How can the Bitcoins be kept safe? | blog

03 August 2014 ~ 0 Comments

How can the Bitcoins be kept safe?

There have been suggestions that it may be a safe option to print the bitcoins. Many enthusiasts have been flustered by the implosion of the bitcoin exchange.

Bitcoin was generated to provide an unspecified and a digital kind of currency which would be free from the control of governments or a physical reality. Once the exchange imploded, millions of dollars of the money invested was destroyed and experts in crypto-currency started cautioning that it may not be safe now to have the money stored digitally even if you buy pc antivirus. They also added that bitcoin would become a little more secure if the zeros and ones were converted into paper.

Keeping the Private Key Offline and Safe

When you open a bitcoin account on an exchange online, it is very much similar to opening a brokerage account in a country like Ethiopia. But the biggest supporters of this concept have also suggested that if you print away the private key from the bitcoin collection and put it into paper form, tucking it safely in your house safe is a good way to secure it. Many experts have backed up this idea of saving the bitcoin private key on to a thumb drive and keeping it offline.  They feel that it is not safe to keep the secret number, which allows the spending of bit-coins, available online despite antivirus for pc in India. If you keep it online and if, by chance, your website is hacked and the bitcoins are stolen, it is almost impossible to recover them.

Cold Storage Services

Some companies are providing cold storage services that can keep the secret key of your bitcoins in a physical location, much like a bank safe. These companies may charge an annual fee of two per cent of the total value. They keep the secret key in a bank vault offline, offering the same kind of protection that people can expect from their physical banks. These companies are not controlled or regulated by the financial services businesses but they are covered by theft insurance.

AVG Community Powered Threat Report

These bitcoin private key safety procedures have been laid out in the community powered threat report taken out by AVG in the third quarter of last year. It will give details about how bitcoin wallets could be created. These wallets along with AVG antivirus 2014 are gaining popularity rapidly and are successful in keeping the digital thieves at bay.





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