How to choose the best Bitcoin Wallet
Bitcoin Wallet: With the overwhelming number of bitcoin wallet, it is always challenging for one to choose the best one. Undeniably, the bitcoin wallet is the place where you store bitcoins safely and securely. The bitcoin users need to know which type of wallet that is viable for them to use along with Click Money. You have decided to invest in bitcoins or buy bitcoins for shopping; it is critical for you to choose the right wallet. You can select the wallet that does not meet your requirements. There are a few tips that you must keep in mind to choose the wallet that suits your needs. The suggestions listed will help you make a wise decision about choosing the right wallet.
You should know that the wallet you are going to choose is highly secure. You cannot overlook the security factor when you are buying the wallet. If you are going to buy the web wallet, you need to choose the https one instead of HTTP as it adds an extra layer of security to the wallet. There is also a two-factor authentication that the wallet should offer. This will ensure the safety and security of the wallet.
The platform you are going to choose must offer you the multisig option. It is the best method that helps you to keep the bitcoins safe and secure from hackers and thefts. The multi-sign are nothing but you would need more than a key to authorize the transactions. The best analogue that can explain this option is the lockbox where you would need the key of two parties to unlock.
Own the bitcoins
If you do not have access to the private key, it means that you do not own any bitcoin. It is the essential factor to consider when you are selecting a bitcoin wallet. When you hold the private key, you would have access to the bitcoins, and you can move these bitcoins from one wallet to the other wallet at any point of time. You can also use the wallet to backup the bitcoins. Even if you lose one, you will have the backup.
Reuse the address
There is an option called hierarchical deterministic (HD) that let you use the bitcoin addresses that are entirely new to add security and privacy. The privacy of users who are storing bitcoins in the wallet has become a critical thing in the bitcoin world. The HD would offer the best protection to the users.
You should research a lot about the bitcoin wallet provider before buying the wallet from them. You need to know from which place they are operating and who they are and are they using any open-source software. Without getting answers to these questions, it is difficult for you to know on how to secure the bitcoins. If the open-source code is used, it must be reviewed rigorously to detect the security threats. Ensure to keep the open-source code up-to-date.
Many questions would be popping up in the minds of people who would like to use a bitcoin wallet. There is a KYC process that a few bitcoin wallet providers would ask. Few of them would ask you to register and provide minimal information. These things should be kept in mind when you are choosing the bitcoin wallet.
The wallet you are going to pick must be simple for you to use and without any complications. Even the non-technical savvy should be able to use the wallet. You also need to know how you want to use your wallet. If you have the wallet on the mobile device, you should choose the wallet that you can download on the mobile device and start using. There are wallets available for you to download on the machine. There are a few wallets that come in the form of hardware device which let you store the bitcoins on them and use offline.
Backup the wallet
The most critical aspect of bitcoin wallet is the backup option. There are a few providers who would offer you with the backup option to backup the wallet from time to time. You also need to check whether or not there is a backup restoration process available. These are the options that you have to check before choosing the bitcoin wallet.