After all, stories abound of people putting some bitcoin on a drive, then losing the drive either through error or disaster. One notable example is Elon Muskthough there are plenty of non-millionaires out there who could be better off if they had kept their bitcoin.
As we mention in bitcoin guide to buying bitcoina secure wallet easy way to stash your cryptocurrency is to use a software wallet like Electrum or Exodus. Thing is, if you own bitcoin, the code is physically present on your bitcoin and the blockchain has saved your transaction in the click to see more ledger.
Wallet lose bitcoin by losing access to that code, but the blockchain still has that information, you just need to be able to tell it that. The seed phrase is known only to you, share small business bing opinion you want to make sure you store it wallet safe, but will allow you to always restore any lost bitcoin with only a minimum of effort.
Write down the bitcoin mnemonic phrase or copy-paste it to a safe location like one of our best zero-knowledge cloud services. Option two, that can also be used in conjunction with a software wallet, is using a hardware wallet like Ledger or Trezor. In that case, you can use the hardware dongle as a form of two-factor authentication while using the software wallet as the control center for your bitcoin trading. Should you lose access to your software wallet and drop your hardware wallet in the drink, you can always use backup seed phrase to still backup your software wallet business ideas move well.
A third option, which you can use together with the other two, is to simple create a copy of your wallet. This file, which can be found on your hard drive, is basically your proof of ownership of your bitcoin.
It stores backup particular blockchain info on your hard drive which is why when Elon Musk lost his drive, wallet lost his bitcoin.
A USB stick is a good solution though those are prone to getting lost or a cloud storage service, although it would be wise to find an alternative to Dropbox and its remarkably lax attitude to security. Much as with your software wallet, picking a strong password backup protect the encryption will give you peace of mind. And there you have it, several ways to backup your bitcoin. If you need more suggestions for places to keep your wallet. We hope you found the above guide useful and would love to hear your feedback in the comments below.
Are there other, better ways to backup bitcoin, that you know of? Thank you for reading. Table of Contents. Sign up for our newsletter to get the latest on new releases and more. Was this post helpful? Let us know if you liked the post. Yes No. Leave a Reply Cancel reply. Click at this page email address will not be published.
Sync Accepts Bitcoin for Subscription Payments. How to Solve Netflix Error Code m in Best Free Yahoo business Storage for Sync. Fergus is the chief editor and resident curmudgeon of Cloudwards. After finishing a degree in history at the University of Amsterdam he bid farewell to the cold northern climes and started a career as a newspaperman in the Far East. Realizing after a few years that online publishing is way more fun than the paper kind, he now bosses the team around over backup internet and works himself into a lather on behalf bitcoin consumers everywhere.
Contact him at fergus [at] cloudwards.