Security Overview

We understand that bitcoin can be intimidating - there seems to be an infinite number of new terms and concepts to learn and understand.

It's our job to help you with the basics so that you feel comfortable.

Bitcoin white glove service
Security Basics, key and lock

The Basics

Your bitcoin is located in a wallet address recorded on the bitcoin blockchain - a decentralized ledger of every bitcoin transaction in history - and stored by every node on the network.

The bitcoin you hold is secured by advanced cryptography and accessible only to the holders of the private keys to your wallet. Your private key is often represented by 12 or 24 words.

In order for bitcoin to move from an address to another, the sender must have access to the private keys used to sign and validate a transaction. Therefore, securing your private keys is the key to securing your bitcoin. Keeping your private keys safe is intimidating for many new bitcoiners - it's our job to help you understand how simple and easy it can be to take custody of your own private keys and to support you in using them properly.

Bitcoin Custody Options

There’s multiple Bitcoin custody options available to you depending on your specific needs and the type of Bitcoin investor you are. Learn more below.

Hot Storage Wallet

A hot wallet is essentially an application that you can download on your mobile phone or computer. While the wallet itself that your keys are stored on is secure, the hardware that the wallet is installed on could potentially be compromised.

You need regular access to your funds and only want to store a small amount (under $3,000) or you only need to keep it for a short period of time.

Bluewallet app

Cold Storage Wallet

A cold storage wallet generates the private key on a dedicated hardware device that isn't connected to the internet. This device can be used to send and receive bitcoin using a simple PIN. There are many popular cold-storage wallets, check out our analysis to learn more. We recommend Ledger for it's reliability and ease of use, although it does come with privacy tradeoffs.

You wish to readily access your funds and would like to store between $3,000 and $100k for an extended amount of time.

Ledger Cold Storage

Coldcard Wallet

A Coldcard is a brand of cold storage wallet that uses a technique called PSBT (partially signed bitcoin transactions) that allows you to send bitcoin without ever connecting the device to your computer. Learning to use a coldcard requires more time and effort but is worthwhile if you're looking to take your bitcoin privacy and security to the next level.

You wish to store more than $3,000. You can use it to store up to $200k worth of Bitcoin. This is the perfect device for those that want to hold onto their funds for years to come in a secure and private manner.

Ledger Cold Storage

Multisig

Multisig stands for “multiple signature” and means that you need to have several sets of keys to access a single wallet. A multisig wallet can be set up in many different ways, but the most popular examples are a 2-of-3 & 3-of-5. For example, with a 2-of-3 multisig setup, you’ll have three sets of private keys stored in different locations or held by different people, and you’ll need two of them to sign a transaction (i.e. spend the bitcoin). The drawback to multisig wallets is that they increase the complexity of your setup. The upside is that they eliminate single points of failure. By keeping your private keys in separate locations, there's no way to lose your funds if one set of keys becomes compromised either through loss or theft. Learn more about multisig configurations and how to set one up.

This setup is recommended for those who want to segregate access to their funds between actors within an organization or when you have a substantial amount of bitcoin you wish to safekeep for a very long time all the while reducing the risk of accidental loss or theft of a private key.

Ledger Cold Storage

Running a node

Running your own node is something that anyone can do regardless of the type of wallet they use in order to verify the contents of their wallet. A bitcoin node contains the entire history of bitcoin transactions recorded on the bitcoin blockchain and is connected with peers on the bitcoin network to reach consensus on the rules governing the bitcoin network and confirm the validity of new transactions.

The bitcoiner maxim 'Don't Trust. Verify.' is rooted in running your own node. For example, when you run the software provided by a standard cold storage device like a Ledger, your wallet balance is confirmed by Ledger's node. While these companies are generally trustworthy, it's considered best practise to run your own node and confirm the state of the bitcoin network yourself.

Thankfully, running a node has become much easier over the past couple of years with open source projects like MyNode, Umbrel and Specter. It's our hope to support any customers looking to run their own node to set one up.

Running your own node is the only way that a user can independently verify the authenticity of their bitcoin and avoid having their transactions censored.

For anyone looking to verify their bitcoin holdings for themselves, improve their privacy and become a sovereign Bitcoiner.

Ledger Cold Storage

Security Packages

Let us help you take control of your Bitcoin.
All prices are in Canadian dollars.

Consultation

$100

One hour support for Bitcoin self-custody and verification.

  • Mobile hot wallet support
  • Desktop hot wallet support
  • Cold storage wallet support
  • Multisignature setup
  • Bitcoin node installation and use

BitBox

$200

Receive a BitBox02 hardware wallet and help setting it up.

  • 1 BitBox02 hardware wallet
  • Installation support
  • Learn the security best practices

Coldcard

$500

Receive a Coldcard hardware wallet and help setting it up.

  • 1 Coldcard hardware wallet
  • Installation support
  • Watch-only wallet for your airgapped Coldcard
  • Learn the security best practices

Coldcard Multisig

$1000

2-of-3 airgapped multisignature using Colcard hardware wallet.

  • 3 Coldcard hardware wallets
  • Installation support
  • Key scheme best practices

Fortress

$4000

The ultimate personal Bitcoin security setup.

  • Coldcard Multisig
  • Full Bitcoin node
  • 3 metal seedplate backups
  • Advanced security consultation

Node

-

Receive a Hardware Node and help setting it up.

  • Hardware Node
  • Lightning Network Enabled
  • Installation support
  • Learn the security best practices

Learn

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Montreal, Quebec, Canada
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