What are private keys?
Private keys emerged as a way to communicate securely through insecure communication channels.
What is a Bitcoin address?
A Bitcoin address is like an account number, just better. The address denotes which wallet the coins should be sent to.
What should I know about addresses?
Bitcoin wallet addresses are case sensitive, usually have 34 characters of numbers and lowercase letters, start with either a 1 or a 3, and never use 0, O, l and I to make every character in the address as clear as possible.
How do I secure my Wallet
Secure your computer
Restrict unsupervised access. Set a strong password and close all ports and maintain a strict firewall.
Frequently change address. Use a different address for every transaction.
Multiple Signatures (Multi-sig). Multiple private keys to deter breaches.
Which wallets can be used for each device?
Ledger Nano S, KeepKey and TREZOR all work with:
Mycelium (Android version only)
Electrum for Mac, Windows and Linux
What other kinds of wallets can I use?
Other wallet types are hot wallets. This means they are wallets run on an internet connected computer.
Android wallets, iOS wallets and desktop wallets are all examples of this.
The Bottom Line
The aim of this article is to educate you enough to be able to handle matters involving bitcoin wallet. Eventually, you’d be able to avoid scam and you would be able to determine the right wallet to use.
Notwithstanding, whether you are using an online or an offline wallet, it is still secure. But, take note of the following for an online wallet.
Ensure that your private key is encrypted on your wallet.
Ensure that your password combination is strong enough to not be guessed.
Many wallet service providers now require a 2-way authentication factor to permit any login attempt.
Try using a fingerprint authenticator on your mobile device to enhance your security.
It is expedient to have a plan ready in case of the suspected hacking attempt.
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