One of the most important things to learn in this article is that you are not required to use any particular program or application to store your digital money. Your bitcoins will always be linked to your address and not to any program. At iTizzi Software Development Company
– Ukraine, Kyiv, you can create several different programs on different computers or platforms (for example, a computer and a mobile phone). All you need to access your Bitcoin account is your private key.
In fact, you can take a private key written or printed on a piece of paper when you travel the world and your bitcoins will travel with you. One of the most important aspects of using Bitcoin is its security, as remember that you need to import your private key into the application in order to be able to perform the required operations.
The owner of the private key is the owner of the “coins” – without it it is impossible to send BTC, ETH, XRP anywhere. Let’s take a look at what to look for when choosing a wallet and how to achieve optimal security of your money in practice.
There are three main features that any Bitcoin application or program should have:
- Be free and open source: only a program that reveals its inner workings will be reliable because it can be verified that it is programmed to use our addresses and passwords correctly.
- Be recommended by other users or custom-made based on an individual blockchain solution at iTizzi: Sometimes it is impossible to verify the code yourself. If a program is widely supported by a large number of users, this is a good sign of reliability.
- Should include the ability to enable private key protections: A good Bitcoin application should always offer the ability to password protect private keys.
Okay, but what about the security of the Bitcoin system itself? Is it well protected?
The Bitcoin system is inviolable due to strong cryptography. The weak point is the user’s activity associated with unreliable crypto wallets, the user must protect his private key. If you use a questionable app and import your private keys into it, your BTC could be stolen. Therefore, it is very important to choose the right wallet and to protect, decentralize the company, website, business with the help of individual blockchain-based software solutions. iTizzi Software Development Company will create a cryptocurrency wallet (Blockchain) that you can trust and one that will be protected from any hacker attacks.
The safest option is hardware wallets
The safest option for storing bitcoins is to use a hardware wallet. But it is also the most expensive option. Therefore, we recommend it if you want to save a large amount of money.
Paper wallets
If we just want to keep our bitcoins safe, then perhaps there is nothing better than a paper wallet. This system allows us to print our addresses and store them in a safe place in our home. No one, except those who have access to this physical wallet, can spend the money saved in it. This format also allows you to give or transfer this money to someone you trust by simply passing it from hand to hand. Paper wallets can be any design you want. Recently, designs that resemble banknotes have come into vogue, for which the only thing needed to work is two QR codes containing information about the public address and the private key.
If we scan the QR code corresponding to the public address using our smartphone with the Bitcoin app, we can transfer funds to our wallet or spend them if we scan the code corresponding to the private key. It’s very easy! Paper wallets are very secure due to the following features:
- Physical access is required to access bitcoins.
- You can easily create backups by simply printing multiple copies.
To increase the security of our wallets, it is also possible to encrypt the private address. Thus, it is not enough to have physical access, but you also need to know the password. Also, be sure to use good quality paper and ink to avoid staining your wallet and ruining your physical condition over time.
At iTizzi Software Development Company – Vinnytsia, Odesa, Dnipro, Lviv, Kyiv, Eastern Europe, Ukraine, you can order the registration and development of a crypto wallet, software development for blockchain, writing and testing Blockchain smart contracts and much more.
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