Some users protect their private keys by encrypting a wallet with a strong password and, in some cases, by choosing the cold storage option; that is, storing the wallet offline. He said he hoped it would be worth enough one day to buy a house. Instead, bitcoin or its key should be stored in a secure wallet such as one that uses a multi-signature facility for security. Bank transfers, on the other hand, typically have low fees, but they may take longer than other payment methods. And when the value of your bitcoin doubles in a week, as it did for me, it’s easy to think you’re a genius.