Date: Tuesday 23rd March
Company: Block Digest
With Bitcoin, if you don’t control your private keys, you don’t own your bitcoin. That means the first thing you should do once you have bought bitcoin is to move it to a wallet you control.
Bitcoin wallets come in all shapes and sizes and offer different use cases depending on the amount of bitcoin you have and how you intend to use it:
For smaller amounts of bitcoin, mobile and desktop wallets are convenient and often simple to use. However, by operating on your device, they are constantly connected to the internet and more vulnerable to attack.
For more significant bitcoin holdings, hardware wallets separate your keys from an internet connection and offer a far greater level of security.
Another option for securing large amounts of bitcoin is multi-signature wallets. A multi-signature wallet requires multiple keys to sign a transaction; this means you can geographically distribute these keys and have no single point of failure.
In this interview, I talk to Shinobi, the host of Block Digest. We discuss the tradeoffs between different wallets, how wallets work, and how you should secure your bitcoin.