When creating an account under any banking system, understanding the security of your financial assets is a major factor. If you are curious about crypto, or a seasoned cryptocurrency user, then the enhanced security of your transactions is likely a key motivator in deciding how you want to buy, sell, trade, and invest your digital assets and cryptocurrencies.
Here is everything you need to know to understand the enhanced security of your RockItCoin account.
- How RockItCoin’s bitcoin wallets work
- How is RockItCoin different?
- How private keys ensure the security of your account
- How public keys enhance the accuracy of each transaction
- Where your keys are stored and how your funds are secured
- How your transactions are protected
How do RockItCoin Bitcoin Wallets Work?
When you sign up for a RockItCoin account, you are establishing your own digital wallet where private keys, public keys, and addresses are stored. By downloading a digital wallet to your mobile device, you can store cryptocurrencies, send cryptocurrencies, and receive cryptocurrencies through a safe and secure process.
How is RockItCoin Different From Other Services?
When it comes to buying, selling, trading, or investing in cryptocurrencies, users have many options to choose from. Since cryptocurrencies exist digitally, owners cannot exchange funds without a digital exchange or broker. RockItCoin stands out from other services in two big ways:
- Private keys are safe in a cryptocurrency wallet
RockItCoin does not store or make copies of your private keys. When using exchanges or other platforms to make transactions, privacy agreements leave room for changes to occur outside of your control and RockItCoin customers have complete custody over their assets with total ownership of their private keys in their cryptocurrency wallet.
- Your transactions are private and cash based
All you need to purchase bitcoin from a RockItCoin ATM is your phone number and cash. This means that your transactions do not require your bank account.
Types of Wallets
Paper Wallets
While other cryptocurrency exchange platforms are susceptible to going off-line, changing their terms of service and privacy laws, withholding the ability to own funds, withholding custody of customers’ assets, and denying customers the ability to access their digital wallets, RockItCoin enhances the security of your wallet by allowing customers the ability to print their keys and own a wallet in paper form. By printing a paper wallet at a bitcoin ATM our users have full custody over their crypto and their wallets. This ownership is a big deal.
RockItCoin is not a custodial or fiduciary. RockItCoin does not have any control over any cryptocurrencies purchased by our customers or access to any cryptocurrency wallet created by the customer or provided by the customer. Users who are worried about having control over their funds or access to their wallets can find comfort in knowing that a paper wallet holds public and private keys so your assets are completely in your custody. This control of keys is a huge benefit and a great tool for users to take the security of their funds into their own hands. Never share your paper wallet!
Paper wallets are not the only way to secure your keys from hackers, but having access to printing a paper wallet at a RockItCoin ATM is a great tool for amplifying the privacy of your keys while moving funds from one address to another. Paper wallets cannot be hacked, but one drawback is that they are less effective for long-term storage.
Digital Wallets
Another way to protect your wallet is by storing it on an air gapped device or exporting your private key from the RockItCoin app.
Regardless of the type of wallet you store your keys on, be sure that you maintain complete control by keeping your private key a secret.
Privacy With Cash
If you do not want to use a credit or debit card, you should know that RockItCoin ATMs are completely cash based transactions. To buy or sell bitcoin at a RockItCoin ATM, all you need is your phone number and cash. If you are worried about the privacy of your funds, then searching for a cash based process for buying and selling bitcoin is readily available at RockItCoin bitcoin ATMs.
Where are my keys stored?
Public keys and private keys are stored in a digital wallet. When it comes to crypto, a public key is what is used to receive orsend cryptocurrency to a specified wallet. A private key is what is used to access the specific cryptocurrency wallet. If you do not have full custody of your keys, then you do not have full custody of your cryptocurrency.
While other companies do not provide users with their keys, RockItCoin does! By using a RockItCoin account, you have complete access to your bitcoins.
Ensuring the Security of Your Account With Your Private Key
Only the verified owner of a digital asset can access the funds through their unique and personal private key. This private key is to be kept a secret. The private key is able to unlock your wallet. If your private key is compromised, then whoever has it can move or steal all of the funds within your digital wallet. If the private key is lost, then you will no longer be able to access your funds. Do not lose your private key as it is impossible to recover.
This private key is a long numeric string of characters, and while some exchanges provide more user-friendly words or phrases in place of the long numerical key, users should be wary if they are unable to access their private keys: these companies may be able to control your funds on your behalf. To allow users to control their funds completely on their own, RockItCoin does not store users’ private or public keys. Your private key is attached to your Bitcoin address which is stored in your wallet.
Enhance the Security of Your Transactions With Your Public Key
Public keys encrypt your transactions and are public for anyone to see. You will share your public address anytime someone is sending you crypto, as it is used as a destination (or Bitcoin address). When selling bitcoin, inputting the correct public key is crucial to ensure your funds arrive at the proper destination. By using RockItCoin’s ATMs, users will scan a QR code that translates the key to the machine. Public keys and private keys are often long numerical strings, and by using a QR code, the RockItCoin ATM minimizes human error and ensures that each transaction is secure.
How are my transactions protected?
Bitcoin transactions are protected by going through an encryption process and being entered onto a blockchain. Each transaction is evaluated for its fidelity through a system called mining. When you want to buy or sell bitcoin, your transaction will go through a network of peer-to-peer computers before being entered onto the blockchain. This process records the data chronologically and permanently, protecting it from outages and hackers.
Once your transaction has been entered onto the blockchain it is distributed across a network of nodes. This distribution ensures that a hacker cannot infiltrate the data on the blockchain and change it. Once there is a record of your ownership, that record cannot be changed. If one node has different information from the other nodes, then it can be easily resolved to match the accurate information.
Instead of verifying a transaction through a third-party (such as a bank), cryptocurrencies rely on other users to verify transactions through a process called mining. Before your transactions are securely recorded on the blockchain, they must be mined. Miners use strong computational tools to solve equations and encrypt data. This encryption process is crucial to the security of your assets.
Some key takeaways to note about the systems in place to keep your data and funds secure:
- By eliminating the middleman, banking with cryptocurrency is faster and your transactional data is more secure on the blockchain. There isn’t a singular power controlling your assets. Instead, the power is distributed across peers.
- By minimizing the use of exchange platforms, power and control over assets are in the hands of the owner, rather than the exchange. Owning your digital wallet increases the security of your keys and digital assets.
Let’s Review!
Enhancing the security of your RockItCoin account is a constant priority. Now that you know how RockItCoin’s bitcoin wallet works, how RockItCoin is different from other transactional services, how private keys enhance the security of your account, how public keys enhance the accuracy of each transaction, where your keys are stored, and how your transactions are protected, let’s review some of the key factors that secure your RockItCoin account.
- To make a transaction private keys, public keys, and addresses will ensure that your digital funds reach your digital wallet.
- Once your cryptocurrency or NFT transaction has been mined, verified, recorded on the blockchain, and finally arrived at your address through private keys and public keys, then your ownership is secure.
- Only the owner of these funds has access to the private key. If your private key is compromised by an exchange platform, hacker, or thief, then you no longer have control of your funds.
- So long as your private key remains a secret, your ownership status cannot change (until you initiate a transaction to send the money to a different digital address).
- Your bitcoin or other digital assets are all stored on the blockchain permanently, publicly, and chronologically.
Ultimately there are many ways to enhance the security of your cryptocurrency accounts. RockItCoin champions the personal security of each customer by protecting their private keys and affording total power to the customer to own their bitcoin wallets. To ensure that you have total control over your private keys, public keys, and bitcoin wallet, sign up for a RockItCoin account. Not only is it an incredibly secure way to buy and sell bitcoin: RockItCoin is convenient too! With over 1600 locations across the US, chances are, there is already a RockItCoin bitcoin ATM near you.
