Bitcoin owners, you need to do these two things right now - Deepstash
Bitcoin owners, you need to do these two things right now

Bitcoin owners, you need to do these two things right now

Curated from: medium.com

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Take ownership of your Bitcoins

Take ownership of your Bitcoins

Bitcoin works because when it comes to keeping track of where the coins went or who has how many coins, you don't have to trust a person or a central entity to hold your coins. Your coins are yours. That is if you hold the private key to your Bitcoins.

People that use exchanges to buy Bitcoin are keeping their coins on these exchanges. But, leaving your coins on an exchange does not mean those coins are yours. You simply trust the exchange to give them to you if you request it. But that can be a problem as these exchanges can be hacked. 

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Use a SegWit wallet (and exchanges)

Segwit (Segregated Witness) is an optional upgrade to the Bitcoin protocol, which separates the digital signature (witness) from the transaction. The advantage of using SegWit is significant network upside and savings on transaction fees.

If your favourite wallet has not yet implemented SegWit, ask them to do that. Then use a wallet that has already implemented SegWit.

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Hardware Wallets

If you’re concerned about security, these should be at the top of your list:  

  • Ledger Nano S  
  • TREZOR  
  • Digital Bitbox  

Desktop Wallets

  • Electrum
  • Armory

iOS Wallets

  • Edge
  • GreenAddress

Android Wallets

  • Samourai Wallet
  • GreenBits
  • Electrum

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Move your bitcoins to a wallet

You should control the private keys to your wallet. 

Ensure the wallet you use generates a 12-24 word mnemonic seed that lets you back up and restore your wallet. However, don't just use any wallet.

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IDEAS CURATED BY

antfr

Primary school teacher

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