cool hit counter Make sure you remember that! These three ways to securely store your private key_Intefrankly

Make sure you remember that! These three ways to securely store your private key


The most painful thing about being in the blockchain industry is not being unable to afford bitcoin, but knowing full well that bitcoin is in your wallet and but forgot the private key .....

Since the price of Bitcoin has skyrocketed a hundredfold in the last three years, the world has seen a lot of millionaires and even billionaires, but also a lot of "beggars sitting on piles of gold", why? It's because I forgot my wallet key!

A British engineer who got into bitcoin in 2013 was so desperate to go to a landfill and dig up the hard drive that stored his wallet's private key because he lost it, and other investors who wrote their private keys on paper only to have the cleaners throw them away. The 7 bitcoins in his wallet (now worth $46,600) never had anything to do with him again ....

In short, there have been numerous incidents of private key loss; when the EOS market was good in 2017, an internet user who held tens of thousands of coins, who could not resist the temptation of airdrop candy, actually entered his private key in a phishing website The result was predictably nearly 20,000 EOS given away for nothing.

Why are private keys so important?

The private key, the entry point to mastering your digital wallet, is the only way to prove that you are the owner of the assets in your wallet, and that this string of private keys is not known to anyone but you; this is the biggest difference between crypto digital currencies and bank accounts, your digital assets, under your own control, with no centralized institution involved. The private key is a 32-byte random number generated by the encryption algorithm, consisting of 64 hexadecimal characters, and A wallet has only one private key and cannot be modified , there are no rules to follow for private key generation, and it is very difficult to remember.

So there is a saying circulating in cryptocurrency circles that "if you can't have your private key, you can't have Bitcoin", and it follows that The importance of keeping your private keys safe!

So how exactly should I keep my private key? Abtc Aibit and you are introduced to three ways to protect the lifeblood of your digital assets.

i. Alternate Keyfile or JSON file.

In the official Ethernet wallet, the private and public keys will be saved in an encrypted way as a JSON file, a JSON (JavaScript Object Notation) file is an archive format containing light data that can be easily read by a person or machine, and sometimes a browser will give you an alternate JSON file containing your private key. Such files must be imported into a secondary wallet in order to gain access to your wallet assets. These files must be stored in a highly secure manner, and the user can hide or encrypt them in order to prevent intruders from gaining access to them, and once these backup files are out, the intruder has access to your wallet assets.

II. Mastery of their own mnemonics.

Usually, when you register your wallet, there is a helper word, make sure to write this down; if you forget your private key, your helper word can help you retrieve your private key, the helper word is usually made up of a paragraph of 12 random words, in other words the helper word is another form of private key It algorithmically converts the 64-bit private key into several common English words, or words in other language versions, all obtained from a fixed lexicon, which can be used by different wallets.

III. With digital wallets that hold the patent for recovery.

If the private key is lost there is still a chance to recover it. There are already digital wallet products in China that can help users who have forgotten their private keys to retrieve their wallets, such as the Bit$$ wallet or the P-wallet, a feature developed in 2014, and the Bit$$ and P-wallets have a pre-defined wallet retrieval feature that solves the problem of losing private keys that result in the loss of digital assets.

When users lose their private keys caused by losing their wallets or sudden damage to their storage devices, they can retrieve their digital currencies by using a low-authority backup private key (saved by themselves or hosted to a trusted institution/person). The retrieval command will not transfer the digital assets immediately, but will take effect after a period of preview, so if the backup private key is used fraudulently, users can also find it in time and use the original private key to transfer the digital assets to a secure wallet to avoid losses.

The wallet retrieval feature is also the first blockchain invention patent filed in China. The wallet retrieval feature is to set up a spare private key for the wallet to ensure that coins can be retrieved even if the private key is lost, in addition to a series of permission controls for the spare private key. Both P-wallet and Bitcoin wallet are digital currency wallets developed by the country itself.

Again, a reminder that preserving your assets requires three additional things.

1. Wallet private keys are best transcribed using pen and paper, while keeping them for yourself

2. Do not trust all airdrop tokens that are being used as a reason to claim private keys! Always remember: there is no such thing as a free lunch.

3.Download and use Ac-Token wallet, Ac-Token is one of the most secure and convenient private key crypto wallets for digital assets available today.

AcToken is based on the graphene underlying technology DPOS consensus mechanism, which can reach millions of TPS, and millisecond confirmation speed. XIN digital trading platform is a one-click light wallet app for mobile users with the underlying data of ABTC.

[Learn more]

- END -

ABTC Platform Coin AC Chain is a new generation of high performance public chains with the Proof of Share Authority mechanism algorithm (DPOS), the fastest, most efficient, decentralized and flexible consensus model. DPOS uses the power of stakeholder consent voting to solve consensus problems in a fair and democratic manner; providing low cost, efficient and de-trusted services to customers with an industrial grade graphene blockchain with 100000+ TPS (Transaction Processing Power Per Second).

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