Keeping your Bitcoins Safe with Paper Wallets and Brain Wallets

  • by admin
  • 7 Months ago
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Best Bitcoin Wallet Online to Secure Money

The Bitcoin wallet community started around a core group of very technical, and security conscious, individuals.The community has grown and stayed centered around relatively technical people.  Maybe not as familiar with the details of public-key encryption or the differences between hashing algorithms as the initial group was, but generally savvy enough to know how to keep their computers secure.

Paper Wallets

A Bitcoin paper wallet is a printout of a new Bitcoin address and the corresponding private key that can be used to access that address.  Because the private key is not stored on your computer, it’s not accessible to even the most determined hackers.

The easiest way to create a Paper Wallet is to visit Bit Address and click on the Paper Wallet tab. So we can say this is not in safe mode.

 Brain Wallets

A Brain Walletis also known as Cryptocurrency Wallet Online , it is a Bitcoin address and private key that can be generated from a pass phrase (which is like a password, but longer).  Cryptocurrency Wallet Online ,The benefit of a brain wallet, compared to a paper wallet, is that you don’t have to keep a printout of the address anywhere.  The downside, of course, is that if you forget your pass phrase, the bitcoins in the address will be unrecoverable.

You can use Bit Address to generate a brain wallet.  Be sure to use a long and unique pass phrase, and remember that pass phrases are case sensitive.

After you generate the address, you can transfer your bitcoins to it for safe keeping.  When you want to use the bitcoins in your brain wallet, use Bit Address to regenerate it, and import the private key into a Block Chain wallet.

Because you only need to remember a pass phrase to use them, Cryptocurrency Wallet Online or Brain wallets are easier to use than Paper Wallets.  But be very careful about the pass phrase you use.  Hackers can generate wallets using lists of known, common passwords, and then check to see if that address has been used on the Bitcoin network.  If they get lucky, and find the private key to a real Bitcoin address, they can remove the bitcoins in that wallet without any warning.

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