You may already know how to store bitcoins, but how do you manage your bitcoin safely? In this article, I will show you the full details of coin management and wallet protection.
What is a Bitcoin Cash wallet?
All transaction history of a specific cryptocurrency is stored in the blockchain.
You can prove that you own the coins in your wallet. The wallet has a private key to access the coins. You can compare your wallet with a keychain. The coins are not stored in the wallet, but in the blockchain. You use your wallet to manage and send or receive coins.
Which Bitcoin Cash wallet to choose?
There are a number of wallets that support Bitcoin Cash, each of which is unique and different in terms of functionality and security. For example, mobile wallets, software wallets and hardware wallets.
Are you new to trading or have experience with cryptocurrencies? Want to buy a small amount or invest more? In the snapshots below, you can see which wallet is best suited for your situation.
Mobile wallet
Mobile wallet is a smartphone application that can be used for managing coins. As with other apps, your mobile wallet can be downloaded from the App Store or Google Play Store. Coins may be stored on your phone. But not so Coins are always stored in the blockchain. A wallet should be considered a kind of keychain used to hold keys to access coins.
When you create a new wallet, you get a key called private key that proves you own a specific coin in the blockchain, which quickly sets up your wallet with inconvenient letters and numbers. Personals are converted to 12 or 24 randomly generated words (depending on the wallet provider). In cryptographic terms, these words are known as recovery phrases or seeds. The word sequence is used as a wallet backup.
Basically, a wallet allows you to manage and view your coins on the blockchain.
If you are looking for a wallet in the App Store or Play Store, you can search for different carriers. Always encourage users to do research on their own. When you find a wallet you like, check it out on Google and read reviews.
For those who don't have time to explore alone, i've listed out favorite providers below. All these wallets can be downloaded for free on any iOS or Android device.
1) Coinomi Wallet: Support for funding Bitcoin, Ethereum and Bitcoin.
The most popular mobile wallet is the Coinomi Wallet. Coinomi cannot run on the company's servers, but only on smartphones. The app is directly connected to multiple coin networks making Coinomi a decentralized wallet.
The private key and PIN are only visible to wallet users, and this information cannot be accessed by companies. It also means that the company cannot view your balance and transaction history.
Coinomi supports Bitcoin, Bitcoin Cash, Ethereum, and the most popular ERC-20 chips especially. Do you want to get specific coins from the stock market to save yourself? Coinomi is likely to support this coin.
Tip: Using the Coinomi mobile wallet, you can always buy cryptocurrency on BTC Direct without switching between tabs and apps. As you no longer need to copy and paste the recipient's address, it's easier and more secure.
2) Toast wallet: supports XRP (Ripple)
Not many mobile wallet providers support XRP, as the XRP software protocol is very different from most coins.
The biggest difference from other wallets is that the word expressions are much shorter. You have to write 6 "words" that appear to be randomly generated, independent of the English dictionary words.
The Toast wallet software is completely open source and can also be used on Mac and Windows, which means you can also manage your coins on other devices. When creating a new Toast wallet, you will be warned that the company does not store the key on its servers. It is very important to keep notes and keep them safe. It's a good idea to keep your stationery in the safe.
Have you installed toast wallet yet? You can find this address in your wallet to receive XRP, enter your address in the order form and you can buy the first wave!
3) Jaxx Liberty: Litecoin Support
As with XRP, not many mobile wallet providers support Litecoin.This shouldn't be a bad thing, Canada's Jaxx Liberty wallet simplifies Litecoin handling.
The Jaxx Liberty is not the first version of the Jaxx wallet, it is a further development version of the previous wallet (Jaxx). This new version has been created by an experienced developer and also takes into account the opinions of users. The fact that Ethereum co-founder Anthony Di lorio speaks for itself too.
The Jaxx Liberty wallet is very easy to use. You can use it after downloading, and you can easily browse various functions of the wallet. There is a built-in block explorer to easily track transactions. With this wallet, you can manage your private keys by yourself.The company behind them will not store your keys and you will not be able to access them. Privacy guaranteed
Jaxx supports more than 85 different coins such as Bitcoin and Ethereum. Unfortunately, you can't store XRP in the Jaxx Liberty wallet.
4) Blue wallet: Lightning network ready
Blue Wallet aims to facilitate transactions on the Lightning network.The wallet does not require a lot of technical knowledge, so it is perfect for anyone wanting to learn about the Lightning Network.
You can use Blue Wallet to handle Bitcoin. The smallest Bitcoin unit is Satoshi, which is used as a payment unit on the Lightning Network. There is no private key in this wallet. You can compare this with how cryptocurrency exchanges like Binance handle coins.
The wallet is available for iOS and Android.
Software wallet
A software wallet is like a digital bank account for cryptocurrency. A wallet allows you to send, receive and manage your coins. In this article, you will learn how to operate different types of software wallets and wallets.
What software wallet do you have
There are different types of software bags. Let me explain the existing species and their uses.
Note: To download a wallet with software to your computer or Mac, you must download it from the official website of the wallet provider. Downloading from other sites can infect hackers with your software.
1) Exodus: Supports Bitcoin, Litecoin, Ethereum, XRP and Bitcoin Cash.
Exodus is one of the most famous and widely used software wallets. The wallet allows you to store and manage multiple coins at once. The wallet supports Bitcoin, Litecoin, Ripple and Ethereum, for example various tokens (ERC-20 tokens) on the Ethereum network.
The Exodus wallet is both functional and easy to use. Developers pay great attention to the graphic aspects that are reflected in their designs. The interface is clear and structured. You can download it for free.
2) Jaxx Liberty: 85+ coins on all devices.
Jaxx Liberty is a modern wallet that allows you to manage your coins on any device. The wallet is free and can be used on PC, Mac, and Linux. The wallet can also be used as an add-on to the Google Chrome browser.
A great feature is that you can connect your smartphone to a software wallet. This way, no matter where you are, you will always have access to your coins.
Jaxx Liberty is not Jaxx's first wallet, this is an extended version of the old wallet (Jaxx) .This new version was created by an experienced developer and also takes user opinions into account.
The fact that Ethereum co-founder Anthony Di lorio speaks for itself too.
The Jaxx Liberty wallet is very easy to use. You can use it after downloading, and you can easily browse various functions of the wallet. There is a built-in block explorer to easily track transactions. With this wallet, you can manage your private keys by yourself.The company behind them will not store your keys and you will not be able to access them. Privacy guaranteed.
Jaxx supports over 85 different coins such as Bitcoin, Ethereum and Litecoin.Unfortunately, you cannot store XRP in the Jaxx Liberty wallet.
How do you protect your wallet?
The software wallet stores the private keys within the app. But that doesn't mean you won't lose your coins. If someone steals your computer and finds your password, you can access your coins. Therefore, it is important to back up the data.
Back-up
You can back up your data by creating recovery seeds. Seeds usually consist of 12 or 24 randomly generated words. Write down the seeds to be processed on paper, do not store them in numbers or online. With seeds, you can always use coins. You don't need a computer to install a software wallet.
Cryptotag
If you've saved your recovery seeds, you have a fairly secure backup. But you can't 100% penetrate this method. In case of fire or flooding, paper with the seeds written on it is useless. This is the reason why CRYPTOTAG was invented!
CRYPTOTAG made of titanium plate. You can engrave the first four letters of each grain on a plate.The CRYPTOTAG is anti-corrosive and anti-corrosive and can withstand temperatures up to 1655 ° C. With just a few hammers, your backup will always be safe.
Hardware Wallet
The best option is a hardware wallet. On this part, i am going to explain everything about hardware wallets and understand why it is more secure than online wallets.
What you need to know about the Hardware Wallet:
What is a hardware wallet?
How can I get a hardware wallet?
An overview of popular hardware wallets
How can I use the device bag to protect my coins?
What is a hardware wallet?
Wallets are similar to digital bank accounts. You can send, receive and manage cryptocurrencies here. A hardware wallet is a real wallet. Provide different shapes and sizes. For example, the Ledger Nano S is very similar to a USB memory stick.
A hardware wallet is one of the safest ways to store cryptocurrency. With the wallet, your device encrypts the access to the coin. For example, they are more secure than online wallets.
With online wallet, access to your wallet is stored online. If a website like btc.com breaks into your site, you may lose a coin. If you use a hardware wallet, you are not at this risk as it uses offline storage.
An additional PIN can also be used to protect the hardware wallet to prevent unauthorized use by others. If your hardware wallet is stolen or lost, no one will be able to access your coins without a PIN. A special seed gives you direct access to the cryptocurrency. I will explain how to use the extra seed later.
How can I get a hardware wallet?
You can purchase a hardware wallet from the manufacturer or official dealer website. The official trusted seller is Cryptomaan, the company is headquartered in the Netherlands. But they are shipped all over Europe.
Sometimes when the demand for cryptocurrencies is high, the hardware wallet cannot be shipped directly from inventory. So by the end of the year, more and more people want to buy and store Cryptocurrency safely, the demand for hardware wallets is increasing and they are sold out almost everywhere.
An overview of popular hardware wallets
Trezor
The Trezor is an easy-to-use wallet that can be used to store Bitcoin and other altcoins. Like the Ledger Nano S, the Treasury supports the most commonly used cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Plus, the wallet lets you store masters. All Ken ERC-20
Access:
Chrome extension
Android app
Login to MyEtherWallet.
Trezor T
Storing Bitcoin, Ethereum, and Altcoins is now easier than ever. Trezor T features a new, intuitive and easy-to-use touchscreen, new USB-C connectivity and microSD card compatibility.
Access:
Chrome extension
Android app
Login to MyEtherWallet.
Nano X ledger
The latest Ledger wallet has been released!
You can connect Ledger Nano X to Bluetooth with your mobile phone. Download the free application, you can use your password to use Ledger Nano X anytime and anywhere, combining hardware wallet security with easy mobile use.
With the new Ledger Nano X, you can store up to 100 different coins at the same time, the previous Ledger Nano S can only store 18 coins at a time.
Access:
Via computer or laptop (cable)
By phone (Bluetooth)
The Ledger Nano X is priced at € 119, you can order it from Ledger's official website or official retailers such as Cryptomaan.
Nano S ledger
The Ledger Nano S is one of the most used hardware wallets. Hardware wallets supported More than 1,100 cryptocurrencies and all ERC-20 tokens, ERC-20 is the standard for cryptocurrencies running on the Ethereum network.
The Ledger Nano S is PIN protected which is an additional security measure if you need to access the coin.
Access:
Chrome extension
Integration with Copay, Electrum, Mycelium, MyEtherWallet, GreenBits and Bitgo.
Keepkey
KeepKey is another hardware wallet that can be used to store Bitcoin and alternative coins. With KeepKey, you can create and manage private keys offline in the refrigerator to protect against computer vulnerabilities and viruses while using wallet software for secure transactions.
Access:
Chrome extension
Fusion with mycelium electronic
Digital bit box
Digital Bitbox is a simple hardware wallet that is a two-factor authentication machine focused on security and privacy. This hardware wallet combines the highest level of security, the ease of use of a "refrigerator" and a software wallet. Multiple digital currencies such as Bitcoin, Ethereum or Litecoin are supported, and all ERC-20 tokens.
Characteristics:
Digital Bitbox clients avoid the security risks of client browsers.
With the function "hide wallet"
How can I use the Hardware Wallet to protect my coins?
You have decided to collect coins in the safest way. The reason for choosing a hardware wallet might be that you don't want to spend your money in the next few years.
You don't store your coins in a hardware wallet. But keep private keys in there instead. By using a private key, you can prove to the blockchain that you own a specific address.
Backup
If your hardware wallet is lost or stolen, you can still access your coins by creating a backup.
This backup usually consists of a random set of 12 or 24 words generated by hardware wallets. These words are known as blockchain recovery phrases or seeds, use the first four letters of these words as backups. If you enter a message in the wallet (No matter what wallet) you will have access to coins.
I normally instruct users to write down this phrase and keep it safe. These word generator wallets are offline which means hackers can't access them. Make sure you save the seed phrase offline and don't place it near your hardware wallet.
The safest way to store alternate seeds: CRYTPOTAG
Most people write their seeds on a piece of paper for processing. But this method is not 100% penetrating in the event of a fire or flood, the paper writing your seeds on paper for reuse will be useless. This is the reason why CRYPTOTAG was invented!
CRYPTOTAG made of titanium plate. You can unwrap the first four letters of each word of the regenerated seed into a dish. CRYPTOTAG is anti-corrosive and anti-corrosive and can withstand temperatures up to 1655 ° C with just a few hammers. Your will be kept safe forever.
How to create a Bitcoin cash wallet?
Creating a Bitcoin wallet is very easy. There are many options for storing Bitcoin Cash. Each type of wallet is unique and different in terms of ease of use and security.
Which wallet should I choose? It depends on the purpose for which you want to use the Bitcoin currency and your purchase requirements.
Is this your first time buying Bitcoin Cash? Then the smartphone wallet is fast, easy to use and convenient is Coinomi Wallet, one of the most commonly used mobile wallets to manage Bitcoin Cash. You can read how to create one below.
Open the App Store (iOS) or Google Play (Android).
Find Coinomi and download it.
Open the app and write the recovery sentence in 24 very important words. This is a backup of your wallet!
Set a strong password
Add Bitcoin Cash to your wallet.
Use your delivery address to receive Bitcoin Cash.
You don't want to make a wallet? Try BLOX
We know that creating a wallet can be very difficult or a little complicated, so we developed the latest BLOX application.
BLOX is your very own multifunctional application for 10 popular cryptocurrencies. Buying and managing cryptocurrencies has never been easier. Prepare to buy Bitcoin Cash in 60 seconds all you need is your smartphone!
What is the address to receive Bitcoin Cash?
The wallet address or public key you received in the wallet will be similar to your bank account number for receiving coins. The bank account number will remain the same. But the wallet address of your Bitcoin wallet may change during the transaction. Therefore, not all transactions are tied to a single recipient address. In other words, even if the transaction is anonymous. But it's not entirely true.
There are two types of addresses for accepting Bitcoin Cash.
Bitcoin money is created from a Bitcoin hard fork, so the default format of the recipient address is the same. 32uLhn19ZasD5bsVhLdDthhM37JhJHiEE2
This can be confusing, so a new format is launched where Bitcoin Cash acceptance addresses begin with "q" or "p". For example, the target address might look like pqx5ej6z9cvxc2c7nw5p4s5kf8nzmzc5cqapu8xprq Sometimes the recipient's address will begin with "bitcoincash:" for easier identification.
Where can I find an address to receive Bitcoin Cash?
Enter your Bitcoin cash wallet.
If your wallet supports multiple coins, please select "Bitcoin Cash" or "BCH".
Click "Get". You can search for an address to receive.
How do I receive or send Bitcoin Cash?
1) Receiving
To receive Bitcoin Cash, please start your purchase on BTC Direct, copy the recipient's address from your wallet and paste it into the order.
2) Sending
Sending Bitcoin Cash is easy too! Click "Send" in your wallet. Enter the recipient address copied from the recipient. Enter and confirm the amount to send.
Note
To receive and send Bitcoin Cash, always copy and paste the recipient's address. Do not write or enter an address. This will reduce the risk of errors. All transactions using cryptocurrency are non-refundable. Once the coins have been transferred, they cannot be refunded.
How do you protect your Bitcoin cash wallet?
Using a hardware wallet is the safest option to manage your Bitcoin Cash. Hardware wallets won't be connected to the internet all the time, significantly reducing the likelihood of your wallet being stolen. However, there are many other ways to protect your online wallets or use software to protect your wallets.
Two-factor authentication
You can select the Two-Factor Authentication (2-FA) option in your wallet's security settings. This means that multiple devices can be used to get into your wallet. In addition to the password, you will also need it. This code can be sent through apps such as SMS or Google Authenticator. This is useful because potential hackers cannot access your wallet with just a password.
Write the seeds of recovery
No matter what wallet you use, you should write down the seed to retrieve the wallet. Some wallets provide instant seeds, while others require you to check the 24-word setting.
Use pen and paper to save seeds, recover them, and make them safe offline. This is a backup of your wallet. If you forget your password, you can use the recovery seed to access your wallet. That way, you can also access your coins from other wallets.
Conclusion
You need a wallet to send or receive Bitcoin Cash. You can find the address you want to receive in your wallet. This is the address you enter on the BTC Direct Order Form when you want to buy Bitcoin Cash.
Which wallet is right for you depends on your situation. The easiest-to-use wallet is a mobile wallet. But this is not the safest choice.
Always save 12 or 24 words with pen and paper to recover seeds and make them safe offline. This way, you will always have access to your wallet.
