Cryptocurrencies are often a target for fraudsters, scammers and thieves. In this post, discover how you can keep your Bitcoin safe.
If you want to send, receive or simply store Bitcoin, you’ll need a cryptocurrency wallet. But you’ll also need to keep this Bitcoin wallet safe especially if you’re HODLing or transacting with large amounts of Bitcoin. If you’re using a hardware, mobile, or desktop wallet, your Bitcoin will always be attractive to scammers and thieves.
What is a Bitcoin wallet and how does it work?
Bitcoin is a virtual currency that allows you to send and receive Bitcoins. There are no actual Bitcoins stored in a wallet, since Bitcoin is a network with lists of immutable transactions. Instead, a wallet stores a private key which is a secure digital code known only to the owner.
In this post, you will learn 11 ways to keep your Bitcoin wallet safe
One of the surest ways to keep your bitcoin wallet safe is by Choose hardware wallets
Cold storage may be the best option if you’re concerned about cyber threats. Manufacturers like Trezor and Ledger offer various models of USB-like devices with pre-installed security layers, encryption features and encryption features. Some Bitcoin wallets don’t connect to the internet so criminals can’t access your private key.
Also, you may want to consider Keeping your private key offline You can protect your wallet by taking your private key off the grid and keeping it in the ‘real world’ Simply writing down a piece of paper will work, rather than saving it on any electronic devices. Make sure you keep it in a dry place, protected from heat and direct sunlight.
The third way is to ensure you always use a secure internet connection. Most public networks are vulnerable and have security flaws. If you have a Bitcoin wallet on your laptop, try using your phone’s hotspot instead. The best thing is to use only home or well-known networks where you are certain connections are not being easily exposed.
Also endeavour to use a good and up-to-date antivirus software. Dont always forget to check whether your computer has an up-to-date and reliable antivirus software installed. Most cyber attacks use viruses and malware to access and tamper with your device. Windows users usually are exposed to a wider variety of malware programs than all operating systems have their share.
It is very important not to access unknown or suspicious links. Internet scammers can clone entire websites and use almost identical URL addresses to the authentic ones. Be careful with your online activity and always check the link of the site you’re on if something feels strange. Bitcoin scam emails often ask you to visit a specific website or enter your details.
Use a strong password for your online wallet. If you use an online wallet, be careful when choosing your password. 52% of people reuse the same password across different services. Make sure that your password for you wallet is unique to ensure it doesn’t expire. If you’re using a credit card, make sure to choose a unique number.
Under no circumstances should you give away your private key. Do not share your private keys with anyone and do not ask for somebody else to make transactions for you. Ignore all proposals or requests that involve you sharing your private key to a third party or person. Private keys are for your eyes only. Do not share them with anyone.
Keep a separate wallet for day-to-day transactions. If you need to make small daily transactions, a good practice is to create a separate wallet that you can top up when necessary. There is no limit to how many Bitcoin addresses or wallets you can create. The best way to keep your money safe is to be careful with your investments.
Use two-factor authentication for online wallets. You should always use two-factor authentication to protect your money. Most online wallets have two-step security measures, and it’s a simple but effective security measure.
Dont forget to always check the Bitcoin address. There are malware programs that can ‘intervene’ when you copy and paste a Bitcoin address and change the pasted output to another address. If you are not careful, you will end up sending your Bitcoins to someone else.
The last but way of ensuring the safety of your Bitcoin is by backing up your digital wallet
A backup will allow you to access your wallet in case you lose your device or your device fails. Choose either a different or a safe location for your backup. If your device is stolen, you can restore access to your wallet with the backup file. As a precautionary measure, move the funds to another wallet.
In conclusion, be conscious of the fact that you are solely responsible for the security of your Bitcoin wallet. Stay up-to-date with the latest security improvements and updates to keep your Bitcoin or any other cryptocurrency wallet away from ill-intended parties.