The cryptocurrency market is an ongoing success story in the digital world, with bitcoin continuing to be a resounding success. Yet keeping your bitcoin wallet, mining for bitcoins, and buying from exchanges are all very time-consuming tasks that require more than a little bit of technical knowledge. If you want to get more information about the working of bitcoin, keep reading below!
Top 10 Tips to be accessed
1. Look after the license of the platform:
Before signing up for any trading platform, checking their license is your first port of call. First, make sure the company has a genuine money transmitter license in the state you live in. If any platform refuses to give you this information or claims they don’t need one, stay away and don’t ever buy or sell anything with them.
2. Decentralized exchanges:
The best way to protect your cryptocurrencies is by using decentralized exchanges much better than centralized exchanges that keep all your personal information on their servers at all times. Some of the biggest names are CounterParty, Ripple, and Stellar exchange.
3. Cold storage private keys:
The best way to do this is by using a paper wallet generated offline and keeping the private keys on your computer or tablet instead of leaving them on a website where hackers can exploit your weak password. Keep hold of your private key in a secure place and never transfer them over email. Your key will be useless if you do transfer it over email unencrypted.
4. Private keys:
It would be quite a good idea to use a separate email address for the exchange you are using. That way, your private keys can never be misused. Unfortunately, the only instance I know of where private keys have been lost is through Keybase – a Twitter-like service that has stolen the key of a famous bitcoin evangelist.
5. Paper wallets:
Paper wallets are the most secure way of storing bitcoins when offline, and this is one of the only ways you will be able to store them correctly. Using a physical copy will ensure no one can access your Bitcoins if lost or stolen and that you are in complete control of your wallet keys at any time. Paper wallets can be generated from your computer or created with a website.
6. Trading under an anonymized identity:
Numerous online services help you create and maintain your anonymity while using them, while others offer further security measures like TOR and VPNs. I’m not going to go into great detail here because there are so many of them you can use.
7. Back up your private keys:
If you just created a paper wallet, store the recovery phrase securely in a password-protected PDF or text file on your computer. Then, in the unfortunate event that your PC crashes or finds itself on the wrong web server, you can always print out what you wrote down and stick it back in your wallet to restore access to your coins from there.
This extension for Chrome allows you to interact with websites directly from within the browser itself and use them as if it was part of a client program like Bitcoin Core. All you need is to download the extension, and you’re good to go. Of course, it won’t let you access any bitcoins, but you will be able to use your coins on the site that has opened up for MetaMask, like Counterparty and Nxt.
The Bitcoin address is a 15-character alphanumeric string that acts as an identifier for each bitcoin wallet and can be used to receive or send bitcoin funds. In addition, this address serves as a cryptographic link between your wallet and the person or service wishing to send payments, so make sure yours is as secure as possible and only leave it in safe hands if it’s not needed.
A wallet is a piece of software to store the private and public keys that allow you to access your account. A Bitcoin address is directly attached with the public key while you keep the private key. This should be printed out and stored in a safe place. If you lose it, then it is not possible to recover it!