Cryptocurrencies such as Bitcoins have become a buzzword among savvy investors looking for high return investment bets, though not without high risks.
If you have decided to invest in Bitcoins, you also need a place to store your digital currency funds. You store a digital currency in a digital wallet, which can be an application on your computer, your phone or on the online space.
Once you purchased Bitcoins, you have to look around for secured wallet to store it safe. Making the selection of right Bitcoin storing wallet is also very much important. As you have made a big investment in Bitcoins so it is important to select the right wallet so your Bitcoins are safe.
It ca be a critical step for anyone who is still not familiar with the right process. You have to make the selection from amongst hundreds of options available.
How do you select the right Bitcoin wallet to safely store your digital wealth?
Here are the main consideration points when picking the right bitcoin wallet.
1. Secure & Safe
It is important to invest in one that is very much secured. In case you are making your purchase online, then you should try and invest in website that offers you with secured browser – HTTP / HTTPS. A website that offers with HTTPS is the one that can be trusted for best level of security.
Besides the website should also offer you with a very secured log in features with maximum safety.
2. Multi-sign Feature
Selecting a bitcoin wallet website that offers you with multiple signature features for security is important and ideal choice. If the website is requesting for multisign feature for security, they are restricting authentication such that your bitcoins are very much safe against hackers. You also need to keep in mind that all your transactions will be safe as the website will not access any transaction without authenticating and verifying it two or more times.
3. Bitcoin Owning
In general, Bitcoin Wallet will offer you with private key features. This can be termed as one of the safety featured offered as hackers may not be able to hack your private key code easily. In this case, your control over your Bitcoins may also be restricted. Your private key will be shared by others as well online. All your transactions will be public and open for everyone to view. You still have the convenience of taking a back up of your Bitcoins outside the wallet in a physical storage space.
4. Bitcoin Address Reuse Facility
You need to ensure that type of Bitcoin wallets you are making use of. If you are using HD type then it is certain that they will offer you with much higher level of Privacy settings. These types always make use of new address every time you log in so your ID cannot be easily tracked by others. This is one safety features offered by your wallet service provider.
It is also important to make the selection of a wallet that is willing to offer you with complete transparency level for operating. In case any wallet service provider is not transparent then there is no point in selecting his services. It is ideal to make use of open source type of wallet system as they are not operated by single user.
Apart from this there may be other points too that you need to consider when selecting your Bit coin wallet for securing your Bit coins.