChain) with a high amount of security.
2. Safely run outgoing Bitcoin transactions.
3. Safely run incoming BitCoin transactions.
4. store the BitCoin wallet data on your computer.
5. backup of BitCoin portfolio data to a remote location (such as your DropBox account for example).
Bitcoin wallets would have several additional features, but those mentioned above are the most important. Take your time and see that one of these wallets would be right for you.
As you can see, with Bitcoin you have a lot of options when it comes to filing and executing transactions. Just use your BitCoin wallet in the same way you use your physical portfolio – the difference is that your digital wallet can perform operations on a global scale. So if you do not have a wallet yet, take a look at the options provided. Take your time and see which BitCoin portfolio solution is right for you.
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