Bitcoin Core introduced the concept of ideal storage for crypto
Cryptocurrency security is an eternal issue that worries all users of the industry. Digital assets cost a lot of money, which makes them a target for hacker attacks. Thousands of scammers daily plan the theft of expensive digital tools, which means they need to confront. The creators of Bitcoin Core also think. The wallet developers today introduced the concept of the most secure digital storage for cryptocurrency. Let’s discuss the upcoming development, as well as recall a few rules on the storage and security of cryptocurrencies.
Basic theory
Work with any wallet is carried out using two keys. One, private, is needed to gain access to funds from a new device. The second, public, is handed to other users for transactions and withdrawals. The private key must be stored in a safe place. Moreover, most professionals are advised to print a sequence of numbers and letters on a piece of paper, hide the paper in a safe and use it when absolutely necessary. This is the most reliable way to save a private key. This concept will be implemented by the creators of Bitcoin Core, but without the need to transfer the private key online.
The company offers a solution that will prevent the withdrawal of funds even when a wallet account is hacked. The entire amount stored in the user’s wallet is planned to be divided into small parts. Of course, only in a technical sense. You can still work with the full amount, the balance sheet will not change. But the wallet system will perceive the balance as a collection of many small cells. To transfer the entire amount, it will be necessary to process each cell separately, and if the user notices that the funds will start leaving the wallet without his permission, he will be able to stop the transfer. Yes, it will not work to return already lost funds, but everyone will be able to minimize losses.
Pitfalls of Bitcoin Core Development
It should be understood that so far there is not even about the launch date. The technology exists exclusively in the prototype format, this concept has yet to be developed and recreated. Nevertheless, now there are a number of questions:
- Speed of transfers. If before the whole amount was sent in its entirety, now the whole transaction will be regarded as dozens of small transfers. The developers did not explain whether such an innovation would affect the speed of the entire wallet;
- Will a common protection system be implemented. It is possible that, to simplify the work, a single apparatus will be created that will register and inform about all unauthorized transfers. Transaction notifications will be sent to the wallet owner. But won’t it hit anonymity? What if someone intercepts the message and leaves the wallet owner without valuable information? All these aspects of Bitcoin Core have yet to be decided;
Now you know what to expect in the near future from the popular Bitcoin Core wallet. While we are waiting for a fundamentally new storage format, do not forget about the elementary safety rules. Never store large amounts on the exchange. Remember that such sites are only functional for trading, but not a place to store serious capital. It is desirable to store really large capital on cold wallets, which are almost impossible to crack. Remember this, then your funds will remain intact. Follow all the news of the crypto industry with us. We publish only high-quality, interesting material. Thank you for attention. Good luck!
