Every Bitcoin address has two keys: a “public key” and a “private key.” It is from the public keys from which Bitcoin addresses are derived and these Bitcoin addresses are shared. It is safe to share the public key. As it is similar to sharing your email address with people where it is not possible for anyone to get into your wallet and take bitcoins from it with a public key.


Quick Look:

  • It is important to know how to secure your bitcoin wallet.
  • Every Bitcoin address has two keys: a “public key” and a “private key.”
  • It is safe to share the public key.
  • The private key must be protected to keep a user’s bitcoins safe.
  • A number of options are available for the user to secure their bitcoin wallet’s private keys.

Like your pocket wallet, don’t you want your digital wallet also to be safe and secured? Once you invest into digital assets, you want to be sure that they are stored safely for your future use. Truth is that bitcoins aren’t “stored” anywhere, like in a bank account. They are accessible through Bitcoin addresses, which require a set of digital keys for entry. Now, a question arises how to safely store bitcoins?

Every Bitcoin address has two keys: a “public key” and a “private key.” It is from the public keys from which Bitcoin addresses are derived and these Bitcoin addresses are shared. It is safe to share the public key. As it is similar to sharing your email address with people where it is not possible for anyone to get into your wallet and take bitcoins from it with a public key. It can only be used to send bitcoins.

On the other hand, a private key must be protected to keep a user’s bitcoins safe. It is the private key which enables users to spend their bitcoins from a wallet. Whoever holds the private key is considered to be the “owner” of the bitcoins at that address. Thus, the users must employ different methods for protecting their private keys.

To hold a private key, it’s conceivable to encrypt bitcoin wallets with a private password, yet this is by and large the most fundamental level of security and one that could possibly be breached by hackers. Also, some users go with complete offline access. To stay safe from dangers on the web, they hold private keys in disconnected databases or also commonly known as cold storage.

As an alternate way or safety, multisignature addresses are being used, which enables several parties to hold one of many keys that are connected to a single address. When one user needs to get to the bitcoins, the other holders should affirm the exchange too. The number of signatures necessary can be customized and users can set it up so that multiple verifications are provided by individual devices that are each controlled separately.

As a number of options are available for the user to secure their bitcoin wallet’s private keys, each option has certain pros and cons that user will have to analyze. Particularly, it’s crucial is to make sure your investment is secured in a way that gives you access as you need it while keeping others out.

You can use 4 steps to avoid theft and keep your bitcoins safe. Select a strong password for your Bitcoin wallet, use 2-factor authentication, backup your bitcoin wallet and use cold storage for large amounts of bitcoins. Remember, it largely depends on the user to adopt safety measures in order to protect their money.


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