When you are investing in Bitcoins or other cryptocurencies, you have to think about the place where you will store this valuable asset. It is obvious that you can’t use your bank account, but you still must keep them safe. The good news is that there is more than one option, but the most important thing is to manage your private keys at any time. These keys represent your Bitcoin address. This is how you get and send money. There is a private address associated with the public address. Only you will know the private address and what’s important to know is that this address can’t be altered.
The keys are your gate to the Bitcoin wallet. There are a few different types of Bitcoin wallets used in Canada. For starters, you can use an online Bitcoin wallet, but don’t forget that these wallets can be compromised. Yet, they are simplest to use. They represent private spaces on websites that are offering such services. There are a few companies that have a good reputation, but don’t forget that nothing is perfectly safe. In any case, if you want to use an online Bitcoin wallet stick to ones with a great background and no negative reviews.
In case you want to use a mobile device for your wallet, you will have more than one option. For instance, iOS users should check the BreadWallet while Android users must take a closer look at Mycelium. Canadian Bitcoin owners who are looking for a desktop Bitcoin wallet can check Armory and Electrum.
People that have relatively large amounts of Bitcoin should consider using hardware wallets. These wallets are not very easy to access, but they provide an excellent level of security. Good examples of hardware Bitcoin wallets are Ledger and Trezor. There are a few places in Canada where you can buy such hardware.
According to some specialists in this field, the safest way to store your bitcoins is to use paper Bitcoin wallets. There are created offline through a process known as cold storage. Find a good guide that can help you create a wallet like this.
Regardless of your choice, always try to use 2FA or two-factor authentication whenever possible. Also keep the password in a safe place, preferably write them down and don’t keep them on your computer because hackers know how to extract this valuable information.
— James Dean (@Money_Canada) 16 de diciembre de 2017