CRYPTOCURRENCIES LATES NEWS - How to protect your bitcoins?

Can investors sleep at night quietly, knowing how many scammers they would like to steal their bitcoins? At this particular moment, hackers investigate crypto-currency wallets for the presence of weak points. They collect all the information - from the place of residence and the name of pets to favorite football teams - in order to use the method of social psychology. Concerned about the safety of their coins? Then there are several ways to protect your savings for ultra-paranoiacs.

Turn key ready

If Bitcoin is stored in a purse, the keys of which are only from the owner, the coins are safe from all online attacks. The only thing this platform can not fight with is the risks of the real world: the threat of theft, bullet in the head, fire, and floods, as well as threats that emanate from the purse owners themselves. The biggest reason for lost coins is not third parties - it's ourselves. Tales of lost hardware wallets, rewritable hard disks, and forgotten passwords do not need to be distributed. Stolen or unreliable passwords are the same problem as lost keys to wallets. Any solution based on a private key must take into account the risk of human error. Otherwise, even the most bizarre hardware wallets and the strongest safes can be superfluous.

Creating a Timelock

For long-term investors, the introduction of Bitcoin into a purse with time-out is the right way to ensure that they will not be available in the near future. With the help of a special smart protocol that provides the basis for the use of the Bitcoin assembler language, it will be much easier to create wallets with time-out locking. Setting a date in the distant future, you do not need to worry about the fact that the wallet will be prematurely opened - whether it be the owner or someone else.

Multi-segment wallets

And what if a user wants to access his Bitcoin at some point in the future, but just does not know when? Multisig is the preferred solution for businesses that own a significant amount of Bitcoin. Multi-segment purses require the permission of one of the users to perform any actions. This excludes the possibility of theft by Bitcoin employees. For personal use, a multi-segment purse may include one of the keys that any trusted person can use. Usually, such wallets allow you to connect a large number of key holders and if one of them lost one of its own, not everything is lost, the purse can be unlocked by the main holder.

Ultra-reliable storage

A number of companies have launched ultra-secure solutions to "freeze" funds. For those who worry about their savings, it is easier to shift responsibility for their coins to a fully insured third party. Especially good in this matter showed themselves, Swiss. Xapo's is a decommissioned Swiss military bunker capable of surviving a nuclear explosion. It is based on a "cold room", protected by steel plates that act like a Faraday cage, capable of repelling electromagnetic impulse attacks.

Setting up your own storage

Why pay for third-party services when a user can visit a local bank and put his secret key in the safe? Better yet, keep your key in several banks to be sure. Although nothing prevents to keep the heart of the purse in the safe in your own home, however, this is risky, since it can attract criminals. It is much better to allow the bank to cope with this danger.

Key Separation

This method requires splitting the private key into parts, and storing them on paper, including having at least two copies of each section to ensure reliability. If the user is concerned that the paper itself may be damaged and become illegible, the keys can be transferred to the metal.