HOW TO STORE YOUR BITCOIN SAFELY
I will guide you properly on how to store your bitcoin safely. You should be able to understand the fact by now that cryptocurrency is not bucks. You are well accounted for the safety of your bitcoin and it will be prudent if you learn HOW TO STORE YOUR BITCOIN SAFELY today. Believe me that no one will even be capable of helping you out if you do anything wrong with your bitcoin, even Donald Trump will not be able to help you. But if you appropriately do things and rightfully secure your money, then I don’t see any tendency of anyone scamming you. Remember not to give anybody your private key.
STEPS TO TAKE;
I will recommend you not to use any of these wallets, like blockchain.info, coinbase, and others which are online web wallets because they are wallets that keep their private key on their servers and also enhance you on HOW TO STORE YOUR BITCOIN SAFELY. You should not also make use of any hot wallets. That is, applications on your system or cell phones that make use of the internet connection because they can be able to make payments but they can’t be used to store money.
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I will recommend you to make use of cold storage that is in the context of bitcoin that can be used in keeping a reserve of bitcoin offline. There are diverse methods of cold storage which comprises storing bitcoins on the USB drive or any other storage media. Bitcoin can also be kept on a paper wallet, bearer items like physical bitcoin and also making use of offline bitcoin hardware wallet. It will be prudent if you understand my scheme with these basic rules.
Produce a bootable USB flash drive which will contain stable encrypted storage. I think that making use of tails will be prudent because it includes electrum which is bitcoin wallet and also encryption in the box. Create strong two passwords with uppercase and lowercase words for your login and encryption. You can watch the video on youtube for better understanding.
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Then make a cold wallet well loaded with Tails that has no internet connection but a cool wallet with Electrum. Create a very tough and complex password and note down twelve to thirteen words on a sheet of paper. Remember that those seeds are your own money, these twelve letter words will enable you to recover access to the wallet from any computer in prospect. You have to click on view transaction before you sign in.
Click on create watch only wallet located in the primary OS or Android phone. You can then create watch just wallet by making use a public address or any public app that you prefer on your android phone or OS. To simplify it, in electrum, you have to follow these steps; firstly create a new wallet, then choose a standard wallet. Select ” use public or private keys” then paste your public key to the next window. As you can see, now you can view your bitcoin balance and generate a new address from the public key but can’t spend the bitcoin. I will write on how to spend your bitcoin in a secured way in my next post. Remember to protect your private key with a robust and hard password.
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