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how to keep bitcoin transaction/wallet secure ?

Wed Aug 16, 2017 3:00 pm

There is a friend of mine, a digital marketer. He used to invest his money on bitcoins. Which i see was proved to be a great way as he'd started with few 500$ and now he owns few more than 19 bitcoins. I just had made my mind to buy some of bitcoins.

Unfortunately those 19 bitcoins he own got hacked. One day he woke up, had breakfast and took a look on his bitcoin wallet thing. It was all gone.

I don't have an idea what the hell should i have to do, i'm just a noob in this bitcoin thing, however i do keep browsing different blogs/websites and reading about bitcoin wallet, bitcoin transaction.

few simple question from everyone:
I'm just a beginner, should i go with purchasing some bitcoin ?
If yes then how to keep them safe ?

Do all i have to do is purchase bitcoin and keep watching its increasing value?

Thank you !

Nickel Bitcoiner
Nickel Bitcoiner
Posts: 10
Joined: Tue Feb 06, 2018 11:16 am

Re: how to keep bitcoin transaction/wallet secure ?

Mon Mar 05, 2018 11:26 am

I would say two-factor authorization, and using a service that requires a code to be sent through telegram in order to authorize any transactions. I'm sorry your friend lost all that money, I could only imagine how that must have felt like! This opens up a market for BTC Insurance, just a thought!

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Nickel Bitcoiner
Nickel Bitcoiner
Posts: 11
Joined: Thu Mar 08, 2018 11:06 am

Re: how to keep bitcoin transaction/wallet secure ?

Tue Apr 03, 2018 12:26 pm

CoinDeal provides pretty good security - two-factor authentication, one-time passwords, approving every transaction via e-mail. I feel my money is quite secure there.

Nickel Bitcoiner
Nickel Bitcoiner
Posts: 22
Joined: Sun Mar 25, 2018 3:44 pm

Re: how to keep bitcoin transaction/wallet secure ?

Tue Apr 03, 2018 2:07 pm

You can try,Electrum.Is safe, fast and efficient, it uses servers which index blockchain so you do not need to worry about freaking huge blockchain filesizes. You can import private keys to a privatekeys only wallet or create a seed wallet. It allows you to receive and send bitcoins using email addresses too, although I would not recommend it. It also allows alot of different wallet types, multisig, 2fa or hardware based.

However, despite all the benefits..Any wallet is only good if your computer is clean in the first place

Nickel Bitcoiner
Nickel Bitcoiner
Posts: 28
Joined: Sun Feb 18, 2018 10:52 pm

Re: how to keep bitcoin transaction/wallet secure ?

Tue Apr 03, 2018 4:10 pm

As for me, is the best way to keep bitcoins online. But for maximum safety you should consider cold storage or even paper storage.
Cold storage is a device where you can send you coins to and keep it offline. Similar to flash drive, but for quite the same. Better google "bitcoin cold storage".
You can also use service which convert your bitcoins to QR-code, then print it on paper and store in your strongbox like usual dollars. Again, google "bitcoin paper wallet".

However, would consider that types of storages if I had 1 BTC or more.
Also, nice option is to split your balance among several bitcoin wallets, it's free, so why not?

Hope it will be helpful for someone who interested in same question.

Posts: 7
Joined: Fri Nov 24, 2017 12:26 am

Re: how to keep bitcoin transaction/wallet secure ?

Thu Apr 05, 2018 11:04 am

Nerdy advice: Learn a bit of programming or at least have enough confidence to run simple terminal commands. Create your own private key using available widely-used command line tools. Make sure you keep the generated private key. Use the generated address to store most of your bitcoins. Which means transferring the bitcoins you already have from whatever exchange or wallet into the address you generated.
No man is an island

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Joined: Mon Dec 11, 2017 10:21 am

Re: how to keep bitcoin transaction/wallet secure ?

Fri Apr 06, 2018 8:06 am

Creating an offline paperwallet and storing your bitcoin on the resulting key is probably the safest.

You just have to make sure you keep your priv key safe.

You can create an encrypted pirv key which requires a password to view it.

The hardest part is keeping a physical copy somewhere where you will always have access to it and others wont.
No man is an island

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