You can choose to store it in your bank account, or you can cash it out and store it in a secure place. There are two ways of storing traditional money. Let’s get into that now… Storing Bitcoins Online VS Offline So, what is the best Bitcoin wallet for you? What are the differences? How do you safely store your Bitcoins offline? The only thing you can do is learn from these mistakes and prevent them from happening to you. This is because people do not keep the password ( private key) to their Bitcoin wallet safe enough. These aren’t the only cases of Bitcoin’s being stolen, though - it happens often. If they had stored their Bitcoins in an offline wallet, these hacks would not have been possible. Gox stored their Bitcoin in an online wallet - this made it easy for hackers to access. Yes, you read that right - $350 million! The mistake was that Mt. This time, hackers stole around $350 million worth of Bitcoins. Gox's ( a cryptocurrency exchange) and stole 2609 Bitcoins. In June 2011, hackers got access to the Private Keys of Mt.

You need to make sure that the best Bitcoin wallet of your choice is secure. To hack your Bitcoin wallet, hackers need to get access to your Private Key. Just like how internet banking allows you to access your account using a username and password, in order to access your Bitcoin wallet, you are given a Public Key ( username) and a Private Key ( password). Therefore, it is your job to protect your Bitcoin wallet. There are lots of hackers out there that are after one thing - Bitcoins! After all, Bitcoin’s are worth a lot of money. These bad people on the internet are called hackers - and they constantly wait for opportunities to steal your information. Similarly, the internet is filled with lots of good and bad individuals, too. The world is full of good and bad people.

So, What Is the Best Bitcoin Wallet for You?īest Bitcoin Wallet: Why is Security so Important? Software Wallets - the Better Alternative Storing Offline (Hardware Wallets, Paper Wallets) Storing Online (Web Wallets, Software Wallets) Best Bitcoin Wallet: Why is Security so Important?

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