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HOW TO KEEP YOUR BITCOINS AND BITCOIN WALLET SAFE
ARE BITCOIN WALLETS SAFE? DO YOU BACKUP YOUR WALLET? READ THIS ARTICLE AND DISCOVER HOW TO KEEP YOUR BITCOINS AND BITCOIN WALLET SAFE!
Owning Bitcoins and other cryptocurrencies aren’t quite the Wild West adventure it was at the start of the decade, however, investors still face a lot of risk and instability. The hacking and the threats aren’t just in theory or abstract, the truth is that new scams are popping up every day and we should be prepared for absolutely everything.
Whether it is a fake Bitcoin wallet set up to trick its users, fake cryptocurrency schemes or a phishing attempt to hack and steal private keys, there is something to watch out and be careful at every turn.
Bitcoins, Ethereum, Litecoin, and other cryptocurrencies can feel secure as they usually anonymize and decentralize online transactions. They also confirm everything on public blockchains. However, those measures don’t really make Bitcoins and other cryptocurrencies less susceptible to the time-honored and simple scams.
You can’t expect your investment or your Bitcoins and Bitcoin wallet to be safe forever, without doing anything. You need to find a way to protect your investment or be ready when a certain problem arises.
COME UP WITH A STRONG PASSWORD FOR YOUR BITCOIN WALLET
A lot of people get into the habit of choosing one password for all of their accounts. You should know that this can put your Bitcoins, as well as, your Bitcoin wallet at risk. You need to choose a powerful password for your wallet and make sure no one can hack that password. We recommend you to use software such as Roboform or 1password to create and store the passwords for you. By doing so, you will never have to use the same password more than once ever again.
USE 2 FACTOR AUTHENTICATION
As you probably know most online Bitcoin wallets offer the option of a 2-factor authentication. In order words, whenever you log in, you are obligated to authenticate yourself with an extra step other than your password. Usually, this will be a verification text message sent directly to your phone. Two factor authentication lowers the risk of hacking and theft drastically.
➢ BACKUP YOUR BITCOIN WALLET
By backing up your Bitcoin wallet you can protect the wallet from computer failures, as well as, human mistakes. By backup up your Bitcoin wallet you can also recover your wallet after your computer or mobile was stolen.
➢ USE COLD STORAGE FOR LARGE AMOUNTS OF BITCOINS
If your Bitcoin wallet stores a large number of Bitcoins you need to make sure to keep it in cold storage. You are not really sure what cold storage means? Well, it means that your wallet is not really present online on the web or on any other desktop PC. As an example for cold storage could be a flash drive or a paper wallet or everything that has your private Bitcoin key encrypted on it.
Keeping your investment safe is really important, especially in the world we live in today. All of these are helpful suggestions on how to keep your Bitcoins, Bitcoin wallet or other cryptocurrencies safe and secure. By following these tips, you will reduce the odds of having your account hacked or your Bitcoins stolen. You can share these tips and suggestions with your friends so they will know how to keep their own Bitcoins wallets safe and secure as well.