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Topic
Board Beginners & Help
Re: Bitcoin Important tips for beginners 2024
by
_act_
on 08/06/2024, 07:19:31 UTC
1. Choose a Secure Wallet

Hardware Wallets: These are physical devices designed to securely store your Bitcoin offline. Examples include Ledger Nano S/X and Trezor.
Software Wallets: These are applications or software programs that you can install on your computer or smartphone. Examples include Electrum, Exodus, and Mycelium.
Ledger wallets are the worst wallet that you can go for. It is an online wallet and encouraging third party backup of your seed phrase. Also the company cares about money than people's privacy. Its secure element is also close source.

Exodus is a close source wallet.


2. Use Strong Passwords and Two-Factor Authentication (2FA)
Strong Passwords: Use a unique, complex password for your wallet. Avoid common phrases, and include a mix of uppercase letters, lowercase letters, numbers, and special characters.
Two-Factor Authentication (2FA): Enable 2FA to add an extra layer of security. This requires a second form of identification beyond just your password.
Most wallets do not support 2FA like how exchanges and custodial wallets are have it. Custodial wallet and exchanges are not a place to store your coins because you have no keys to your account there and which means it is not your coins on the blockchain. The wallet that I know that have 2FA are Electrum and Green but which require extra fee for making transaction. There are better options that I can go for instead of 2FA wallets. I will prefer multisig wallet than it.