Are you a new bitcoin user? If yes, you must have a bitcoin wallet to secure your bitcoin. Being a bitcoin user, you are investing your funds in bitcoin, and to secure it from all the fraudulent activities is really important. Different types of bitcoin wallets are available, but to choose the best one that suits your need is one major decision which should not be taken lightly.
There are people who simply think that they can make money through bitcoin trading through platforms like cryptosoft. Such people will not do the necessary homework before starting a bitcoin wallet. But it is not the right thing to do.
In this article, we will suggest you some tips that will help you in choosing the best bitcoin wallet for you. However, these are just the suggestions, and the final decision must be taken as per the current market scenario.
So let’s look at the points that you need to consider.
As you all know, security is one of the major factors that you need to consider while investing your money in anything. It’s the same with bitcoin wallet too, and it must not be overlooked. If you are planning to use a web wallet, make sure that it has a secure https protocol. Also, check whether they provide secure logins and two-factor authentication.
2Control your bitcoin
While using a bitcoin wallet, if you are provided access to the private keys of your bitcoin, then it means that you don’t have control over your bitcoin. It is very much important to check this factor before choosing a bitcoin wallet. Only with the private key, you will be able to control your bitcoin and make any transaction as per your need.
A multi-signature is yet another important factor that you need to consider before choosing a bitcoin wallet. This feature is important to secure the wallet from attackers and theft. The multi-signature, also known as multi-sig, makes sure to have more than one key to authorize your bitcoin transaction.
Check for the transparency of your bitcoin wallet provider. How they operate and how they communicate their deals with the users are all important. Above all, check for the open-source code. It has to be checked and kept updated to prevent all the possible vulnerabilities.
Does your wallet offer Hierarchical Deterministic? HD offers are more popular these days as it always offers new bitcoin addresses for the users and so it has an increased privacy mode. Privacy of the bitcoin users where a common problem that was discussed from the time the bitcoin emerged. The new HD wallets are providing a one step forward solution for this through a well-designed system, which will, in turn, provide the users with more privacy.
Just like all the other web services, user-friendliness is very much important with bitcoin wallet too. No one will love to use a wallet that is not easy to use. Nowadays, as more people are using these kinds of wallets through mobile phones, check whether your wallet is too mobile friendly. Easy to navigate options is also important.
Does your wallet ask for any registration before using it? Anonymity is important for everyone. Asking too many questions to get registered and to complete the verification process like KYC, etc., makes it a bit difficult for normal users. So you can choose for wallets, which provided an easy registration process.
Check whether your wallet provides a backup feature. There must be occasions when you need to back up your bitcoin wallet. Confirm whether your wallet provides such an option to encrypt and backup your details. You must also be able to restore it whenever necessary. Most of the repute bitcoin wallets provide this feature.
So these are things that you need to consider before choosing a bitcoin wallet. As already mentioned, these are just suggestions, and doing thorough homework is really important before you start investing in bitcoin. There are several materials available online that will help you learn more about bitcoin and different bitcoin wallets.