One of the things that many Bitcoin owners ask themselves today is which wallet among the available ones is the best for them.
The truth of the matter, however, is that no wallet can suit all needs and therefore it is important to establish and maintain the one that will fit you best. In order to do this, there are some considerations that must be made.
Security is the key
For most wallet users, the paramount issue is security. Online wallets such as Blockchain.info have control over your private keys, so they are not the safest option. This is because they are often the victims of hackers, which exposes you to theft. A better alternative is using downloadable wallets and apps in spite of the fact that they may need regular updates. It is also important to establish if the wallet encrypts your data and some form of verification such as requesting for passwords.
Prioritize the storage of your security keys
The bottom line is that you should at all times hold your own security keys. This is based on the fact that whoever holds the keys is, in fact, the owner of the Bitcoins. Despite the convenience that may be gained by letting someone else hold them, it is an unwise move. Regardless how trustworthy someone or some company may seem to be, it is not safe to surrender the security keys to them.
This is one of the most recent and indeed effective Bitcoin security measures. It allows Bitcoiners to secure their coins by requiring authorization from more than one party to perform any transaction. These different keys can be held by different entities and in different locations. Still, this method is the most effective for a wallet that is not accessed regularly.
- Read also: What is a MultiSig Bitcoin Wallet, and Why
Originally appeared at: https://99bitcoins.com/how-to-build-a-better-and-safer-bitcoin-wallet/