Since the inception and integration of Bitcoin in the market, there have been development of many other cryptocurrencies. The continued acceptance and use of these cryptocurrencies has led to development of solutions in the areas that the initial cryptocurrencies had weakenesses.
One of the areas that have been focused on is security. Ensuring that your digital coins are safe is one of the important aspects in the crypto world. That is why it is important to correctly choose the wallet that you want to store your cryptocurrencies in.
You can store your digital coins in either hot or cold wallets. Hot wallets stand for those wallets that are connected to the internet while the cold wallets are offline. The first generation of wallets used a single signature for authorization of transfer of funds. The secret codes to these wallets started with one. They were faced with many security risks and many users lost their funds through hacking.
Not until later on, when there was development of multi-signature wallets. They proved to be more secure and efficient than the first generation single signature wallets.
Multi-sig wallets stand for wallets that require more than one signature for transactions to take place. There were invented because of the many transactions that are undertaken in the Bitcoin network. Several signatures are required to officiate a transfer, they are referred to as M-of-N transactions. The cooperation of multiple parties is required for a transaction to take place.
You can configure your multi-sig wallet according to your specifications. Let’s say that you set a 2-of-3 signature authorization, this means that a transaction will only go through if two of the three signatures authorize the transaction. You can store the keys in different places such as; a key in your smartphone, another in your desktop and one with the company offering multi-sig services.
These wallets have fortified the security of using cryptocurrencies because:
All above-mentioned benefits of Multi-sig wallets are a part of TRASTRA crypto wallets. TRASTRA offers you an opportunity to open free Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Zcash, Dash wallets.
All you need is just to register an account on trastra.com. Your Bitcoin wallet will be available for you instantly, and all other wallets can be added manually in your dashboard.
We don’t ask you any questions, and we do not require additional ID verification.
Buying, holding and selling cryptocurrencies is one of the most delicate processes as the exchange is faced with many setbacks and risks. A hacker may access a device during this time and surreptitiously steal your valuable digital coins. The use of multi-signature wallets has made transactions easier and safer, as multiple authorizations are required for a transaction to take place.
Be safe by using TRASTRA Multi-Sig wallets when making transactions. This way you’ll not have to fear the loss of cryptocurrencies to hackers or other malicious users in the blockchain system.
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More News All Around the World
As we had promised, we prepared a list of blockchain and cryptocurrency events in November 2018. Here they are for you:)
Bitcoin is the most popular cryptocurrency in the world. In fact, only 21 million Bitcoins exist. These 21 million can be used for different purposes; the main one stays the same – purchasing things online without any governmental or economical monitoring.
Day by day, more and more companies are starting to accept Bitcoin as a means of payment. Everyone from tech industry giants to your neighborhood pizza place is entering the cryptocurrency world. And for a good reason. Bitcoin payments are quick, inexpensive, decentralized, and secure. Put simply, it’s the payment system of the future.