Keep Bitcoin

"What do I need?"

Keeping resides on a spectrum between security and ease of access.

You have a wide variety of options for each type of wallet. An exhaustive list would take up so much of your time. Scroll through the page to learn about each type, but you can simplify life with this curated list.

It should be emphasized that your wallet's passphrase is more valuable than gold -- keep it safe. It can be used to retrieve your wallet from any service that allows for such recovery.

It should be also be noted that enabling Two Factor Authentication significantly increases the security of wallets on the web. A person with your wallet's password will be unable to access your without your 2FA code.

"Tell me about wallets."


The Short Story:

Mycelium (mobile), Electrum (desktop) and Ledger (hardware), respectively. These are all you need to safely and effectively keep . A Ledger Nano S is recommended for anyone with more than 1 to store. Mycelium and Electrum are both free. You retain full control of your 's passphrase and keys, while your is easier to move around the network depending on your preference for mobile or desktop use.

The Long Story:

Brain Wallets:

The most secure wallet isn't connected to the internet. The passphrase is memorized with the aid of memory techniques. Your coins can only be lost if you forget, become permanently incapacitated, or die.

It's not recommended for your first wallet because there are numerous technicalities beyond the succinct scope of Using a brain wallet without knowledge of these technicalities may result in your being stolen or lost forever.

Paper Wallets:

Printing your wallet's public and private keys, then storing them to somewhere safe, is a good way to ensure that your remains off the internet. Note that your public and private keys are the only ways to access the wallet. There is no passphrase.

A paper wallet isn't meant to be used regularly. However, it's worth considering if you intend to store value for a long time. The equivalent of under your mattress. If the paper is lost, damaged, or stolen, your will be gone forever.

Hardware Wallets:

Hardware wallets are electronc devices with no other purpose. A USB stick would not count as a hardware wallet. There are two major players in this space; Trezor and Ledger. There are other players, such as KeepKey from Russia. Their devices are all small, secure, and under constant penetration testing.

A hardware wallet is recommended for large sums of . It has the tangibility lacking in brain and paper wallets, the portability lacking in a desktop wallet, and the security lacking in a mobile or web wallet.

It's not recommended as your first wallet, however it's highly recommended once you have more than 'a few' . At 's current price, 'a few' = >1. Just to be safe.

Desktop Wallets:

Desktop wallets compromise portability for being only as secure as the computer the wallet is stored on. The master seed is generated and stored on your computer. Backups can be generated and stored elsewhere in the event that the desktop stops functioning.

The only nightmare with desktop wallets is sudden desktop malfunction. A bad dream would consist of malware logging your keystrokes. Assuming that access to your computer is guarded by password, and your malware/antivirus is kept up to date, then nothing untowards should happen to your unless you forget to create a backup.

Mobile Wallets:

Unsurprisingly, storing your via Android or iOS is most popular. Your remains easy to access and ready to use. The most important thing to do with a mobile wallet is to write down your passphrase and keep it somewhere safe. There is no one to help you recover your if you drop your phone in the toilet.

If your phone is lost or stolen then you can use the passphrase on a new phone to access your old wallet and change your PIN. Be sure to do this before someone spends your . These things rarely happen randomly. Don't give someone a reason to steal your phone. Share with others, but mind your own business.

If you have more than 'a few' , consider a hardware wallet to act as a savings account while your phone handles chequing.

Recommended for your first time.

Web Wallets:

Wallets on the web can be accessed from anywhere you have an internet connection. The major drawback is trusting a third party to keep your safe, since your access depends on the upkeep of their service.

Two Factor Authentication is most important for wallets of this type.

While the spectrum of security and ease of access may imply that web wallets aren't safe, enabling 2FA increases safety to that of a desktop or mobile device.

Recommended for your first time.

Keep : The Short Story

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