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PRIVATE KEYS AND HOW TO STORE THEM

Apr 16,2018 at 03:02 am

A private key in the context of Cryptocurrencies? is a secret number that allows you store and spend your coins(money)?. Every Bitcoin wallet contains one or more private keys, which are saved in the wallet file. ... ?it is important that these are kept secure.

Safely storing your Bitcoin is very important. Unlike other types of money that is controlled by banks, with Crypto-Currency you have many more options on how to store and control your money.

Can you remember your private key that you need to move your Money? Well that is literally the key to storing it. Whoever has the key controls the Digital currency. These keys can be either in digital or even in physical format i.e. written down on a piece of paper.?

So how do you store your private key? Leaving the key in your pocket won't keep it secured. You can put it in a safe - that’s a lot better. But someone can still break into your house and steal it. Given you want to use your Bitcoin regularly, you might also want to put some or all of it in a digital version on your phone so you can access it easier. The only problem is that if you lose your phone it means you will also lose your key, and there is no way to get it back.

Here are two options to secure your digital money; First, the email storage. Since private keys contain long text files, you can get Smarter by securing it in your email while it's tagged with a special code name to help you remember whenever you need to access it. It doesn't need to make sense as long as it serves it purpose.

Secondly, the way to store Bitcoin is also on of the it's biggest irony, private keys can be more secured in the bank. Our modern day banking offers series of services that allows you store important documents and accets offline in a physical bank vault completely detached from the internet.?

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