Having your Bitcoin wallet encrypted is a good security because this trick prevents anyone from using your wallet without your password.
No security without care: But this also means that if you lose your password, you will lose the use of your wallet. This method also does not protect you if someone knows your password or if malicious software in your computer starts recording what you type on the keyboard. Even if the encryption complicates significantly any attempt to attack your wallet.
No turning back: If you decide to encrypt your wallet, you can change your password later as many times as you like. By cons, you can not use Bitcoin without encryption thereafter, until it is made possible by the developers.
Password only to pay
: When your wallet is encrypted, Bitcoin do not ask for your password each time you open it. The password is asked only when you send a payment
with your Bitcoin software.
- Open your Bitcoin software
- Click on the menu Settings / Encrypt Wallet (at the top)
- Type a long password that includes numbers and punctuation marks, once in each box, and click OK.
- Bitcoin asks you to confirm that you want to encrypt your wallet and warns you at the same time not to lose your password. Bitcoin the indicates that it will close to activate the encryption at the next opening.