Keep Your Private Keys Safe- Why It’s so Important to Store Them Offline
Tags: Secure Wallet, Cryptocurrency, Crypto, Bitcoin Wallet, Bitcoin

Stepping into the spotlight in 2017, crypto-assets have quickly become a hot topic of conversation. However many people fail to grasp how value is transferred between people, as well as how to keep their assets safe. Cryptocurrencies may have put the power of finance back in our hands, but it also leaves us liable to cyber-crime. With this in mind, it’s important to understand what public and private keys are, how they affect you, and how to effectively keep your private keys safe from attack.

Public and Private Keys

As you may be aware, the ‘crypto’ in crypto-currencies refers to cryptography. In its simplest form, cryptography is a means of encoding or decoding information. In fact, it is this unique feature of blockchain technology that is responsible for removing third-party validation and human interference. In order for the network (blockchain) to confirm a transaction, it uses encrypted mathematical equations by matching your public and private keys.

The ‘keys’ themselves are actually a string of numbers that point to an address/wallet and identify the rightful owner. When you create a new wallet:

The public key is used to create the code-the encryption.

The private key is used to decode or decrypt the code.

The Private Key Is the Key to Your Success

When you are ready to send/receive tokens, or to make a purchase, you do so by giving the other party your public key. This points to your wallet address and gives them virtual access to your wallet. However for the transaction to go through, it must also be signed digitally by using the private key. To understand this more simply:

Think of the private key as your digital signature .

. You use it to confirm that you, the owner of the coins, approve the transaction or deposit address, or to generate a new public key.

The private key signs the transaction and allows the recipient to receive the tokens via the public key.

The network (blockchain) is designed to automatically approve any transaction where the public and private keys match.

This means that anyone who possesses your private keys can access your funds. You never want to reveal your private keys.

A paper wallet lists both the Bitcoin address and the private key

If You Don’t Own Your Private Keys, You Don’t Own Your Coins

When many people ‘dip a toe’ into the crypto world, they don’t realise they’re essentially putting their hopes and dreams into someone else’s hands. By leaving your assets on an exchange, or in hot wallets, you are actually relying on a third party to look after them. It’s the ability to fully control your own finances that gives credence to the rise of crypto-currencies in the first place. And with more than $200m worth of crypto hacked or stolen in 2017 alone, keeping your private keys safe has never been more imperative.

How to Keep Your Private Keys Safe

One of the common ways to keep your private keys safe is by generating and printing a paper wallet. This cold wallet storage is immutable to cyber-attacks, but it also puts a lot of value (and future potential value) into something that cannot be recovered if it is lost. Not to mention the inefficiency of then needing a secure location to store the paper wallet, like a safe or a safety-deposit box.

Another common means of storage for private keys is on your phone or computer. Whilst it is a convenient way to access and move your funds, it is considered a hot wallet. Attempting to keep your private keys safe by leaving them on an internet-connected device leaves you open to hackers, phishing scams, viruses, and other malware.

The best method to keep your private keys safe lies in an offline storage device. The Secure Wallet combines the best of hot and cold storage to provide unparalleled security with the convenience of a bank card. The wallet is never connected to the Internet, however, you can interact with it wirelessly through the companion app. This lets you choose how and when to use the wallet, and provides a means to recover your assets if you lose the device.

Key Security Features of the Secure Wallet

CC EAL5+ certified- the highest security standard for government level deployments.

Truly portable- does not require a wired connection as with other cold storage devices.

One-time-password generator. This additional security feature means that every transaction leaving the wallet has to be physically confirmed by you, the owner.

Convert your crypto from within the app itself, so you never risk losing your tokens on an exchange.

Zero fees to move your assets (other than standard blockchain mining fees).

to move your assets (other than standard blockchain mining fees). Up to 4 weeks of battery life per charge, 15 degrees of flex, waterproof and incredibly durable.

The Secure Wallet allows you to move assets and make trades without hesitating, and without charging for it. Moreover, it keeps your private keys safe by allowing you to make these transactions without the private keys ever leaving the hardware device. By being immutable to attack, and never revealing private keys, the Secure Wallet is the safest investment you can make.

Want to know more about the Secure Wallet? Visit securewallet.shop to get all the info you need!