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Cryptocurrencies like bitcoins are in buzz these days, and people and businesses worldwide are making transactions in bitcoins. But, every other day, we get to hear about one or the other types of hacking and spamming activities related to bitcoins.
To help you avoid all these types of hacking and spamming activities, we have come up with the best ways that can help you to store your bitcoins safely. One of the best ways is to visit the Oil Profit and increase and keep them safe. But, this article will provide you with other steps and protocols that can help you to store bitcoins safely.
Let’s take a look at the best ways to keep your bitcoins safe. Just read on to know more about this:
Desktop wallets
The main advantage of using a desktop bitcoin wallet is that it is not connected to the internet, and the bitcoins stored in your desktop wallets are not prone to any hacking or spamming activities. The storage of bitcoins in a desktop wallet is also called cold storage. While the online wallets can be easily accessed from any parts of the world, the desktop wallets can be accessed only from your desktop available at your network. Thus, no one can access your bitcoin wallet on your desktop unless you provide them with your private security keys. Thus, the use of a desktop wallet is one of the safest ways to keep bitcoins safe.
Hardware wallets
The hardware wallets are the ones that are one level up when it comes to security as compared to the desktop wallet. These hardware wallets are used like USB sticks. The best part about the hardware wallet is that it can be easily carried around. One of the best benefits of using a hardware wallet is that you can stay anonymous when using the hardware wallet. The only disadvantage associated with the hardware wallet is that if you lose the wallet, there is no way that you will be able to get access to it.
Paper wallet
Don’t get amazed when we say that paper wallets are pretty safe when it comes to the security feature. When you are using paper wallets to store bitcoins, you may need a high degree of understanding about the technicalities and bitcoins’ storage. You can generate a paper wallet by using a safe and secure platform. The paper wallet provides the best storage ability quality, as it does not take up a lot of space in your digital devices.
Physical coins
The bitcoins you will purchase will have a tamper-proof sticker covering the predetermined number of bitcoins. To purchase the physical bitcoins, you may have to spend a premium over the value of the bitcoin you are purchasing.
Different security protocols to follow when storing bitcoins
Following are some of the major security-related protocols that you must follow if you want to store bitcoins:
Software Update
It is advisable to keep your software in an updated form if you want to keep your bitcoin wallets safe and secure. If you don’t update your bitcoin wallet software, you may lose all your precious bitcoins because of hackers and spammers who may find it convenient to enter your wallet.
Backup
Another important factor that you need to consider when using your bitcoin wallet is to make a backup. The backup will help you in case you forget the passcode and other details to access your bitcoin wallet.
Multi-signature
The concept of multi-signature has gained prominence in the last few years. The multi-signature concept explains that you need approval from at least three to five people to get access to the bitcoin wallet and for the transaction to take place. This way, no theft and hacking activity can affect the bitcoins stored in your wallet. The people who will provide signatures to get access to bitcoin are decided initially, and if one of them needs to spend bitcoins, they may have to get approval from the rest of the people.
Thus, if you want to focus on your bitcoins’ safety, it is advisable to use all these tips and tricks.
