Bitcoin wallet and security

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How are you all steemians? I hope you all steemians will be safe and sound by the grace of Allah Almighty and I'm fine too Alhamdulillah. Today I am here to share my knowledge about the Bitcoin wallet security.

Bitcoin wallet and security

Introduction

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The security of the Bitcoin wallets is very important. As the growth of cryptocurrency has been increasing day by day , So it has became essential to secure the wallets of Bitcoin.

So it is a digital tool that the users used to store their Bitcoins , the digital wallets allow the users to send and receive Bitcoin to each other. There are different types of the security wallets that has its own unique features and characteristics.

Hot wallets
Cold wallets
Hardware wallets
Paper wallets

Hot wallets

These wallets are connected to the internet and they are used for repeated transactions.These are useful for the users because such wallets allow the easiest and quick transactions of the cryptocurrencies. The web wallets and mobile wallets are very common kinds of the hot wallets.

Advantages	Disadvantages
High speed of transactions	Being online vulnerable to hacking
Easy to accessible	Some types are under the third party control

Cold wallets

The cold types of the wallets are offline type wallets to make the cryptocurrencies secure because they are not connected to the internet and they are more secure than the hot wallets.

Advantages	Disadvantages
They are offline and more secure	Access to the funds is slower.
They are not under control of any third party control.The users have completely control.	The access of the users to the wallet can be if someone lose their cold wallets.

Paper wallets

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The paper wallets are in the form of documents and the keys and the passwords of the cryptocurrencies they contain. It is a secure method to save the keys of the cryptocurrencies offline.

A secure offline tool is used to generate a paper wallet and random keys are created. It is offline method and it is more secure and less prone to hacking.The keys can be printed out.

Advantages	Disadvantages
A secure form of wallet because the keys are not digitally saved or stored.	If someone lost the paper the users lost their funds.
There is no use of any electronic device is required to access a user's funds.	Not suitable for repeated transactions because the keys are entered manually.

Hardware wallets

A physical device which is designed to store the cryptocurrencies securely. It is also an offline way to store the keys but the users can access through their devices like mobile and computer.These wallets can be connected to the computers by using the USBs.

Advantages	Disadvantages
More secure because the keys are not saved in the device.	A little cost is needed to buy the wallet.
Suitable for Multiple transactions	A physical device is needed.

Importance of security in Bitcoin wallets

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The security of the Bitcoin wallets is very important to make the transactions secure.The wallets can be targeted by the hackers. If the wallet of someone is lost, their funds in the wallet can be lost. So it is very important to make the wallets whether it is a paper wallet or a hot or cold wallet secure against the hacker's unauthorised access.

The users have complete access to their funds because these wallets give them completely authority to their users. If the wallet is not safe the funds can be lost.The transactions of the Bitcoins are not reversible.

The transactions can not be reversed or returned once they are done. If someone send the funds to unknown address and there is no any method of their return so their security is also important.

A secure wallet help the users to make their funds safe and secure from any other users.The history of teg transactions is not accessible to others.If someone has a desire to store their Bitcoins for long term and it has become an integral part of the storage of the Bitcoins by using the secure wallets.

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