Before we learn how to secure bitcoin wallet, let’s talk a little bit about what is meant by bitcoin wallet itself.
Bitcoin deposited in an account called Bitcoin Wallet (Bitcoin Wallet). Bitcoin wallet output of any company can be used to store bitcoin and you can download it for free in the Google Play Store or the Apple Store. There are countless hundreds of companies in the world that make up the current Bitcoin wallet, but for the sake of the security of your account, we recommend to look for applications that have the highest number of downloads and the highest star review. If you are interested in comparing the advantages and disadvantages of Bitcoin wallets are currently available, please visit Bitcoin.org. Here are examples of Bitcoin wallet recommended by the site:
After installing the wallet, you will get a Bitcoin address (Bitcoin Address). From the Bitcoin wallet, you can transfer bitcoin to anywhere in the world as long as you are connected to the internet. To send Bitcoin is very easy. You simply open the wallet application, enter the address of the opponent Bitcoin transactions with bitcoin amount you want to transfer, then press the ‘Send’ button (send). How life is actually similar to the Internet Banking basically. The only difference is in the level of security only where Bitcoin is far superior because the transaction took place directly from the sender to the receiver without involving “bitcoin institution” or whatever the manager can at any time control, take away or eliminate your money.
Every Bitcoin wallet surely have multiple layers of security and how to secure different. But on average, they provide an option where you can add 2 Factor Authentication to provide an extra security layer on your wallet. 2 Factor Authentication is usually in the form of verification via SMS pin that will go to the phone number you registered when you create a wallet, or in the form of Google Authenticator pin that you can install on your laptop or on your smartphone. As a result, every time you want to log into your wallet, you should be able to enter the e-mail address, password and SMS pin or pin GA you to access your wallet.
The most important thing you have to do to secure your wallet is to backup your private key. When you make a Bitcoin wallet, you will automatically have a public key and a private key. The public key is a series of letters and numbers that you can imagine as a bank account number. Examples of public key: 1FP1toj2osvcV2EWjEf7SwyPCRuwTr2dTL. This number you can give to anyone in writing and QR Code to accept Bitcoin. Each public key will be connected with the private key is a series of letters and numbers that is necessary to make private. Suppose private key as your ATM pin. Example private key: 5HpHagT65TZzG1pH3CSu63k8DbpvD8s5ip4nEB3kEsrfuuNUQgn
As long as you have the private key of your Bitcoin wallet, you no longer need to worry if your Bitcoin wallet provider’s site is down or inaccessible. For example wallet Bitcoin you installed on smartphones and applications erased (or worse, your smartphone is lost), you can simply reinstall wallet Bitcoin in other devices (tablet, or PC for example) and enter your private key to get access to your wallet back. One way that is safe and easy to backup your wallet is to create a paper wallet like in the picture below. Instructions for creating a Paper Wallet you can see here.
Bitcoin wallet Most currently available do not provide private key in the form of a series of letters and numbers, but has been simplified into a security passphrase which is usually shaped 12 font that is easy to write or remember. Example private key that has been converted into security passphrase: blue falcon hotel spear unique keyboard baseball field albino refrigerator twelve river.