Let’s Talk Security! How To Protect Yourself With BitBay’s Multi-Level Cryptocurrency Wallets?

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* – This article has been archived and is no longer updated by our editorial team –

Imagine it’s the weekend. You just woke up after a good night’s sleep, and it’s a beautiful sunny morning outside.

You crawl out of bed, make a cup of tea or coffee, and check your phone.

Right away, you see several missed calls and notifications from your bank, saying: “…your account has been compromised, please call us ASAP.”.

For a moment, you sit there and think, “This can’t be happening…” while a gut-wrenching feeling slowly sinks in.

Immediately, you log-in to check your online account. Sure enough, a large sum of your hard-earned money is COMPLETELY GONE.

For many people, this is an all too familiar scenario.

Chances are, if something like this has happened to you in the past, it wasn’t a very fun experience. The realization that somebody has robbed you of your money, privacy, or personal belongings is typically sudden, and comes without warning.

It can be debilitating.

Today even the largest, “highly secure” centralized organizations and governments are constantly being scrutinized for security loopholes. Unfortunately for some, this is still not enough to prevent their users’ data from being stolen.

You may have heard how decentralization and blockchains can bring robust security to individuals’ data. While this holds true in many cases, there are still areas of vulnerability – mostly within end-user interaction. Having sensitive information stored on personal devices places the responsibility of security into the users’ hands. As a result, this allows those users to add as many layers of security as needed, based on their risk tolerance and technical ability.

Essentially, it all boils down to trust.

Who do you trust more….

Or a third-party who doesn’t know you, and might not have your own best interests in mind?

As large organizations continue to get hacked or are exposed for selling information, the answer only becomes clearer. We must take security into our own hands. Right now, the level of individual protection is proportionate to an application’s ease of use & technology. Adding personal security layers means adding complexity… and time.

Fortunately things are quickly changing. Every day these complex high security features are becoming more user-friendly to the general public.

At Bitbay, we offer a wide array of security options on ANY level for our user’s to secure their funds and conduct peer-to-peer business worldwide.

Here is a quick outline of basic security functions that each of our wallets has to offer:

BitBay’s Multi-signature Web Wallet – Security Level: Moderate

Skill level: Novice / Beginner
Our multisignature web wallet is designed to act as a wallet for “spending money”. This allows a user to have access to their funds without having to download any software or sync to the blockchain. With two unique passwords, it adds an extra layer of protection.You can also back up the wallet yourself so that you can have access to it using our desktop Qt wallet. The web wallet is the easiest way to store small amounts of $BAY, and is designed to integrate with our easy-to-use web based marketplace.

BitBay’s Mobile Wallet: Security Level: Moderate
Skill Level: Novice / Beginner
Our Mobile Wallet allows for maximum portability. It contains the same features of our Web Wallet, but in your pocket! When used with the MultiSignature option, it offers a more robust layer of security as well. This will also be fully integrated with our web-based marketplace, so you can conduct global peer-to-peer business on-the-go. Only available on Android for now.

BitBay’s Markets Client – Security Level: Strong – BOMBPROOF

Skill level: Beginner to Advanced (depending on preference)
Bitbay’s Markets Client offers the most robust security features in the entire industry. On its basic level, the option of using two password-protected keys to access your wallet gives your funds a very high level of protection. When combined with the Steganography (hiding keys in images) feature, a thief could be looking at your key without even knowing it.

Yet another security layer available in our Markets Client is the anti-keylogger feature. This allows users to enter their passwords with simply a mouse (without clicking) vs using a keyboard. This prevents hackers from recording each characters entered into your keyboard. You may also use a combination of both mouse and keyboard to provide the most protection.

Taking it to the next level, there is an option of signing your transactions within the Markets Client wallet using two separate computers. Also known as two-factor authentication (2FA), this makes your wallet twice as difficult to break into. Our 2FA option is even stronger when combined with the steganography and anti-keylogger features. Similarly, we allow Cold Staking with two computers through LAN to stake the most securely possibly.

To make your account absolutely BOMBPROOF:
You can create a joint account within the client, and only allow it to be accessed with multiple encrypted keys (also hidden within images), from multiple computers, all using the steganography and the anti-keylogger feature. With this method, the funds can only be moved by simultaneously using password protected keys from up to 15 specific addresses/wallets. This makes the wallet VIRTUALLY UNHACKABLE.

In addition to the options mentioned above, our Markets Client also has other advanced security features, including anonymous encrypted messaging through Bitmessage, TOR/Proxy integration, and advanced time-lock with hash puzzles.

***Note: Regardless of wallet choice or security preferences, WE STRONGLY RECOMMEND BACKING UP YOUR KEYS AND PASSWORDS in multiple locations. Keeping physical copies will allow you to access your funds in emergency situations, in the event that your device is damaged, lost, or stolen.

With everyone here at the BitBay team, security is our top priority. This is not just for “other’s safety” either, but that of our own as well. We are all a part of this highly complex and quickly evolving system, and it is vital for us to put individual protection above everything else.

Want to download our free marketplace platform and use these wallet security features?

Have feedback? Need support? Want to chat with a BitBay team member?
Feel free to join our rapidly growing community of users on our forum.
We are always looking to improve our product, and your feedback is welcomed : )

Also, check out our roadmap for more exciting things coming soon!

Guest Story written by Fernando Nikolić from BitBay;