Bitcoin isn’t just the most promising and most popular cryptocurrency out there, it’s also the pioneer of the industry. It has certainly changed the industry in more ways than one, and there’s no telling what lies ahead for the future of bitcoin. What we do know for now is that if you own bitcoin, you need to be very cautious with it.
A lot of those diving into cryptocurrencies don’t know how seriously easy it is to lose their hard-earned money. Even a single wrong character on your wallet address is more than enough to help you lose your money during transfer. If you want to keep your bitcoin safe, then here are some important tips that you might want to consider.
It’s a common practice for any type of online account to enable two-factor authentication or 2FA. To put it simply, 2FA protects your crypto or account from hackers by incorporating another security measure that serves as a layer when others try logging in. These can be something like OTPs, passphrases, and even biometric scanners.
Some people go beyond using 2FA. Add as many authenticators as you can because the more there is, the harder it will be for others to get to your coin. This is one of the simplest but most effective ways to add a good layer of protection for your bitcoin and your other coins.
Store It In A Wallet
It might seem odd saying that you should store your bitcoin in a wallet, as it is a digital currency. However, it’s very important that you consider using hard wallets, and most recently, “paper” wallets. These are definitely a lot better as compared to storing your coins in an exchange.
These types of wallets allow you to keep your bitcoin with you at all times. For instance, using a paper wallet for bitcoin gives you a physical means to store your cryptocurrencies. It’s safer than storing it online because, through a wallet, your coins are going to be given an extra layer of protection.
Keep in mind that there are also digital wallets for bitcoin too. Again, these wallets are better than storing your coins in exchanges as they are more secure. Moreover, it guarantees your full ownership of the crypto instead of owning it through an exchange.
Always Use Updated Software
One of the biggest mistakes you can make when it comes to cryptocurrencies is using brokers or operating systems that aren’t up-to-date. Whenever you’re engaging in crypto activities online, make it a habit to always use updated software for programs or apps that can affect your crypto.
In the case of bitcoin, these include antivirus software, cryptocurrency exchange apps, and digital wallets. Using updated software is important, as this means that the software you’re using is well-equipped to protect you from any digital threats online.
Adapt Better Online Habits
This is the most important tip. No matter what security measure you use, your bitcoin is always going to be at risk. There are a lot of things you should avoid and should do when browsing online.
- Do not share your wallet and personal details with anyone over the internet.
- Do check the websites you are transacting with. Read through reviews if you must, as this will help you avoid scam websites.
- Do not write down your wallet address and passphrase on a piece of paper. The moment you lose this is the moment you might lose all of your bitcoin.
- Do change your password regularly. Try to change it at least once a month to keep hackers on their feet at all times.
- Do not use a password that can be easily guessed by people you know. It should be something that others can’t directly associate with you.
- Do invest in good digital security solutions for all of your devices where you can access your bitcoin in.
These online habits are going to do a lot in terms of how well they can protect your bitcoin. A majority of hacks and scams are caused by the poor decisions of the victim themselves. Being literate online should be more than enough to help protect your bitcoin from a majority of scams and problems online.
The price of bitcoin is only going to go up, meaning it’s going to be more valuable to hackers. Learning how to protect your bitcoin effectively is very important in this day and age where hacks and scams are more common than ever. With these tips, your bitcoin is going to be safer.