Do you invest or thinking of investing in Bitcoin? The Bitcoin and other cryptocurrencies are a hot topic and their value are soaring through the roof. Perhaps the only thing that is holding many potential investors back are the news stories of Bitcoin exchanges being hit by hackers and having millions of dollars worth of Bitcoins stolen. However, as a Bitcoin buyer, you can easily protect yourself from exchange hacking by storing your Bitcoins offline by using a hardware wallet like the Trezor Bitcoin Safe.
Of course, you can just as easily store your Bitcoins offline by using a paper wallet. A paper wallet is exactly what it sounds like. You store your Bitcoin wallet address by writing it down physically on a piece of paper. The logic is that if it is not stored online or on a harddisk of a connected computer, there is no way that someone can hack in and steal your wallet.
However, paper is a very fragile medium. The printing can fade, the paper may deteriorate or it can get destroyed by fire or water. If any of these things happen to your paper wallet, you will lose your Bitcoins forever. There is a better way to store your Bitcoin wallet offline and it is by using a hardware bitcoin wallet like the Trezor.
The Trezor is unique because it is the first hardware wallet that offers secure cold storage offline but includes the ability to spend with the convenience of a hot online wallet. The way that the Trezor works means that you can even safely do Bitcoin transactions even on a malware infected computer.
You control your private keys with Trezor. Your entire wallet is backed up using a 24 word seed generated during setup. This 24-word seed also allows you to recover your wallet should your Trezor get stolen or damaged. Your wallet is thus protected from physical as well as virtual theft.
Spending requires a PIN code that you enter during setup. Furthermore, in order to confirm a transaction, you will need to press on a physical button on the Trezor itself. This prevents hackers from automatically sending a transaction through your device.
The Trezor bitcoin wallet is not cheap but as the value of Bitcoins reaches stratospheric levels, it also attracts more attacks. This makes storing your Bitcoins on a Trezor not only a wise investment but a necessary one as well.
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