Keeping Your Bitcoins Safe: Hot Wallets vs. Cold Wallets

 There are basically two general types of wallets to keep your bitcoins, and other cryptocurrencies, safe. There are cold wallets and hot wallets. In this article, you’ll find out the pros and cons of each type of wallet so you can make an informed decision when choosing which wallet to go for.

 Hot Wallets

 Hot wallets are called hot because they are connected to the Internet which generally means it’s easier for hackers to hack into and steal your valuable coins from you. Examples of hot wallets include those free wallets at your favorite bitcoin exchange website like Coinbase or Kraken, and mobile app wallets.

 Desktop wallets are another form of hot wallets especially if you install it on a system that’s connected to the Internet. However, you do have control over your private keys, and you can encrypt your wallet to prevent hacking attempts. The only downside to desktop wallets is if your computer gets destroyed or stolen, then you can pretty much say goodbye to your bitcoins.

There have been many instances of theft in hot wallets. Some hackers have even managed to steal millions of dollars’ worth of bitcoins! Hot wallets are great for storing small amounts and transacting on the fly. But if you’ve got quite a sizeable number of bitcoins, then it’s best to move these to offline storage or cold wallets.

 Cold Wallets

Cold wallets are the preferred storage method of people with a significant amount of bitcoins. Examples of cold wallet include paper wallets and hardware wallets. Paper wallets may sound a bit funny at first because we’re talking about storing digital currencies here, but it’s precisely why it’s one of the best types of wallet for long-term storage! With paper wallets, there is zero chance of anyone hacking anything on paper. The downside is it can be stolen, or it can get burned, or destroyed. To keep your paper wallet safe, consider putting it in a safe environment like a safety deposit box.

The second type of cold wallet is the hardware wallet. It’s a physical offline device that’s pretty much like a glorified USB that can be plugged into your computer when you need to make a transaction. There are three main brands that are very popular among crypto owners. These are Trezor, Ledger Nano, and KeepKey. All three will cost you some money but will definitely help keep your virtual treasure chest safe.

3 Red Flags Of Cryptocurrency Scams

There are many different kinds of cryptocurrency scams that are victimizing people who are new to the crypto world. Con artists prey on those who don’t know the difference between a legit crypto platform and a fake one, who don’t know a Ponzi scheme from a legitimate affiliate program. These scammers fool people into thinking that their well-designed websites give them a semblance of legitimacy, but on closer inspection, these sites won’t pass muster. Here are some giant red flags you should be aware of:

 1 – Website Has No SSL Certificate

 It’s very important for a website that deals with cryptocurrencies to have an SSL (Secure Sockets Layer) certificate installed. Websites with no SSL only display HTTP before their domain names and websites with SSL show HTTPS. Many scam websites are here today, gone tomorrow types of sites, which means once they’ve scammed a certain number of people, they’ll shut down that site and move on to a fresh domain. It’s quite easy to transfer website files from one domain to another; this is why these scammers can set up shop very quickly.

 2 – The Offer Is Too Good To Be True

 Whether you’re trying to get the best rates for your dollars or bitcoins, it’s only natural that you’d want the best possible deal. Since cryptocurrencies are decentralized, most crypto exchanges have their own exchange rates. However, these rates don’t vary by much. If you see a website offering rates that are significantly lower or higher than other established exchanges, then it’s a giant red flag. It’s better to do business with a trusted platform with higher fees than to try to get the best deal out of an unknown website that could possibly swindle you out of your entire fortune.

 3 – Beware Of Ponzi Scams

 Some Ponzi scams are not as obvious especially if they’ve been around for a few weeks or months. This is because their first members would already have received their profits (derived from payments by new recruits) and would be posting glowing reviews on the Internet. At first glance, you might be fooled into thinking it’s a legitimate crypto operation especially if you personally know someone who’s made money from the scheme. Check out those positive reviews, and you’ll see they’re basically saying the same thing. We’d even like to bet they would have their affiliate or referral links somewhere on the review.

Currency Of The Future - Why Is Bitcoin So Popular

Do you know anything about bitcoin and think why is Bitcoin so popular and what is Bitcoin mining? Here are the answers to satisfy all your curiosity. Bitcoin is electronically managed and controlled digital currency. This sounds interesting and strange but let me you it is absolutely true.

Bitcoin is not printed hence no one controls or regulates it, it is tax-free, border less and transparent currency. Bitcoin currency can be sent anywhere in the world without third party dependency. Bitcoin currency is produced by using highly complex algorithms. 

These algorithms are known as mining bitcoin, it is a very revolutionary currency form which have created financial revolution in the form of cryptocurrency.

It became so popular because of the following characteristics…..

1.It’s fast

2.It has large applications

3.No transaction fees on it

4.Risk free currency.

5.Borderless and globally accepted

6.Deflationary nature.

7.Decentralized

8.Bitcoin currency is a liability of no one.

 The reason behind its popularity is,  it gives the owner the feeling of freedom from taxation, devaluation, confiscation and theft. It is based on latest technology known as the blockchain. According to Satoshi Nakamoto, It is a p2p mode or version of transaction of money, people can transfer their payments without depending on third party.

The value of bitcoin is increasing tremendously daily. Click on the pics in this post to find out more as to why Bitcoin is so popular and join the millions of bitcoin owners today, don’t get left behind.