Backup bitcoin private key

How to Keep Your Bitcoin Safe: Private Key Security Tips for BitPay Wallet Users

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Like in real life, your wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns.

At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money. You should be wary of any service designed to store your money online. Many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance backup bitcoin private key security to be used to store money like a bank.

Accordingly, you might want to use other types of Bitcoin wallets. Otherwise, you should choose such services very carefully. Additionally, using two-factor authentication is recommended.

A Bitcoin wallet is like a wallet with cash. If you wouldn't keep a thousand dollars in your pocket, you might want backup bitcoin private key have the same consideration for your Bitcoin wallet. In general, it is a good practice to keep only small amounts of bitcoins on your computer, mobile, or server for everyday uses and to keep the remaining part of your funds in a safer environment. Stored backup bitcoin private key a safe place, a backup of your wallet can protect you against computer failures and many human mistakes.

It can also allow you to recover your wallet after your mobile or computer was stolen if you keep your wallet encrypted. Some wallets use many hidden private keys internally. If you only have a backup of the private keys for your visible Bitcoin addresses, you might not be able to recover a great part of your funds with your backup.

Any backup that backup bitcoin private key stored online is highly vulnerable to theft. Even a computer that is connected to the Internet is vulnerable to malicious software. As such, encrypting any backup that is exposed to the network is a good security practice.

Single points of failure are bad for security. If your backup is not dependent of a single location, it is backup bitcoin private key likely that any bad event will prevent you to recover your wallet.

You need to backup your wallet on a regular basis to make sure that all recent Bitcoin change addresses and all backup bitcoin private key Bitcoin addresses you created are included in your backup. However, all applications will be soon using wallets that only need to be backed up once. Encrypting your wallet or your smartphone allows you to set a password for anyone trying to withdraw any funds.

This helps protect against thieves, though it cannot protect against keylogging hardware or software. You should make sure you never forget the password or your funds will be permanently lost. Unlike your bank, there are very limited password recovery options with Bitcoin. In fact, you should be able to remember your password even after many years without using it. In doubt, you might want to keep a paper copy of your password in a safe place like a vault. Any password that contains only letters or recognizable words can be considered very weak and easy to break.

A strong password must contain letters, numbers, punctuation marks and must be at least 16 characters long. The most secure passwords are those generated by programs designed specifically for that purpose. Strong passwords are usually harder to remember, so you should take care backup bitcoin private key memorizing it.

An offline wallet, also known as cold storage, provides the highest level of security for savings. It involves storing a wallet in a secured place that is not connected to the network.

When done properly, it can offer a very good protection against computer vulnerabilities. Using an offline wallet in conjunction with backups and encryption is also a good practice. Here is an overview of some approaches. This approach involves having two computers sharing some parts of the same wallet. The first one must be disconnected from any network. It is the only one that holds the entire wallet and is able to sign transactions.

The second computer is connected to the network and only has a watching wallet that can only create unsigned transactions. This way, you can securely issue new transactions with the following backup bitcoin private key.

Because the computer that is connected to the backup bitcoin private key cannot sign transactions, it cannot be used to withdraw any funds if backup bitcoin private key is compromised.

Armory can be used to do offline transaction signature. Hardware wallets are the best balance between very high security and ease of use. These are little devices that are designed from backup bitcoin private key root to be a backup bitcoin private key and nothing else. Backup bitcoin private key software can be installed on them, making them very secure against computer vulnerabilities and online thieves.

Because they can allow backup, you can recover your funds if you lose the device. Using the latest version of your Bitcoin software allows you to receive important stability and security fixes. Updates can prevent problems of various severity, include new useful features and help keep your wallet safe.

Installing updates for all other software on your computer or mobile is also important to keep your wallet environment safer. Bitcoin includes a multi-signature feature that allows a transaction to require multiple independent approvals to be spent.

This can be used by an organization to give its members access to its treasury while only allowing a withdrawal if 3 of 5 members sign the transaction. Some web wallets also provide multi-signature wallets, allowing the user to keep control over their money while preventing a thief from stealing funds by compromising a single device or server. Your bitcoins can be lost forever if you don't have a backup plan for your peers and family.

If the location of your wallets or your passwords are not known by anyone when you are gone, there is no hope that your funds will ever be recovered. Taking a bit of time on these matters can make a huge difference.

Securing your wallet Like in real life, your wallet must be secured. Be careful with online services You should be wary of any service backup bitcoin private key to store your money online.

Small amounts for everyday uses A Bitcoin wallet is like a wallet with cash. Backup your wallet Stored in a safe place, a backup of your wallet can protect you against computer failures and many human mistakes. Backup your entire wallet Some wallets use many hidden private keys internally.

Encrypt online backups Any backup that is stored online is highly vulnerable to theft. Use many secure locations Single points of failure are bad for security. Make regular backups You need to backup your wallet on a regular basis to make sure that all recent Bitcoin change addresses and all new Bitcoin addresses you created are included in your backup.

Never forget your password You should make sure you never forget the password or your funds will be permanently lost. Use a backup bitcoin private key password Any password that contains only letters or recognizable words can be considered very weak and easy to break.

Offline transaction signing This approach involves having two computers sharing some parts of the same wallet.

Create a new transaction backup bitcoin private key the online computer and save it on an USB key. Sign the transaction with the offline computer. Send the signed transaction with the online computer.

Hardware wallets Backup bitcoin private key wallets are the best balance between very high security and ease of use.

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Would you leave your purse or wallet lying around? Would you toss it into some corner of your house when you get home? Probably not, especially if the wallet had gold coins that could potentially grow in value. Your bitcoin wallet is not any different.

In a previous post , we showed you how to protect your funds by storing them in a multisignature wallet. Today we're going to show you how to securely back up and protect your wallet's private keys themselves. The first time you open the BitPay app and create a new wallet, you will see this screen:. At this point, you'll need to back up your wallet. This means writing down a twelve word backup phrase like the one shown below and keeping it safe.

It is not secure to take a screenshot or picture of your 12 word backup phrase. Never share your backup phrase with anyone — even BitPay — unless you want them to have access to your money. These 12 words can be used to regenerate your bitcoin wallet's "private keys".

Private keys generate the digital signatures required to spend your bitcoin. Simply put, a private key is sort of like the password to your email address, except it can't be reset. Since the backup phrase gives a bitcoin wallet access to your private key, you can use the word backup phrase to recover your bitcoin if your device is stolen or damaged.

Backup phrases are a simple, secure way to protect and restore private keys. But this means your bitcoin is only as secure as your backup phrase.

You might want to take extra care to secure and protect your backup phrase once you've written it down. Before you think about how to secure your bitcoin wallet backup phrase and private keys, count the cost. But you will probably be alright with spending more time and money on securing the private keys for a large amount of bitcoin.

Here are some ways you can secure your backup phrase and your private keys when you create a bitcoin wallet. Be sure to write down your backup phrase on a strong, durable sheet of paper with a quality pen. You can also secure that paper in a protective sleeve. The key is to make sure the ink and paper hold up over time. Instead of storing your backup phrase in a physical wallet or box, you may want to store your backup phrase in a fireproof and waterproof safe or lockbox. If you wish to share emergency access to your wallet in case of accident or death, you can entrust multiple copies to trusted friends and family whom you can trust to store the phrase securely.

If you want to take your backup phrase storage to a new level of security, you can keep your backup phrase in a safety deposit box at a bank. This recommendation comes with several caveats. First, you must be sure that you trust the stability and integrity of the bank.

Some banks in countries with unstable financial systems have confiscated the contents of safety deposit boxes in the past. Finally, the contents of a safety deposit box in the US are not FDIC insured, so there is not a safety net for your bitcoin wealth. Once your backup phrase is secure, you can focus on securing your wallet and your private keys on your device. In case your device is stolen, you don't want the thief to be able to access your bitcoin. There are two things you can do to prevent this.

To prevent a thief from accessing your backup phrase through your app, be sure to set a strong PIN lock on your phone. Here are the steps to set a PIN in your app:. Note that this method only provides security against non-technically skilled thieves. If thieves can access your smartphone hard drive, a PIN will not prevent them from accessing your private keys. Fortunately, the BitPay wallet makes it easy to encrypt private keys with a spending password, as shown in the image above on the right.

The wallet will prompt you to enter this password every time you initiate a bitcoin payment, and the password will protect the private keys on your device. Remember that this spending password will not protect your private keys if your backup phrase is lost. Want to learn more about securing your bitcoin? Check out our wallet security page , or browse through our library of wallet help articles. Want more tips for bitcoin security?

Subscribe now to get our blog posts delivered to your inbox. Tips for Private Key and Backup Phrase Security Before you think about how to secure your bitcoin wallet backup phrase and private keys, count the cost. Recording Your Backup Phrase Be sure to write down your backup phrase on a strong, durable sheet of paper with a quality pen. Storing Your Backup Phrase Instead of storing your backup phrase in a physical wallet or box, you may want to store your backup phrase in a fireproof and waterproof safe or lockbox.

Securing Your Private Keys Once your backup phrase is secure, you can focus on securing your wallet and your private keys on your device. Here are the steps to set a PIN in your app: Using Spending Passwords Fortunately, the BitPay wallet makes it easy to encrypt private keys with a spending password, as shown in the image above on the right.

Here are the steps to set a spending password for any of your wallets:

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