Bitcoin right now is comparable to the wild wild west: it’s still fairly new and minimal regulations. You have heard the horror stories of people becoming overnight millionaires and then forgetting their password or losing their bitcoin. One of the main advantages of bitcoin is decentralization. This means the network is solely peer to peer and there are no middlemen involved such as governments or banks. Bank accounts are nonexistent among bitcoin and other cryptocurrencies. With this being said, where does one safely store their bitcoin? If you are a long term investor in bitcoin, you should be mindful how to secure your investment.
Bitcoin is not a tangible coin or even a coin for that matter, so what you are storing is an encrypted address on the blockchain. When you invest in bitcoin, what you actually own and needing to secure is a unique key that unlocks a specific bitcoin location. You can store your bitcoin in a digital wallet, online, or on your phone or computer. The last two options however are not advised. Storing your bitcoin online or on your phone/computer can be convenient but also very risky. You become more prone to attacks from phishing and scams when your bitcoin is in public view. It is most advisable to store your bitcoin offline in a hardware wallet.
A hardware wallet is specifically designed for cryptocurrency users especially for long term investors. The concept of the hardware wallet is to securely store the user’s private keys in a hardware device similar to a USB drive. A hardware wallet is immune to computer viruses and cannot be transferred out of the device. The only disadvantage is if you forget your private key or misplace your hardware wallet, it cannot be retrieved and is forever lost. In order for the hardware wallet to function, it has two parts to it. The wallet’s two parts consist of one connected device and one disconnected device. The connected wallet holds the public keys and performs all normal functions of a crypto online wallet except it cannot complete the transaction until the offline device is connected and the private key is entered. Once the offline device is connected, the transaction is sent to the bitcoin network to verify and confirm it. Most of the hardware wallets have an extra security feature that need the user to enter in a pin before getting access into the device to enter in the private key. The hardware wallet is virtually the safest way to store your bitcoin.
Security is key for all cryptocurrency. It is important to not only store your bitcoin in a hardware wallet and into a safe, but also in a faraday cage. Silent Pocket’s Faraday Cage Sleeve will render your bitcoin completely off the grid. No one will be able to connect or hack into your bitcoin. A faraday cage instantly block all Wireless Signal, Cellular, GPS, WiFi, Bluetooth, RFID and NFC. This faraday cage is perfect for absolute protection for when you want to be undetectable, untraceable and unhackable. The faraday cage sleeve instantly enhances your privacy, security and valuable data. This is the ultimate protection. It is a great investment for long term investors in the bitcoin. A little bit of extra protection goes a long way.
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