Bitcoin is one of the widely used cryptocurrencies today in blockchain online trading. While traders know how to trade Bitcoins and generate profit, a relatively large number of them do not know how to keep these Bitcoins safe.
It is not notable to understand that just in the same pace Bitcoin online trade has surged ahead, so have hacking techniques by unethical hackers who are good at reaping from where they did not sow. These hackers have developed some of the most ingenuous methods to steal from the unsuspecting investors, most of whom are newbies and do not have much knowledge of the safety of their virtual coins. Sometimes, these online thieves can even reroute tokens meant for your wallet to their wallet as you as you see but unfortunately, there is very little you can do at that particular moment. It is, therefore important and necessary that you learn the basic ways in which you can always ensure safety for your Bitcoins.
In this piece, we intend to provide you with information about how you can safely keep your Bitcoins without many tresses of the possibility of them being stolen by hackers and online thieves.
The Desktop Wallet Option
One of the best ways to keep your Bitcoins safe is Desktop Wallet. This wallet comes with a number of advantages compared to the online wallet. But first, even before we get there, Bitcoins are traded online but kept in the wallet in terms of tokens or coins. Online Wallet is convenient in terms of allowing access by the investor to his online wallet at anytime anywhere in the world. Well, this is very great. However, this online wallet is more vulnerable to hacking than is the Desktop Wallet.
A Desktop wallet is only accessed on your Personal Computer with your security details which are stored on that Computer. This alone limits the possibility of your security features being accessed online by unknown hackers seated somewhere remote. Though a better way to secure your Bitcoins it is, this method is also vulnerable and becomes very risky sometimes. The biggest threat to this method is computer virus or malware.
Remember, once your computer is infected, it becomes exposed to hackers from wherever they are and they read any security features and data stored on that computer. This is a huge drawback; however, this method is better than the online wallet. If you opt for this method, you should always ensure your computer is protected with high quality updated anti-virus.
The Hard Wallet Method
This method probably is better than both the Desktop and Online Wallet methods. It simply implies using the bits of hardware storage forms like the USB sticks to store your Bitcoins. The best thing with this method is that you can transact without revealing many details about yourself. And remember, as long as you do not reveal your details, it is hard to be tracked by hackers. They won’t obtain any meaningful information about you. With this method, there is no personal data that is linked to your hardware. Therefore, it becomes hard to be identified or any personal information getting leaked. It’s also worth understanding that the hardware wallet is not as susceptible to attack by malware, therefore, making it the best way to secure your Bitcoins. Should you lose your Bitcoins by any chance, you can always recover them through seed phrase (a set of words with every data needed to restore your Bitcoin wallet).
Paper Wallet Option
The paper wallet also offers you a secure way to store your Bitcoins. However, this method requires a deep understanding of the digital currency and, therefore, may not be accessible for use by most investors who have little knowledge about cryptocurrency. The paper wallet can be generated either online or offline. However, offline generation is always better due to its fewer security risks. Just like the Hardware Wallet, the Paper Wallet offers anonymity when transacting Bitcoins and is, therefore, a safe method to keep your Bitcoins. Also, this method is preferable because it does not take up much space. In essence, Paper Wallet is just like some Bitcoin which has been stored on paper.
Therefore, if you can afford any of the above methods, then you will be a step ahead toward securing your Bitcoins. Remember, that some investors even prefer buying the physical coin which comes with a tamper-proof sticker on it, as a method to secure their Bitcoins. However, if I were asked to recommend a safer way, I would hesitate to advise you to keep your Bitcoins in a Hardware Wallet.