Is storing Bitcoin with Zebpay safe?
Bitcoin is of course, based on blockchain technology. The blockchain is a secure record of transactions that’s immutable. That means transactions once made and validated are almost impossible to alter. If you lose your Bitcoin, it is impossible to recover them unless proper precautions have been taken. At Zebpay, bitcoin security is our first priority. Here’s all you need to know about the safety features offered by Zebpay, and how you can transfer your bitcoins to an offline wallet.
At Zebpay, we adopt the best industry standards to secure your bitcoins, and this is evident from our security measures:
- Your need to mandatorily enter your secret 4 digit PIN to confirm any transaction.
- You can even set a lock for your account to prevent any transfer of your bitcoin out of your wallet.
- You can also lock your Zebpay app with your secret 4 digit PIN.
We accord utmost importance to bitcoin safety, and the money deposited with us. You can rest easy in the knowledge that your investments are safe with Zebpay.
Offline transfer of bitcoins
As a user, you are free to, and in fact, encouraged to transfer their bitcoins to a wallet where you control the private keys, so that you have absolute control over your money. If you store your coins with a service provider where the service provider has the private keys, the service provider can authenticate transactions without your approval. Only keep as much bitcoin as you need for trading online on Zebpay.
There are two types of wallets — cold wallets and hot wallets.
Hot wallet refers to abBitcoin wallet that is online and connected in some way to the internet. Since they are online, there is a possibility of them being hacked.
Cold wallets or cold storage refers to wallets that are not connected to the internet and hence there is zero risk of losing your bitcoin.
You can use one of the following types of cold wallets:
- These is software which store your private keys offline on your device. This can be desktop wallets or mobile wallets that store the private keys in the device itself. These wallets can also display your balance from the blockchain records.
- And of course, you can use the wallets to send or receive bitcoins.
Only use wallets that bitcoin.org approves. To find the list of such approved software wallets, visit bitcoin.org.
(Image source: Trezor.io)
- These are physical devices that store your private keys, offline. You can connect to a computer with Internet access to send or receive your bitcoins.
- These devices also have the feature of setting a PIN so that no one can access your Bitcoin even if they steal your wallet. You can recover your Bitcoins by using the recovery seed that is generated when the device was initialized.
- These devices don’t share your private keys with the computer. Thus, even an infected computer can’t steal your bitcoins.
- Some popular hardware wallets are Ledger and Trezor. Follow the links to know more. If videos are your thing — here’s a basic tutorial for the Ledger Nano S.
Ledger Nano — https://www.youtube.com/watch?v=PFvHq8zEgd8
- A paper wallet is a piece of paper that has your wallet address and private key represented as QR codes. To receive bitcoins, scan the QR code that represents your wallet address.
- Paper wallets safeguard from online attacks. But they are very fragile. You might lose the paper or it might get damaged. Always back up your paper wallets by printing copies and by storing them as pdf files.
- You can store your private keys in a software wallet too, for added safety. Never let any third party app scan the QR code that stands for your private key.
You can create and print a paper wallet at bitaddress.org.
Dos and don’ts
The entire safety arrangement can only be as good as the users that use them. To make sure your coins are secure, here are some things you should always keep in mind:
- Never share your 4 digit PIN with anyone.
- Use a strong pin. Don’t use weak pins like 1234 or 1111 that may be easily guessed.
- Don’t share your balance or transaction information with anyone.
- If you are not trading, select the option to lock up your account. This prevents outflow of bitcoins from your account. To be able to send bitcoins again, uncheck the option. You’ll have to confirm your decision by entering a OTP sent to your registered phone number.
- Don’t reveal your PIN number or other information if someone calls or emails you. Always reach out to the Zebpay team through the Zebpay app or at ticket.zebpay.com. You can also call Zebpay on 1860–233–0474.
- If you lose your phone, inform the Zebpay team immediately at ticket.zebpay.com. You can also call on 1860–233–0474. We’ll block outflow of bitcoins from your account. You can reactivate your account by getting a new SIM card with the same phone number. Register once more on the Zebpay app and we’ll unlock your account after verification.
With these measures, you can secure your bitcoins on Zebpay, and make sure all the benefits of of bitcoin’s appreciation in value is yours to keep.
Source : Zebpay