To use the keys to move funds, however, they need to be on a device that creates proof that you can spend your coins. They can be written down on paper and stored in a safe. Storing your keys is straightforward – they’re just strings of numbers and letters. Unsurprisingly, hackers and scammers are constantly trying to steal them – making use of phishing techniques or malware to part users with their coins. They’re incredibly valuable to cryptocurrency users. The bottom line is that private keys must be kept secret and secure.

Nor is there a bank that you can call to reverse fraudulent transactions. If you lose the key, you lose access to your coins – there is no forgot password button in a decentralized environment. If someone else gets their hands on it, they can steal your cryptocurrency. In many ways, it’s just like a real-life key – with this information you can unlock your funds to spend them. Your private key is your passport to a cryptocurrency’s ecosystem. In this article, we’ll explain what they are, how they work, and why you should be using one. But from a security perspective, hardware wallets are unmatched.

The thought of taking control of your cryptocurrency yourself may be daunting. After all, self-custody can result in loss of funds if the user makes a mistake. They may lack the skills to do so, or even view custodial solutions as more secure. Users might not see a need to move their cryptocurrency off of the exchange. If the exchange is hacked or taken offline, they may not be able to recover their funds. But the user is not technically in control of their coins. These platforms provide many with their first exposure to cryptocurrency and allow users to store their funds in an online wallet. Most likely, newcomers will stick to exchanges. You have a range of storage options available to you, each with its own security and usability trade-offs. Establishing a strategy for protecting your coins should be your utmost priority. The crypto world is dangerous – malicious actors are everywhere, and they have an abundance of strategies to steal users’ funds.

If Bitsafe is unable to identify you with the Bitsafe App we will ask you to send documentation by email, regular mail or courier.īitsafe talent account holders can optionally apply for a Bitsafe Debit Card.When it comes to cryptocurrency, good storage is of paramount importance. Furthermore the identification process includes creating a selfie while Bitsafe’s technology is matching biometric information from your face with the information provided on your identification document. Bitsafe always recommends to use your passport during this identification process. The identification process includes a check of your identification document, which could be a passport or driver’s license. You can be identified using the Bitsafe App, available in the App Store for both iOS and Android. Bitsafe Payments is supervised by the Dutch Central Bank. Bitsafe Payments is a regulated financial institution and has an electronic money institution license. This way you are always able to verify your incoming or outgoing payments.Ī Bitsafe talent account is a Basic Payment Account, which is comparable with a European bank account. Incoming and outgoing transactions are visible in their respective currencies and amounts. Bitsafe’s got talent! Talent accounts are accounts where your balance is visible in your own local currency, but where your money is kept safe in euro. If you are a musician, vlogger, video artist, influencer or adult talent, this account is suitable for you. Bitsafe only has usage fees (payment fees) based on the transactions in the account. There is no fee to open the account, no monthly fee and no annual fee. All talent is welcome to open an account with Bitsafe. Companies cannot open a Bitsafe talent account. A Bitsafe talent account is an account for individuals.

Bitsafe hardware wallet