The security of the bitcoin cryptocurrency is crucial because it is not under the control of third parties. Numerous people are working behind this digital currency. They are helping the bitcoin users approve or confirm their transactions. Unfortunately, they do not support bitcoin, and you cannot get help from them instead of solving your transactions. So, you have to keep your bitcoin wallet key safe and secure if you are using it for day-to-day transactions.
What is bitcoin?
The number of users is also increasing by seeing its popularity. Before 2008, when bitcoin came into existence, people faced various problems since fiat currency was there. Still, after the invention of bitcoin, all these problems got replaced. Now, everyone who has bitcoin knowledge is becoming a part of this technology. A lot of miners in the world help bitcoin technology for its smooth functioning by solving complex algorithms. You can also earn money through bitcoin trading like this BitIQ .
What are the bitcoin keys?
Bitcoin keys are crucial in bitcoin receiving and bitcoin sending because it is an address of the wallet. A Bitcoin wallet is significant to store, send or receive bitcoin, and these keys will help you send or receive bitcoin. There are the following two crucial keys of bitcoin given below: –
- Public key: The public key is prominent for receiving bitcoins because the sender will send the bitcoin. Every bitcoin wallet has a public or receiving address. Still, keep in mind that you cannot accept other cryptocurrencies into your bitcoin wallet. Otherwise, sent cryptocurrencies will burn automatically. This key is shareable, so there is no issue if you share your bitcoin public address since it is only a receivable address.
- Private key: – As the designation of this key describes, keep it a secret from the public. All your bitcoin spending power depends upon this key. If anyone accesses it, then you can lose all the bitcoins available in your wallet. This article will describe how to keep your bitcoin private key safe and secure to avoid fraud or threats.
How to keep the private key safe and secure?
- Direct buy or download wallet: – There are two categories of bitcoin wallets available in the market. The first is hardware wallets, and the second is software wallets. Hardware wallets are those wallets that are touchable such as paper wallets and USB wallets. Software bitcoin wallets are only accessible with the internet, and you cannot touch them physically. Make sure you are buying these wallets directly from the company, in the case of hardware wallets. You are now downloading it from the official website of the wallet in case of software wallets.
- Second-hand wallet: – Bitcoin hardware wallet’s price started from $500, which is very high for any ordinary person. Since a hardware wallet is considered the best wallet in security, people love to buy it. There are a lot of second-hand hardware wallets available on Amazon and eBay, and people purchase them to save their money. Still, they do not know that they will lose money. These second-hand wallets contain viruses or malware that can make visible your information to the person from whom you purchased your digital purse.
- Printing wallet key: – The spending of your wallet’s coin depends on the private key. If you lose, your bitcoins will automatically be deducted from your wallet. The third biggest mistake is printing it on paper. Some people think that keeping the private key offline is a very secure way. Still, they do not know that computers always take a copy of printing paper. So if you have a private key and go to the market or your friend’s house to take a copy from the printer, they can see your private key later because their computer will save it.
- Digital storage: – You should not use a digital repository for storing your bitcoin private keys such as Google Photos, Google Drive, Cloud Storage, or any third party. Almost all of us give our email and password to our friends or family, who can easily access our account.
- Hide your key: – The paper wallet is very safe to store bitcoins for the long term because you merely need to keep it offline. Your public key and private key or QR code will print on the paper and hide your paper in a secret place so that no one can access it easily. Sometimes, we keep it in an accessible place where anyone can check or take a picture of it.