Book Image

Learning Bitcoin

Book Image

Learning Bitcoin

Overview of this book

Table of Contents (16 chapters)
Learning Bitcoin
About the Author
About the Reviewers

Chapter 3. Protecting Your Bitcoins


"The governments of the world have spent hundreds and hundreds of trillions of dollars bailing out a decaying, dickensian, outmoded system called banking, when the solution to the future of finance is peer-to-peer. It's going to be alternative currencies like bitcoin and it's not actually going to be a banking system as we had before 2008."

 --Patrick Young - financial analyst

Up to this point, we have explored various ways to buy and sell bitcoin using an online exchange and wallet. Online wallets offer an easy-to-use system for storing bitcoins. However, the real purpose of Bitcoin is to ensure an individual's ability to store and protect his/her own money.

In this chapter, we will explore ways to safely hold your own bitcoin. We will cover the following topics:

  • Storing your bitcoins

  • Working with brainwallet

  • Understanding deterministic wallets

  • Storing Bitcoins in cold storage

  • Good housekeeping with Bitcoin