BitSeeds: Protecting Your Cryptocurrency By Encrypting Your Wallet

 

People these days are used to leaving their money in banks and having them protect it for you. There are downsides to this situation including the fact that you don’t really own your money once you deposit it at a bank and they can put conditions on how you can spend it or how you can withdraw it (especially when dealing with larger amounts).

While you have an increasing number of similar options to banks with Bitcoin or alternative currencies, one of the benefits of cryptocurrency like BitSeeds is that you truly own your own money. This means you can hold as much of it as you want and have true choice over how you choose to store and spend it.

Of course this means you need to protect your money and just as people might keep valuables in a safe, you also need to safeguard your digital funds. One of the best ways to do this is to encrypt your wallet by setting a passphrase (like a password but using more than one word to make it safer). Once you’ve set a passphrase then even if someone gets a copy of the wallet file that controls your funds, or gets in front of your computer and tries to take your money, they can’t do this without knowing your passphrase.

You can think of it as sort of like how your email account has a password that unlocks access to it and is designed to prevent people from sending emails from that address without your permission.

This lessons shows you how to encrypt your wallet in a few easy steps. Just remember to protect that passphrase the same way you’d protect the key to a safety deposit box or the combination to a safe!