Secure Your Blockchain Bitcoin Wallet

How to decently set up and secure a wallet.

Frequently Asked Questions

Secure Your Bitcoin Wallet

Once you have done that, go into your Account settings. On the left side of the page, under Account Information, you will see Private. Click on it, then inject an email address, an alias, and verify your phone number. The alias permits you to login with something memorable, rather than the long default string of characters. You can use something plain like your utter name.

Under Individual, you will see General. Click on it, and set an inactivity logout time (I use thirty minutes), and set your Default Fee Policy to normal, or generous.

Under General, you will see Display. Click on it, and set your local currency. You can switch the other settings if you like too.

Under Display, you will see Notifications. Click on it, and switch the settings to whatever you want.

Under Notifications, you will see Passwords. Click on it, and then Demonstrate / Hide Password Mnemonic. Write down your mnemonic; keep it safe. Now choose a 2nd password. Make it something you will never leave behind. Write it down; keep it safe. Also, pack in a password hint.

Should you leave your browser open while you’re still logged in, the secondary password you entered will prevent someone from sending coins out of your account. It does this by prompting you for a 2nd password anytime you attempt to send coins.

Congratulations, your account is now much safer; however, there is one more security measure you can take to make your account virtually unhackable. It is called Two Factor Authentication.

Two-factor Authentication

Two-factor authentication is a security process in which the user provides two means of identification, one of which is typically a physical token, such as a card, and the other of which is typically something memorized, such as a security code. In this context, the two factors involved are sometimes spoken of as something you have and something you know. A common example of two-factor authentication is a bank card: the card itself is the physical item and the private identification number (PIN) is the data that goes with it.

Moving on, under Passwords, you will see Security. Click on it, and then select an option from the drop down menu. gives you a duo of different options for two factor authentication: SMS, email, Yubikey, and Google Authenticator. We very recommend either using a Yubikey, or Google Authenticator. If you choose Google Authenticator you need to download the Google Authenticator app from the App Store (iPhone), or the Play Store (Android).

Google Authenticator

Because Google Authenticator is the quickest and easiest to set up, I’m going to use it as an example.

Download Google Authenticator from the App Store (iPhone), or the Play Store (Android). Once you have done this, go back to your computer, and in the Security settings, choose Google Authenticator from the drop down menu. A large QR code will be displayed. Open the Google Authenticator app on your smartphone and choose Scan a barcode. Then scan the barcode displayed on your computer’s screen. After scanning the QR code, the app will display a six digit code that switches every thirty seconds. Inject this into the box below the QR code on your computer screen.

Congratulations, because an attacker would need to know your main password, your secondary password, AND have access to your smartphone in order to inject your authenticator code, your account is now virtually unhackable!

Related video:

admin_en |

Related Posts

The mathematics behind blockchain In a previous Math Investor blog, we described the emerging world of blockchain, emphasizing how it might influence the financial services and investment world. Already numerous firms, including several startup organizations, are pursuing blockchain to facilitate and streamline many types of financial transactions.

Technical Roadblock Might Shatter Bitcoin Wishes by Tom Simonite February 16, 2016 The total value of the digital currency Bitcoin is over $Five billion, reflecting how some people think it will one day become widely useful. But a fresh analysis of the software that powers the currency concludes that Bitcoin needs a finish redesign if […]

Social signals and algorithmic trading of Bitcoin The availability of data on digital traces is growing to unprecedented sizes, but inferring actionable skill from large-scale data is far from being trivial. This is especially significant for computational finance, where digital traces of human behaviour suggest a fine potential to drive trading strategies.

Leave a Reply

Your email address will not be published. Required fields are marked *