Congratulations! You are one step closer to protecting your investments. The simplest way to buy Bitcoins is thru Coinbase. This is an online exchange that allows you buy, trade, and store your Bitcoins. This exchange never closes. You can trade 24 hours 7 days a week.
Opening a Coinbase account is simple. Consider opening an account even if you don’t plan on buying Bitcoin anytime soon. Its important to learn how to use this platform early on to avoid any delay in verifying your account. When Bitcoin was rising hard in 2017, people had a hard time opening this account, because too many people were signing up.
Let’s dive into the details on how to safeguard your Bitcoins. There are many types of wallets. There are wallets applications that install onto your computer, Apps for smartphones, paper wallets for cold storage, and impenetrable hardware wallets.
These wallets are by far the best methods for securing your crypto. Your private keys are stored with a high level of encryption. You connect your hardware wallet via USB. Your passcode must be entered before you can gain access to your funds. You can hold multiple crypto at any given time. It is impossible to hack these wallets even if your computer is full of malware. If you lose your hardware wallet you will be able to retrieve your crypto with a list of backup phrases usually 12 to 24 words long. The most recommended hardware wallets are Ledger and Trezor. Both offer the same level of security and are very popular in the community.
There are plenty of smartphone Apps to secure your crypto. The most popular ones are listed in the menu tab. Not all wallets are the created equally. Some offer support for just a specific type of crypto while others offer a full range. Some wallets may have security vulnerabilities, which is why you should choose one of the more popular ones for they are updated regularly. My favorite smartphone Apps is from Bitpay and Coinbase. They are both available for Android and iPhone. Bitpay is also available on your desktop and notebook computers. With Bitpay, you are able to trade your Bitcoins for USD, load it onto your prepaid VISA Debit Card and spend your crypto anywhere. Smartphone Apps are free to download. They are the least expensive method for storing your crypto. I recommend getting familiar with some of these Apps, so you can learn how to store, send, and receive crypto.
There are few application wallets for desktop and notebook computers. The most popular desktop applications are listed in the menu tabs. Bitcoin Core for example is a large application that takes days to initialize since you’re downloading the entire blockchain ledger. There is no third-party central authority facilitating your use of crypto on these types of applications. You are essentially plugged in to the network. I recommend this application if you want to store have control of you own private key.
Desktop wallets like Bitpay don’t need to download the entire blockchain ledger. It is faster and simpler to use than Bitcoin Core. At the time of this writing, Bitpay is upgrading their platform to include more features. Much of their services is limited for now, but once they have completely upgraded their system, you will learn that this is an optimal choice for safeguarding your crypto. Additionally, you can sync this desktop wallet with your Bitpay smartphone App. The Bitpay desktop App looks exactly and functions just like the smartphone App.
If you want complete control of your crypto then you need to read this. Bitcoin and other cryptocurrencies function with the use of private keys and public keys. The private key or address is a string of alphanumeric characters. Without it you cannot access your funds. Lose it and your funds are lost forever. These private keys are not stored by a third-party or stored on some database. You are in control of the keys. You can generate a public key in two ways. You can generate them by running the script onto your computer offline or you can visit a secure site that will generate them for you online. If your good with computers you will want to generate them yourself offline.
I have provided several outbound links to online paper wallet generators in the menu tabs. These sites are very secure. They will generate a public and private key in PDF form so that you can download and print them. Once the keys are generated both keys can be scanned by reading the QR. The public key can be shared with other users. You will need to share your public address it if you want to receive your crypto. If you’re sending to another person you will need their public address.
I hope this information is helpful in your quest to understand cryptos. It is my goal to share with you these technologies, so we can move forward with other innovative technologies in the works. If you have any comments or specific questions please go to our forum page. For expedite help on cryptos please email me at email@example.com