We are now living in a time were cryptocurrency started to dominate the world's economy. It is very important for us to be acquinted with this advancement of technology for us not to be left behind scratching our heads. Recently, I've discussed topics about crypto currency such as: Cryptocurrency Mining, What really is blockchain, What's the difference of fiat money and cryptocurrency and Which ICO will I invest?.
And now we are going to learn about on how to secure our bitcoin wallet from hackers. They were sprouting like muchrooms all over the net and we dont know when they will attack and how they will penetrate our accounts. We must do countermeasure to secure our hard-earned bitcoins.
The most important thing to remember from a security standpoint is that we have to keep our keys secure - that is the private keys to our Bitcoin addresses because with those keys our money can be spent or withdrawn. Whenever we hear about Bitcoin being compromised - it is really someone's keys being compromised. It is just like the keys of our house or car that they can go in and take whatever we have.
The most common storage for our cryptocurrency are the exchanges but there is a high risk in keeping our coins there since we don't hold our private keys. In fact, we don't even know what our private keys are. Essentially, the exchange is holding our private keys and we have to trust that exchange won't get hacked. In the recent past, two former large exchanges got hacked and thousands of bitcoins were lost from their users. When it comes to cryptocurrency, private keys are everything - if someone holds our private keys, they hold our cryptocurrency.
This crucial security problem was solved by a single device - it is Trezor Offline Wallet. It is a hardware wallet that is not connected whatsoever to the internet. It is completely separate entity and its whole purpose is to store our private keys so that we are in full control of our coins. It is extremely portable and can be inserted into any computer or laptop with a USB port or any smartphone by using an adapter. It's a simple device with a small screen to verify send transactions and two small buttons to confirm or disapprove all commands. Anytime we want to send Bitcoin or other cryptocurrency that we have stored on the device, we simply have to plug it in via USB and we can sign off the transaction without ever exposing our private keys. And to receive cryptocurrency, we don't even have to plug the trezor in.
We just need to setup trezor to ready for use. Please refer to the video below on how to setup trezor wallet.
Courtesy: Cryptomined
