For bitcoin users, especially new users, a very common question is "which bitcoin wallet is the best?" Because different users want different functions and their actual needs, the answer to this question is naturally different. Every man has his hobbyhorse. This article will discuss the necessary considerations when creating and using bitcoin wallets.

Basic safety features

Start with the basics. Do you want to use popular online wallets, such as Blockchain.info? This online wallet controls your private key. This will increase the possibility that you will become a victim of hacking. More users use blockchain than any wallet. So far, it has created millions of accounts. Online wallets have never been proven immune to hackers.

Or you want to use the downloaded wallet or app, which needs to be updated and upgraded regularly. At the same time, compared with online wallet, it will also bring some loss of convenience and increase of security.

Check whether the provider of wallet adopts internal data encryption and two-step verification, that is, both password and online or offline independent verification code are needed, and whether it will inform you of account behavior by email.

Where are your private keys?

The holder of the private key is the owner of Bitcoin. The holder of the private key is the owner of Bitcoin. Look, the private key holder is the owner of Bitcoin. Say the important things three times. Ask those unlucky people who lost their underwear in Mentougou. No matter how trustworthy a person looks, holding his own private key is always the right choice. Although using bitcoin wallet should consider the balance between convenience and security, don't succumb to holding the private key and master your own private key!

Multiple signatures

One of the major security innovations brought by Bitcoin is multi-signature. A few years ago, multi-signature technology did not exist. Multi-signature is usually used for long-term offline storage needs, not for daily transactions of individuals or entities. So for an ordinary bitcoin user, multi-signature is not practical.

If there are three private keys, only one of them can be mastered, and the other two private keys with the same signature are needed to initiate the transaction. As a result, the probability of bitcoin being stolen is significantly reduced.

Another private key can be held by friends or relatives, and the other can be kept in a safe or offline. If you keep some bitcoins in a wallet for a long time, similar to a "cold wallet", multiple signatures may be the best choice. But remember, don't put all the coins in one wallet under any circumstances.

Open source wallet code

The wallet company may ask you to provide personal information, so you should deal with a man as he deals with you. Is the wallet code open source, like coinmi's wallet? Open source wallets are becoming more and more common now, but you'd better go and have a look.

In other words, what you want is completely transparent operation, instead of some companies standing at the front desk and privately subcontracting their business to other wallets that you don't know at all. You need to know how these wallets work and who they really protect.