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Sleep peacefully, your Bitcoins are safe


December 25, 2017 | 

Joanna Newman |  0 Comments| 



Get Into Cryptocurrency Trading Today

At a time when Bitcoin continues its inexorable rise, the ecological problem pos

After the recent attacks on the South Korean exchange platform Bitfinex, many have cold sweats while thinking about their Bitcoins!

In fact, Bitcoin being a totally virtual currency, your currencies could very well go into the fifth dimension without warning!

And this fifth dimension is often pirates of all kinds seeking to steer the platforms containing the new currency.

However for these robberies of a new kind, there is no need for guns or fake ticket vans. New thieves can take your money without leaving their home, comfortably installed in front of their computer.

ed by crypto currencies is still not solved. But already on the horizon are solutions that could solve this problem.

Coping with cyberattacks

So how to deal with these attacks of a new genre?

First of all it must be said that if your Bitcoins are stored on a wallet of which you are the only one to own the private keys, you have nothing to fear. Except maybe you! Because the first cause of loss of precious currency is yourself: we no longer count lost or damaged records, forgotten passwords, or even human errors.

Therefore if because of all this you do not sleep quiet at night, here are some solutions. They will allow you to protect your Bitcoins, who wish it, you may make a rich day.

The Timelock against piracy of cryptocurrencies

First solution more suitable for long-term investors, create a Timelock.

This is a portfolio locked in time. This kind of portfolio will soon be available thanks to the Lvyproviding smart contracts. It will then be possible to set a date far enough and your wallet can not be prematurely open.

This solution can be found on the Coinb.in website and you can save the site code on GitHub. Thus, the site will not contain your private keys.

The disadvantage of course of this method: you will not be able to access your currencies before the time.

The multi-signature wallet

Another solution for the worried, use a multi-signature wallet.

This solution is excellent for companies handling many Bitcoins. Because it is necessary to operate the key of at least two people to access the currencies.

In addition, for individuals, the second key can be given to a person who is sure of your convenience, or even to a lawyer.

In particular, some sites allow you to multi-sign up to 15 people and you can specify how many signatures will be needed to access Bitcoins.

This is the case, for example, of wallet providers such as Armory, Electrum, Coinb.in, Coinbase or BitGo.

Hardware safes to store your Bitcoins

Another option is to use real safes at wallet sites.

This is an ultra secure offline storage. For this you will need an amount equivalent to at least $ 100,000.

For example, the real hardware safes, like those of Xapo's. These chests are in Swiss military bunkers, able to withstand a nuclear explosion! But also to repel attacks by electromagnetic impulses.

Bank safes to store your private keys

But why not simply put your private keys in the vault of your bank? Or even in several banks.

Of course you can use a safe at home, but this is probably less safe.

Cut out your paper wallet, it's safer!

Finally last solution, divide your wallet paper into several parts and store them in several safes.

If you are concerned that the paper may be damaged, you can also engrave your private keys on metal. You can do it yourself, or entrust this work to several writers.

But in reality, if you're not paranoid, a paper wallet or hardware wallet with your private keys should be enough.

Continue to sleep easy!

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