Multi bitcoin wallet
At Armory, we strive to constantly improve the best Bitcoin wallet with new security features. Armory pioneered easily managing offline Bitcoin wallets using a computer that never touches the Internet. Everything needed to create transactions can be managed from an online computer with a watching only wallet. All secret private key data is available only on the offline computer. This greatly reduces the attack surface for an attacker attempting to steal bitcoins.
By keeping all private-key data on the offline computer only someone with physical access to the offline computer can steal your Bitcoins. The actual process of creating a transaction and signing it with the offline computer can take less than a minute and then you can broadcast it to the network so Bitcoin miners can include it in a block. Plus, Armory employs many security practices so that even if someone physically stole your offline system then it still may take centuries for them to get through the advanced wallet encryption!
And multi-signature addresses are available using Lockboxes in a completely distributed way. Thus, there is no safer way to manage large sums of Bitcoins than with the best Bitcoin wallet, Armory!
From the start Armory was designed to never compromise Bitcoin security. Users completely control the generation and storage of the Bitcoin private keys. Consequently, users must take full responsibility to protect their bitcoins.
To help we created video tutorials. Cold Storage For Everyone Armory makes Bitcoin security best practices accessible to everyone through its unique interface. As such, encrypting any backup that is exposed to the network is a good security practice. Single points of failure are bad for security. If your backup is not dependent of a single location, it is less likely that any bad event will prevent you to recover your wallet.
You need to backup your wallet on a regular basis to make sure that all recent Bitcoin change addresses and all new Bitcoin addresses you created are included in your backup. However, all applications will be soon using wallets that only need to be backed up once. Encrypting your wallet or your smartphone allows you to set a password for anyone trying to withdraw any funds. This helps protect against thieves, though it cannot protect against keylogging hardware or software. You should make sure you never forget the password or your funds will be permanently lost.
Unlike your bank, there are very limited password recovery options with Bitcoin. In fact, you should be able to remember your password even after many years without using it. In doubt, you might want to keep a paper copy of your password in a safe place like a vault. Any password that contains only letters or recognizable words can be considered very weak and easy to break. A strong password must contain letters, numbers, punctuation marks and must be at least 16 characters long.
The most secure passwords are those generated by programs designed specifically for that purpose. Strong passwords are usually harder to remember, so you should take care in memorizing it.
An offline wallet, also known as cold storage, provides the highest level of security for savings. It involves storing a wallet in a secured place that is not connected to the network. When done properly, it can offer a very good protection against computer vulnerabilities.
Using an offline wallet in conjunction with backups and encryption is also a good practice. Here is an overview of some approaches. This approach involves having two computers sharing some parts of the same wallet. The first one must be disconnected from any network.
It is the only one that holds the entire wallet and is able to sign transactions. The second computer is connected to the network and only has a watching wallet that can only create unsigned transactions.
This way, you can securely issue new transactions with the following steps. Because the computer that is connected to the network cannot sign transactions, it cannot be used to withdraw any funds if it is compromised. Armory can be used to do offline transaction signature. Hardware wallets are the best balance between very high security and ease of use. These are little devices that are designed from the root to be a wallet and nothing else.
No software can be installed on them, making them very secure against computer vulnerabilities and online thieves. Because they can allow backup, you can recover your funds if you lose the device. Using the latest version of your Bitcoin software allows you to receive important stability and security fixes. Updates can prevent problems of various severity, include new useful features and help keep your wallet safe.
Installing updates for all other software on your computer or mobile is also important to keep your wallet environment safer. Bitcoin includes a multi-signature feature that allows a transaction to require multiple independent approvals to be spent. This can be used by an organization to give its members access to its treasury while only allowing a withdrawal if 3 of 5 members sign the transaction.
Some web wallets also provide multi-signature wallets, allowing the user to keep control over their money while preventing a thief from stealing funds by compromising a single device or server.