There are many tutorials online that will take you through the process of securing your wallet, step-by-step – and many of them are quite useful in that regard. However, your fortune could be at risk if you try to follow one of these tutorials after something goes wrong. To avoid that potential risk, it is critical to understand what it is that you are securing and what types of security risks threaten that security. That understanding can provide you with the insight you need to make your own decisions about which precautions you should take and determine the best bitcoin wallet for you. Understanding why you are doing something also makes it much less likely that you’ll make mistakes or follow the wrong instructions.
- One of the easiest options for beginners because you don’t have to download or maintain a desktop wallet
- Web Wallet: Stores your digital currency online, on a computer controlled by someone else and connected to the Internet. One advantage of web-based wallets is that you can access them from anywhere, regardless of which device you are using.
- Because the wallet provider generally has access to your keys, you must ensure you are dealing with a trusted provider….
Web Vault Wallets
- Offers the ease of use of an web wallet, but has much stronger security in place.
- All cryptocurrency deposits are stored offline
- Hong Kong, U.S., international – 2014
- Insured against hacking and bankruptcy
- “Building the Fort Knox of Bitcoin” -Wall Street Journal
- “Our Vaults are located deep underground in geographically dispersed locations on three continents. Confidential information like private keys and cryptographic materials are physically stored on offline servers that never have and never will have access to the internet or any other kind of network. The servers are guarded by intense human and automated security measures 24/7.”
- United States – 2014
- Free, secure storage for DNotes holders
- Cold storage vault
- 24 hour withdrawal processing period to properly audit transactions and detect any suspicious account activity.
- DNotes Vault offers the familiar custodial relationship investors are accustomed to by providing all our stakeholders with secure, guaranteed online storage for their DNotes. With its plans for future evolution into an exchange / bank, it will not only operate as a trusted facilitator of everyday transactions like automatic deposits and payroll deductions into our various CRISPs (Cryptocurrency Investment Savings Plans), it will be a financial cornerstone in global commerce and small business success.http://dnotesvault.com/
A paper wallet can be one of the most secure methods for storing cryptocurrency. It is essentially a piece of paper that contains a public/deposit address and two QR codes for a particular cryptocurrency. The first QR code is for the public/deposit address, and the second is the private key for withdrawals/spending. It is important that no one can see the private key, because it can be easily scanned by anyone wanting access to your coins. With a paper wallet, your private key is never online. Be sure to follow the tips pertaining to paper wallets in Wallet Security below.