Before we learn how to secure a bitcoin wallet, let’s talk a little about:
what is meant by the bitcoin wallet itself?
Bitcoin is stored in an account called the Bitcoin Wallet.
Bitcoin wallet from any company can be used to store bitcoin and you can download it for free on Google Play Store or Apple Store. There are hundreds of companies in the world that have made Bitcoin wallets to date, but for the sake of your account’s security, we recommend looking for the application that has the highest number of downloads and the highest review stars. If you are interested in comparing the strengths and weaknesses of the current Bitcoin wallet, visit Bitcoin.org.
After installing the wallet, you will get a Bitcoin address (Bitcoin Address). From the Bitcoin wallet, you can transfer bitcoin anywhere in the world as long as you are connected to the internet. It is very easy to send Bitcoin. You simply open the wallet application, enter the Bitcoin address of the opposite transaction with the number of bitcoins you want to transfer, then press the ‘Send’ button. How to use it is actually similar to Internet Banking basically. The difference is only in the level of security where Bitcoin is far superior because transactions occur directly from the sender to the recipient without involving “bitcoin institutions” or any manager who can control, take or lose your money at any time.
Every Bitcoin wallet must have different layers of security and different ways to secure it. But on average, they provide an option where you can add 2 Factor Authentication to give an extra layer of security to your wallet. 2 Factor Authentication usually takes the form of verification via an SMS pin that will enter the mobile number you registered when you created the wallet, or in the form of a Google Authenticator pin that you can install on your laptop or on your smartphone. The result, every time you want to log into your wallet, you must be able to enter your e-mail address, password and SMS pin or your GA pin to access your wallet.
The most important thing you must do to secure your wallet is to backup your private key.
When you make a Bitcoin wallet, you will automatically have a public key and private key. A public key is a series of letters and numbers that you can imagine as a bank account number.
- Example public key: 1FP1toj2osvcV2EWjEf7SwyPCRuwTr2dTL.
You can give this number to anyone in written form and QR Code to receive Bitcoin. Each public key will be connected to a private key which is a series of letters and numbers that you really need to keep a secret. Think of the private key as your ATM pin.
- Example private key: 5HpHagT65TZzG1pH3CSu63k8DbpvD8s5ip4nEB3kEsrfuuNUQgn
As long as you have your private Bitcoin wallet key, you no longer need to worry if your Bitcoin wallet provider site is down or inaccessible. For example your Bitcoin wallet is installed on a smartphone and the application is erased (or worse, your smartphone is lost), you can simply reinstall the Bitcoin wallet on another device (on a tablet, or a PC for example) and enter your private key to get access to your wallet back. One safe and easy way to back up your wallet is to make a paper wallet like in the picture below. You can see instructions for making a Paper Wallet here.
Most Bitcoin wallets currently in circulation do not provide private keys in the form of a series of letters and numbers, but have been simplified into a security passphrase that is usually in the form of 12 letters that are easy to write or remember. Example of a private key that has been changed to a security passphrase: blue spear hotel falcon baseball unique keyboard albino refrigerator twelve field river
Whether or not your wallet is safe depends on you. Learn how to secure your wallet early because it is different from a Facebook account that only contains personal information, your Bitcoin wallet can be worth hundreds of thousands to billions of Rupiah. It’s unfortunate if taken over by someone else, right?