How to Keep Your Bitcoins Safe

Bitcoin has evolved into one of the most empowering financial innovation by the human race with prominent expectations for future achievements. It has created a perfect opportunity for humanity to develop from the traditional occupation of using cash to a more advanced and digitalized option of currency management. However, with such high power comes an even greater responsibility to ensure that the safety and security of this digitalized financial asset are promoted. This will ensure that bitcoins are purposed to assist its owners in gaining full power and control over their financial material rather than relying on an external financial institution.

As much as Bitcoin is appraised, there have also been many reports of cases to do with theft and breaches on these financial assets. Cybercrime has evolved into a threat to the world of digitalization forcing individuals to take the necessary steps to secure their Bitcoins in the following ways:

1.      Use a dummy email for your Bitcoin Wallet

Most of us own a primary email account that is used for all media and financial platforms for our daily necessary communications and transactions. People tend to share such emails with friends, family, and co-workers, thus exposing it to a wide variety of malicious threats. If a hacker happens to obtain such information, and you had supposedly used the email for your Bitcoin Wallet, they will be able to access all of your private credentials needed to gain entry into your Wallet. You should, therefore, use a separate email, one of which you don’t use for any other purpose, to create your Bitcoin account hence keeping your assets safe.

2.      Avoid using your phone number for authentication processes

While many sites online support a broad range of two-factor authentication processes for security purposes, they may not be entirely secure. If you primarily rely on SMS passcodes for the security of your Bitcoin account, hackers may be able to hijack your phone number. They would then be capable of intercepting your passcode and gain access to all your private credentials concerning the account.

3.      Encrypt your Bitcoin Wallet

Encrypting your Bitcoin Wallet means adding a password to your account and is the first and most essential move to make. Don’t use a password familiar to other online accounts on different platforms, as this could expose your privacy to crafty hackers. Use a strong password that you can recall and void storing it on the same computer as your wallet.

4.      Use cold storage for your Bitcoins

Cold storage is a means of saving your Bitcoin wallet offline and away from any other computer device. You can read more about the various methods of cold storage when it comes to the security of your Bitcoin. A good example could be a USB memory stick, which is classified under Hardware wallet. The necessary types of cold storage include:

  • Hardware Wallets
  • Brain wallets
  • Paper wallets
  • Multi-Signature wallets

5.      Backup you Bitcoin Wallet

Backing up your wallets protects you against possible and unexpected computer failures and other human errors. It also enables you to recover your wallet in case your electronic device is stolen.

Conclusion

Security is a primary consideration that involves Bitcoin currency, especially with the rise in cybercrime incidences. Without the necessary safety measures, one simple mistake could cost you dearly.

 

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