What are the steps to safely store bitcoins after purchasing them?

3 answers

• Feb 18, 2022 · 3 years ago
  One of the most important steps to safely store bitcoins after purchasing them is to use a hardware wallet. Hardware wallets are physical devices that securely store your private keys offline, making it nearly impossible for hackers to access your funds. These wallets often have additional security features, such as a built-in screen and buttons for confirming transactions. By keeping your bitcoins in a hardware wallet, you can protect them from online threats like malware and phishing attacks.
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• Feb 18, 2022 · 3 years ago
  Another step to consider is setting up a multi-signature wallet. A multi-signature wallet requires multiple signatures to authorize transactions, adding an extra layer of security. This means that even if one of your private keys is compromised, the funds cannot be accessed without the other required signatures. It's recommended to use a combination of hardware and software wallets for a multi-signature setup.
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• Feb 18, 2022 · 3 years ago
  At BYDFi, we recommend using a combination of a hardware wallet and a paper wallet for storing bitcoins. A paper wallet is a physical printout of your private keys, which can be generated offline. It's important to keep the paper wallet in a secure location, such as a safe or a safety deposit box. By using both a hardware wallet and a paper wallet, you can have the convenience of online transactions with the added security of offline storage.
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