The main thought that comes to mind after buying bitcoin is how to store them and keep them safe, because after investing so much time and investing a lot of money if your money has been stolen or scammed it will be a very big loss. In 2017, after reaching its peak, once Bitcoin lost its charm before returning to its glory again. In 2019, in this moment of glory, there were also so many hacking events that took place because users were new to the system and did not know how to keep the system and money safe.
The hackers came up with such crazy ways to steal the funds. Most of them were rerouting by redirecting the coins or binding them with other wallets or by using simple sights and systems and the victims can do nothing but just watch their money go away.
Bitcoin keys
Being a virtual currency and not having any physical existing in the real world, bitcoin cannot be stored in a real place as another asset, it cannot be stored in any store or at home or in any security management company, being completely a digital asset you need to reach them through proper digital numbers and codes these numbers called keys there are two types of keys private key and public key these keys also called Bitcoin addresses.
Public key
The public key is only used to send money, it is as if you gave someone your email address, he can only send you mail but cannot check your inbox or other details, the public key works with the same behavior, and it is safe even if you share your public key.
Private key
A private key is the primary key like a store key that you use to take or send bitcoins to or from the wallet and must be protected if the private key remains protected, the account will also remain protected, although it is possible that hacker steals the private key and takes out all your money and leaves you empty-handed, there are many methods to keep these keys and the account safe, to know more about bitcoin visit bitcoin pro website.
Wallet encryption
One of the methods is encrypted BTC wallets, after using a private key a second password is also used to secure it, but it is the only basic type of security, and hackers can very easily breach it by software or viruses and access the data and Bitcoin.
Offline protection
The second option is to keep the private key in a complete disconnect system so that hackers cannot use the internet as a means of accessing the wallets, but it is also not secure as the first, This system is more secure than the first one, you can take offline devices like USB anywhere because there is no personal data linked to these devices, so there is no data to leak, and there is no fear of malware, but if you lose that device, there will be no way to get the data and bitcoins back.
Multi-signature addresses
This is a new type of protection approach and is widely used these days, this allows more than one party to keep the private address of a key or more than one key in an address, so whenever any user wants to access any bitcoin, all address holders. has to approve the request, this system can be customized and the user can configure the system according to the needs and every time the transaction is made a verification process is required that makes the bitcoin safe.
This method is now very popular with users because there are multiple people involved in the process, so the chances of being scammed or hacked are less than a one-handed controlled system because the approval of the whole group is required for each transaction.
Security in digital currency exchanges
Most of the Bitcoin users use any crypto exchange to perform the transaction, the exchanges called online platforms that demonstrated services to buy and sell Bitcoin with other fiat or digital currencies or goods, there are two main disadvantages of holding currencies in the exchange first if the platform hacked, you will not get your money and another is that if the platform folds for any reason you will lose, the best way to be safe is walking away with your currency after completing the transaction, always be careful when choosing a platform or exchange, if you have any doubts about any exchange it is best to stay away for your own safety.
All the above methods have their own specific pros and cons that depend on the user’s choice and the demand of the account type, the main thing is to keep the assets safe and secure while having full access to the asset and keeping all nonconcerning people away.
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