Have you backed up your Bitcoin paper wallet? If you are unsure, the answer is likely no. A paper wallet is one that is created offline. When a wallet is offline there is NO digital backup. If you happen to lose your paper wallet you lose your Bitcoin. Think of a paper wallet like cash. The only way to create a backup of your paper wallet is to create a digital wallet. RockItCoin Bitcoin ATM, your Bitcoin ATM Los Angeles team, has created an easy digital wallet app for you to manage your Bitcoin. Get started by downloading here.
Public Vs. Private Key
First, it’s important that you understand the difference between a private and public key. The Top QR code on your paper wallet is your public address and the bottom QR code is your private key. The public address is a unique identifier which allows you to be able to receive Bitcoin. Think of your public address like your email address on PayPal or Venmo. When a user wants to send cryptocurrency to another user, they use the recipient’s public key to describe a unique address for the transaction.
A private key is a secret code which gives ownership of the public address and your Bitcoins. Every Bitcoin address has a matching private key. Keep your private keys safe and do not share them with anyone. Anyone who knows your private key can spend your Bitcoins! For more information about public and private keys click here.
Keeping your private keys secure is crucial, and the type of wallet you use impacts the security of your keys. Digital wallets and paper wallets are both ways to store cryptocurrency, but the two types of wallets have some essential differences that you should be aware of when deciding how and where to store your cryptocurrency keys.
Digital wallets are software programs that store your private and public keys and allow you to send and receive crypto through the blockchain. Your digital wallet can be accessed from any device with an internet connection, making them convenient for managing and using your cryptocurrency on the go. Digital wallets can be hot wallets, meaning they are connected to the internet, or cold wallets, meaning they are offline and more secure. A hot wallet is an app or exchange platform and a cold wallet could be a USB stick or a hardware device.
Paper wallets are physical documents that contain your private and public keys and are used to store cryptocurrency offline. They are considered to be more secure than digital wallets because they are not vulnerable to cyber attacks and hackers. Still, paper wallets can be lost or damaged, and accessing the cryptocurrency stored on a paper wallet requires transferring the information to a digital wallet. Because of this, users often use a paper wallet to store their keys temporarily to maintain total security.
Both digital wallets and paper wallets have their own advantages and disadvantages, and the best choice for you will depend on your specific needs and preferences. Accessibility, convenience, and security vary between the two storage options.
Your RockItCoin Digital Wallet
As stated above, users will need to use a digital wallet when sending or receiving cryptocurrency. Crypto’s digital cash system operates on a blockchain, so while users are able to store private and public keys in a paper wallet, they cannot use paper wallets for transactions. Digital wallets are key to participating in the blockchain and documenting ownership of funds. Downloading a digital wallet allows you to take control of your funds and complete transactions. With the RockItcoin digital wallet only you have access to your funds or transaction data from anywhere. You get the financial privacy and autonomy Bitcoin was created for. Below are just a few of the great benefits of the RockItCoin Wallet:
- Your RockItCoin wallet is auto-encrypted to back up on redundant peer-to-peer servers, improving the security of your data through trustworthy technology. You can be sure that your cryptocurrency is safe.
- The RockItCoin App has zero access to user funds, keys, or transaction data. Third parties do not have access to your funds, keys and data. Only the user is able to access this information.
- RockItCoin’s App makes it super easier to download a digital wallet and access your funds from anywhere.
- The RockItCoin App includes One-Touch 2-Factor Authentication for the easiest-to-secure wallet in the world.
- Users can quickly switch accounts with a username drop-down menu.
- RockItCoin App users benefit from multi-device synchronization. This is a huge benefit for users who want to access their funds from anywhere.
- The RockItCoin App also has a built-in calculator for easy conversions. In a volatile market, quick conversions are necessary and common to ensure your transactions are timed for maximum profits.
If you are looking for a reliable, convenient, streamlined digital wallet, check out RockItCoin’s App. Whether you are an experienced cryptocurrency buyer, or a first-time user looking to dive in, our wallet is accessible to anyone. Many new crypto users feel intimidated by cryptocurrency’s reputation, but you should know that managing the security of your funds and simplifying transactions is made easy through RockItCoin’s App.
Visit one of our local Bitcoin ATM Los Angeles locations today!
