security breach, the operator of the website follows a best practice by keeping the majority of the reserve in cold storage, or in other words, not present on the web server. Potential problems with cold storage methods exist but can be mitigated. Paper Wallets, though paper wallets are generated from platforms on the web, if generated from the right source can be a very safe form of storing your Bitcoins or any other cryptocurrency. Hardware Wallets, a hardware wallet is a particular type of wallet that stores private keys in an encrypted device. Its important to note that you shouldnt have too much that you can afford to lose in there as these type of wallets are easy to hack or exploit. These applications automatically generate Bitcoin addresses and private keys and make them available to be printed on paper. Methods of cold storage include keeping bitcoins: On a USB drive or other data storage medium in a safe place (e.g.
You want to put in place all measures to make sure its hiding from attackers. Printed on a piece of paper: Anyone who can see it, can steal. Tumble into a paper wallet. Handwriting can be hard to read or completely illegible. Human error in transcription can cause errors on end product. There are a number of cases where secret/private keys and/or backup seeds can be lost because of the medium on which they are stored. Security on web wallets is implemented using email address verifications or two-factor authentications.
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