By Luis RodrÃguez (@SomosPolvo)
One of the features that make Bitcoin so attractive is the accessibility it offers its users. Thanks to these chain blocks can be confident of finding safety, an alternative to escape the control of despotic governments and trade barriers, and a simple way to use your money without intermediaries. However, this ease of use can sometimes call a certain lightness in the attitude of some users , partly because to use Bitcoin is not strictly necessary to know quite how it works -which does not mean that thoroughly know not something useful-.
Simply open up an account on a portal as "Coinbase" or "Xapo", or install a local purse as "Electrum" among many other options to send and receive bitcoins without problem. To participate in the chain of blocks do not need to wait paperwork or authorizations, you are free to act and best of all, it's easy; If you know make a bank deposit you know the basics.
However, ease of use should not be an excuse to act carelessly. From the first moment you use Bitcoin are responsible for both your good and your bad practices, and that you should not overlook. Only up to you to ensure your interests that you enjoy no greater than that offered by a reliable and robust network protection .
I do not know if you've read my previous article as a guest writer on this site. In the same invited savers Bitcoin to value their price in the future and to consider that someday Satoshi (the smallest unit today) could become a unit of account everyday as a result of healthy deflationary nature of this coin. On that note I finished mentioning those who may have been rich but lost the "keys of your safe". Bear in mind that when we use Bitcoin must anticipate the risks inherent to take the money as a game for the simple fact of being digital.
Why take care of both our private keys ?
Most readers of this blog should already be very clear, however a new adopter of Bitcoin can not know precisely, so I'll explain in summary form.
When a public key is generated, this always comes with a private key that is what gives us the right to your disposal. While a public key can serve to receive payments as if it were a bank account, the private key serves not only as password but also as a title. We must remember that in the blockchain there is no popular option "forgot my password" and since you can not just trick to return us access to it still being the rightful owners of a certain amount of bitcoins, is vital to ensure not to lose private keys.
In most cases no danger if we do not expose ourselves too. For local purses, just keep equipment safe where we installed for anyone who wish not have access to our keys, and in the case of online services hardly have to worry directly by the software, as we have the advantage that it is not in our computer but on their servers. However, we should not rely so much.
Does it really matter where we store our bitcoins?
Yes, and do not get me wrong, Bitcoin is safe, but we can not always rely so lightly our money to others or expect the same take care of itself. There are times when we should be skeptical and selected, and this case warrants.
I understand that online services may seem to some the most convenient way to manage your bitcoins, especially when it comes to beginners who might mistakenly deposited a large amount in a direction of your local purse and then (not knowing what that implies) easily uninstall hoping to recover in the future.
Other than that, we know that there are companies that have earned their reputation in the market and have proven to be acceptably responsible in the management of deposits of its members. However, when it comes to private keys we should always keep in mind that if we manage our money in the hands of other people also run a risk , and this is inherent in who are now those hands responsible for preventing any failure or inconvenience .
With this I do not want to become the typical chick running from side to side screaming that the sky is going to fall; but keep in mind that if a thief wants our bitcoins must necessarily gain access to our private keys, and therefore will make it very attractive target both hosted on servers as those who are in insecure computers portfolios.
I'm not calling for complete non-use of all online services, but as general counsel intend to make eye something that should be obvious, and that is if you value your bitcoins want to have more control over them; as against chain blocks are private keys which granted the control you need, if you do not control your keys Another is doing it !
In case you want to save large amounts in Bitcoin, my recommendation is almost completely tilted toward local purses usually provide greater security and are really comfortable (as I said, I make an exception in cases where the user can consider the high probability of making a serious mistake a significant hazard).
A good way to ensure a little more, if we want, is to score our key pairs or print purses paper ; this in order to anticipate any unexpected situation, such as a failure of our computer that can seriously affect your hard drive. In any case, it is always useful to have a physical backup of our keys and wallets choose between taking into account if we are offered easy access to them or not.
In the case of companies like "Coinbase" and "Xapo" which offer similar to bank services and access to private keys of the addresses used within their platforms are reserved, I can understand why they do it (basically to prevent a smartass make deposits and expenses within its -that platforms, outside blocks- chain and make a sweep directions simultaneously), but we should keep in mind to take risks when choosing to use their services as a means to store our bitcoins; and above all how much we give ourselves to trust them.
One of the features that make Bitcoin so attractive is the accessibility it offers its users. Thanks to these chain blocks can be confident of finding safety, an alternative to escape the control of despotic governments and trade barriers, and a simple way to use your money without intermediaries. However, this ease of use can sometimes call a certain lightness in the attitude of some users , partly because to use Bitcoin is not strictly necessary to know quite how it works -which does not mean that thoroughly know not something useful-.
Simply open up an account on a portal as "Coinbase" or "Xapo", or install a local purse as "Electrum" among many other options to send and receive bitcoins without problem. To participate in the chain of blocks do not need to wait paperwork or authorizations, you are free to act and best of all, it's easy; If you know make a bank deposit you know the basics.
However, ease of use should not be an excuse to act carelessly. From the first moment you use Bitcoin are responsible for both your good and your bad practices, and that you should not overlook. Only up to you to ensure your interests that you enjoy no greater than that offered by a reliable and robust network protection .
I do not know if you've read my previous article as a guest writer on this site. In the same invited savers Bitcoin to value their price in the future and to consider that someday Satoshi (the smallest unit today) could become a unit of account everyday as a result of healthy deflationary nature of this coin. On that note I finished mentioning those who may have been rich but lost the "keys of your safe". Bear in mind that when we use Bitcoin must anticipate the risks inherent to take the money as a game for the simple fact of being digital.
Why take care of both our private keys ?
Most readers of this blog should already be very clear, however a new adopter of Bitcoin can not know precisely, so I'll explain in summary form.
When a public key is generated, this always comes with a private key that is what gives us the right to your disposal. While a public key can serve to receive payments as if it were a bank account, the private key serves not only as password but also as a title. We must remember that in the blockchain there is no popular option "forgot my password" and since you can not just trick to return us access to it still being the rightful owners of a certain amount of bitcoins, is vital to ensure not to lose private keys.
In most cases no danger if we do not expose ourselves too. For local purses, just keep equipment safe where we installed for anyone who wish not have access to our keys, and in the case of online services hardly have to worry directly by the software, as we have the advantage that it is not in our computer but on their servers. However, we should not rely so much.
Does it really matter where we store our bitcoins?
Yes, and do not get me wrong, Bitcoin is safe, but we can not always rely so lightly our money to others or expect the same take care of itself. There are times when we should be skeptical and selected, and this case warrants.
I understand that online services may seem to some the most convenient way to manage your bitcoins, especially when it comes to beginners who might mistakenly deposited a large amount in a direction of your local purse and then (not knowing what that implies) easily uninstall hoping to recover in the future.
Other than that, we know that there are companies that have earned their reputation in the market and have proven to be acceptably responsible in the management of deposits of its members. However, when it comes to private keys we should always keep in mind that if we manage our money in the hands of other people also run a risk , and this is inherent in who are now those hands responsible for preventing any failure or inconvenience .
With this I do not want to become the typical chick running from side to side screaming that the sky is going to fall; but keep in mind that if a thief wants our bitcoins must necessarily gain access to our private keys, and therefore will make it very attractive target both hosted on servers as those who are in insecure computers portfolios.
I'm not calling for complete non-use of all online services, but as general counsel intend to make eye something that should be obvious, and that is if you value your bitcoins want to have more control over them; as against chain blocks are private keys which granted the control you need, if you do not control your keys Another is doing it !
In case you want to save large amounts in Bitcoin, my recommendation is almost completely tilted toward local purses usually provide greater security and are really comfortable (as I said, I make an exception in cases where the user can consider the high probability of making a serious mistake a significant hazard).
A good way to ensure a little more, if we want, is to score our key pairs or print purses paper ; this in order to anticipate any unexpected situation, such as a failure of our computer that can seriously affect your hard drive. In any case, it is always useful to have a physical backup of our keys and wallets choose between taking into account if we are offered easy access to them or not.
In the case of companies like "Coinbase" and "Xapo" which offer similar to bank services and access to private keys of the addresses used within their platforms are reserved, I can understand why they do it (basically to prevent a smartass make deposits and expenses within its -that platforms, outside blocks- chain and make a sweep directions simultaneously), but we should keep in mind to take risks when choosing to use their services as a means to store our bitcoins; and above all how much we give ourselves to trust them.