Worried about security of your Bitcoins? Looking for means to store them securely and protect them from hackers as well as malware? If you are looking for a solution to these concerns then you are at the right place since this is the topic we will be exploring in the following sections so that you can select the right security option for your Bitcoins.
How to store bitcoins securely?
Ideally, you should install any of the available multi-signature wallets or purchase a hardware wallet. In addition to it, you will have to make use of a mnemonic recovery phase to ensure security of your wallet. Moreover, wallet must be backed using full node that you own.
Additionally, at the time of storing Bitcoins you need to ensure that security measures you take help to:
- Protect your Bitcoins from accidental losses
- Make sure the Bitcoins you hold are genuine
- Protect them from theft
Let us look at all these points in greater detail in next few sections.
Protect Your Bitcoins from Accidental Losses
There have been several instances where owners have lost their Bitcoins accidentally due to failure in backups, corruption of their SSD devices or similar other reasons. Thus, the best option is to simply write down your Bitcoin wallets private keys which are in the form of a mnemonic phrase. This phrase can easily be used for restoring the wallet in case such a need arises.
Make Sure the Bitcoins You Hold are Genuine
To avoid the risk of counterfeit bitcoins what you need to do is utilize a Bitcoin wallet which is backed with the help of a full node. Additionally, full node wallets connect to P2P network of Bitcoin and from their download the complete blockchain and as such it is difficult for adversaries to trace your confidential information.
Protect them from Theft
Your focus should be on protecting the private keys since any hacker getting details of your private keys will be able to create a Bitcoin transaction to send the coins to himself. Thus, you will have to select a storage solution which will not be affected by this type of problem.
In the following section let us go through details of different wallet solutions that are available for you to choose from.
Bitcoin Wallet Solutions