Making The Right Selection Of Bitcoin Wallet Is Important

The moment you have managed to earn your very first Bit coin then you have to think of securing it using Bit coin wallet. The next stage is to make the right selection of the wallet that is best for you. Making this selection can be a very crucial step.

You may have to browse through multiple options available and then select the right option. Here we shall provide you with step wise guide to help you secure your bit coins.

Security factor

  • This factor is very much important and it is advisable not to over look the security factor. In case you are selecting online web wallet then you may have to look into a number of factors.
  • Always ensure the website from where you purchased or rented the wallet is genuine, and so see if it is HTTP or HTTS type.
  • Only HTTP type websites will offer you with complete security for your bit coins.
  • Apart from this you also have to see if the website is willing to offer you with log in security credentials or not. The process of authentication is also important as two step authentication is always considered as best security.

Multisig factor

  • It is certain that a wallet that offers with multi signature option is always considered as more secure. This will help protect your earned bit coins against hackers and theft.
  • When using multisig option you shall be provided with two distinct authorization keys when performing your transactions to send or receive payments.
  • Multi-signature also means that you may need more than one authorized person to make any payments. So it is certain that open your locker you may need to persons having two different keys as combination.

Possess your Bit coins

  • The fact is that if you have not yet purchased any wallet for your bit coins then you may not be having any regulation over them. This factor should be looked into when purchasing your wallet.
  • Your Bitcoin Wallet offers you with compete control over your hard earned bit coins. This will also offer you with convenience of investing or moving bit coins according to your desire.

Transparency

  • It is certain that the wallet service provides should in fact offer you with complete transparency for each and every transaction performed. It is certain that they should offer you with open source code.
  • Being open source it will be possible for you to view their movement at any time. This will help you track vulnerabilities and at the same time offer security for your bit coins.

Additional factors

  • You also need to see if the wallet service is offered for free or is it a paid registration service. In general most paid services are always best options as they provide with strict verification process.
  • Does your wallet service provide you with back up facility for your bit coins. This factor is important so you get to save your hard earned bit coins.
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