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How to store your Bitcoins?

Get Bitcoins NowUncategorized How to store your Bitcoins?

How to store your Bitcoins?

How to store your Bitcoins – Bitcoins are stored in a Bitcoin Wallet. Please see our website for all the wallet recommendations.

There are different types of wallets and development teams that release wallets on a regular basis, be careful before sending your bitcoins to any wallet. Only download wallets from official wallet pages or reputable mobile applications. When a wallet is created – a random private key is generated. Different wallets display these in different formats, most mobile wallets represent the private key in a form of random words in a prescribed order while paper wallets display the actual private key.

 

Once you generate a wallet – you will need to store this private key in a very safe place because there is no way to recover this key if you lose it. You must not share this private key with anyone, it is linked to your wallet and hence Bitcoins. The blockchain does not keep records of users, identities or other records to link individuals to accounts – the only way to access your account is through your private key.

 

Bitcoin exchanges offer mobile wallets to store Bitcoins when you purchase them from the exchange – please note that this means the Bitcoin exchange has your private key for the Bitcoins. You are trusting your funds and Bitcoins to an exchange until you withdraw them and store them in your own wallet where you control the keys. If an exchange gets hacked or the owners decide to close the exchange for any reason – you could lose your coins. This has happened with one of the first and most popular exchanges of the time MtGox. If you store Bitcoins in an exchange, make sure you enable two-factor authentication to access your account, to increase the security of your Bitcoins – If someone can log in to your exchange account, they can steal your Bitcoins. Remember Bitcoin transactions are irreversible.

A private key can be linked to multiple public keys – the public key is your wallet address and the code that you need to use to transfer Bitcoins to your wallet. You can share the public key with anyone who is sending you Bitcoins, you can also create multiple public keys for the same wallet – but they will all be linked to your wallet. Creating a new public key does not invalidate the old one.

 

Recommended Bitcoin wallets

Bitcoin.com wallet: https://www.bitcoin.com/choose-your-wallet/bitcoin-com-wallet

Coinomi wallet: https://coinomi.com

Bitcoin (My free wallet): https://freewallet.org

Mycellium wallet: https://wallet.mycelium.com

 

Desktop wallets

Electrum Bitcoin – https://electrum.org/#home

Bitcoin core – https://bitcoin.org/en/bitcoin-core/

 

Desktop wallets are complicated for first time users, but they offer more functionality like allowing you to set a specific transaction fees etc.

Zatosh Nakamoto
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