Protect a Bitcoin wallet by limiting what you keep online, securing an offline recovery backup, and checking every address and transaction before approving it. Keep only an everyday spending balance in a phone or computer wallet; consider offline storage for savings if you can manage its backup and recovery responsibilities. Never share a recovery phrase or private key—even with someone claiming to be support.
Choose storage based on how you use your bitcoin
A hot wallet runs on an internet-connected phone or computer. It is convenient for everyday payments, but its online exposure makes it a poor place for savings you do not need to spend regularly. Bitcoin.org recommends considering offline storage for savings and describes keeping small amounts in a hot wallet while storing savings offline. The right balance depends on your needs and on whether you can securely back up and recover the wallet.
Hot wallets for everyday spending
Keep only a small spending balance in an internet-connected wallet. Treat the phone or computer, its software, and access to the wallet as part of your security setup. Update wallet software and the device’s software, and understand how the wallet handles backups. See Bitcoin.org’s wallet security guidance.
Cold storage for savings
Cold storage keeps private keys offline and can reduce exposure to online and computer threats. A Bitcoin hardware wallet is one dedicated-device option; Bitcoin.org describes hardware wallets as a balance between very high security and ease of use. A device is not theft-proof, however, and it does not protect a recovery phrase that someone else obtains. The backup remains essential: if the device is lost, funds may be recoverable when the wallet’s backup is available.
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- BITCOIN EXCLUSIVE, PHONE VERIFICATION: Bitkey is designed from the ground up exclusively for bitcoin — a dedicated hardware wallet for secure bitcoin storage. Approve transactions with a tap using your phone and NFC. No device screen is required.
- SELF-CUSTODY, NO EXCHANGE OR CUSTODIAN REQUIRED: You hold two of the three keys in the Bitkey system – one on your phone and one on your Bitkey device. The third is stored on Bitkey’s server and cannot move your bitcoin on its own.
- NO SEED PHRASE: Set up and use Bitkey without creating or storing a seed phrase.
- 2-of-3 MULTISIG: Three keys are stored separately across your phone, Bitkey device, and Bitkey’s server. Any two keys are required to move your bitcoin.
- BUILT-IN RECOVERY: Encrypted backup and recovery tools can help you regain access if you lose your phone or Bitkey device. You can also designate a Recovery Contact.
Protect the recovery phrase and backup
A recovery phrase, also called a seed phrase or mnemonic, is a sequence of words from which a wallet can be restored. Anyone who obtains the phrase may access the corresponding bitcoins. Bitcoin.org defines the term in its wallet vocabulary and discusses it in the FAQ.
- Keep the phrase secret and securely offline. Do not send it to another person, enter it into a site or app in response to an unsolicited request, photograph it, or save it in cloud storage.
- Follow the wallet’s backup instructions and back up the entire wallet as required. A backup that covers only currently visible keys may omit funds.
- Check whether your wallet needs backup updates as it generates new addresses. Many modern deterministic wallets can use one recovery phrase for past and future addresses, but confirm how your specific wallet works.
- Consider keeping copies in more than one secure physical location to reduce dependence on a single location. Protect each copy against discovery, damage, and unauthorized access.
Recognize phishing and impersonation attempts
Never give a recovery phrase or private key to support staff, a website, or someone who contacts you. Legitimate wallet or exchange support will not need these secrets. Bitcoin.org’s scam guidance describes common threats, including phishing and fake wallet sites or apps.
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- Reach an organization through contact details published on its official site rather than replying to an unexpected message.
- Avoid installing wallet software or signing in through unverified links, sponsored search results, or app listings that could be fake.
- Be wary of counterfeit hardware wallets and of people offering to recover funds who ask for your phrase, private key, or remote access to your device.
- Treat an unexpected request to install remote-access software or let someone control your device as suspicious, especially after asking a public support question.
Check addresses and transactions before approving them
Bitcoin transactions are irreversible, so a mistaken or fraudulent transfer may not be recoverable. Before sending, verify the entire receiving address against the address you intended to pay; checking only its first or last characters is not enough. Bitcoin.org explains this risk in Some things you need to know.
Before signing or approving a transaction, read what it will do. A malicious website can prompt a transaction that authorizes a transfer. If the destination or requested action is unclear or unexpected, do not approve it.
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- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Multi-share Backup eliminates single points of failure for secure cold wallet recovery
Consider multisignature only if you can manage its complexity
For higher-value arrangements, multisignature can require multiple independent approvals, reducing reliance on any one device or location. It also makes setup and recovery more complex. Use it only if you understand how the approvals and backups work and can reliably recover access; it is not a substitute for securing each key and its backup.
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