BITCOIN BREAKTHROUGH: The Beginners Guide to Bitcoin Profits in Tough Economy Times by Sylvester Charles

Author:Sylvester, Charles [Sylvester, Charles]
Language: eng
Format: epub
Publisher: UNKNOWN
Published: 2020-06-02T16:00:00+00:00

Although the blockchain technology that underpins Bitcoin is very secure, one of the biggest weak points with Bitcoin is storage. Because Bitcoins have risen significantly in value over the years you will not be surprised to know that the number of cyber criminal’s intent on stealing Bitcoins has risen too.

And these people are getting smarter and smarter. They are creating bots that will scan online Bitcoin wallets and try and remove the Bitcoins in them. There have been several reports about cyber criminals emptying cryptocurrency exchange wallets over the years and the wallet holders never seeing their Bitcoins again.

We want you to be shocked and concerned by this. If you are going to be a successful Bitcoin investor then you need to hang on to your Bitcoins! It is essential that you keep your Bitcoins safe and fortunately there is a lot you can do to ensure this. The type of Bitcoin wallet that you choose is crucial to the security of your Bitcoins.

It is all about keeping your private key safe. Inside of your wallet your Bitcoins have an associated address which consists of your private key and public key. The public key is the actual address of the Bitcoin and your private key is the password that unlocks those Bitcoins. It is essential that you keep your private key safe.

If a cyber criminal gets their hands on your private key then they can transfer all of your Bitcoins to other accounts. And you know that once a Bitcoin transaction is verified and confirmed then there is no turning back.

People that are unlucky enough to have Bitcoins stolen from their wallets just have to accept it and get on with their lives. You just cannot do anything to get your Bitcoins back. So let’s take a look at the different types of wallets and how you can provide the maximum protection for your private key.

Online Bitcoin Wallets

There is no easier way to get started with Bitcoin investing than to setup an online wallet. You can setup a free Bitcoin online wallet even if you have no Bitcoins right now. Cryptocurrency exchanges like Coinbase will provide you with an online wallet and you can get one at Blockchain.com as well.

When you are just starting out then an online wallet is a good thing to use. But you would not want to keep a sizeable Bitcoin inventory in an online wallet. Yes it is great that you can access your online wallet from anywhere in the world but so can thieves and cyber criminals!

An online wallet is a “hot” wallet because all you need to access it is an Internet connection. The problem is that most online wallets end up storing your private keys on their servers and if these get hacked you can say goodbye to your Bitcoins.

The other issue is that servers can and do have technical problems and if they suffer a catastrophic issue then your private keys could disappear forever. Some online wallet platforms will limit or

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