7 Ways to a Safer and Better Bitcoin Wallet
Not everyone is proficient at getting started using Bitcoin. We many times forget about the basics, even those of us who have had a wallet for awhile. None of us is perfect, and summertime is always a great time for a refreshing look at things, so BitConnect looks at 7 ways you can have a safer, better Bitcoin wallet. Make sure your wallet hits all of these notes for your security and peace of mind. For all you Bitcoin newbies, you have to start somewhere, and everyone starts with a wallet, so let’s do it right.
Get your wallet from a secure site
A step so easy anyone can overlook this one. In the world of Bitcoin, you are your own bank, and your wallet can be your combination lock. Make sure it is not easily unlocked by being HTTP only. Check the address bar to make sure it is green and says https before the site address. If not, it could be the newest, latest Bitcoin scam site and you could be just another cautionary tale. With Bitcoin, you are the security system, so make sure everything is secure, starting with the site you partner up with if you use a web-based wallet, which is a popular and convenient first option.
Get a wallet that offers Multi-Sig
Most of the top wallets will offer Multi-Sig. If you do find a wallet that does not offer Multi-Sig, keep on moving until you do. This means that it will take more than one person to do a transaction. You want to have this as an option, as I’m sure you won’t want to have to get permission from someone else to do every Bitcoin transaction. This may be a perfect option for long-term family savings, or an account that is owned by husband and wife.
Do you want anonymity or government oversight?
Many Bitcoin users have a “libertarian” mindset, choosing Bitcoin over more traditional banking options due to excessive government interference and/or over-regulation. Some feel safer and more secure with Big Brother watching those who are handling your Bitcoin. Depends on whom do you trust? In the Bitcoin community, getting a regulated account is not an unfounded point of view, but know which path is right for you beforehand, and which wallet will get you there. Can you handle it, or will you submit to AML/KYC (Anti-Money Laundering/ Know Your Customer) requirements to get more security from the local government?
What is the reputation of this wallet?
Not every provider is as large as Blockchain.info or Coinbase, but don’t use one that is less than one year in service. Do your own due diligence, and make sure the wallet has a safety record. Check online reviews and third-party security tests to make sure your wallet is safe, or else it could be here today, gone tomorrow.
Where is your wallet provider located?
Is the national headquarters for your wallet in an affluent, prosperous country? Or are you dealing with a place like Russia, that fears and criminalizes digital currencies it can’t control? Just like with your own home, it is a good idea to situate your digital funds in a safe environment where regulations and the economic climate are stable and favorable, not in flux and subject to radical changes. Where the headquarters is can have huge impacts on the safety of your wallet, its funds, and your identity.
Is it easy to use?
If the wallet is like a Rubix Cube, you may not stick with it very long, and moving money to another wallet may be difficult to handle, so find out from other users if it is convenient. A poorly-designed wallet can turn you off to the entire Bitcoin concept. Will it work with you smartphone, OS, desktop, or all three? Just like buying a new car, there are bad cars out there you can buy, but that doesn’t mean cars are bad. You just made a bad choice. So again, check into online reviews of the wallet to see if users like using it. It’s important.
Can you backup your wallet?
Another key feature easily missed and overlooked. Bitcoins are basically digital files that can be backed up and duplicated many ways, but only spent once, so why not take advantage of this fact. You can’t back up a buck, but you can a Bitcoin. Contact their Support Dept. about backup options. If your wallet is all it can be, it will offer this feature.
Take this checklist and run with it. I’m sure even Bitcoin savvy vets are missing at least one thing on this checklist (I am, too), so let’s keep our cryptocurrency game nice and tight. Make the rounds and update your security for a bright Bitcoin full of sound sleep.