With over 4,000 cryptocurrencies traded (as of January 2021), Bitcoin is still one of the most prosperous cryptocurrencies today.
Bitcoin (BTC) is the world’s oldest and second largest cryptocurrency at $ 70.45 billion, created in 2009 by an unknown person under the pseudonym Satoshi Nakamoto.
In addition to data transparency and user privacy, the greatest success factor of Bitcoin is the flexibility of online exchange. Bitcoin, which has more than 40 million users worldwide, is accepted by most trading sites compared to other cryptocurrencies. As a result, hackers pay less attention to security and invite them to steal the funds of novice bitcoin who are part of bitcoin scams.
Bitcoin trading is supported by hundreds of Bitcoin wallets around the world. Oddly enough, what is a Bitcoin wallet? To trade Bitcoin, you need a secure cryptocurrency wallet to send, receive, or simply store Bitcoin. Bitcoin is vulnerable to cyberattacks because it is decentralized and has no central authority to monitor assets.
For new bitcoin users looking for a safe way to store bitcoin, here are the 10 safest ways to store bitcoin in the eyes of cyber criminals.
10 ways to keep your Bitcoin wallet safe
Here are 10 ways to protect your Bitcoin wallet and prevent cryptocurrencies from being hacked.
1. Select a hardware wallet
Where do you store your bitcoins? There are numerous different Bitcoin wallet options available for trading Bitcoins. But why do you always prefer a hardware wallet over all other options? A hardware wallet (often referred to as a cold wallet) is the safest way to store Bitcoin using an offline security layer. Provides a way.
Speaking of hot wallets, they are always connected to the internet, which makes them more vulnerable to malicious intruders. Hardware wallets, on the other hand, are physical devices that are connected to your computer system via a USB port and are therefore immune to virus attacks. This further increases security against external threats. Some popular bitcoin wallet apps Trezor Model T, Ledger Nano S, Coinkite Cold Card, and more.
2. Strengthening two-factor authentication (2FA)
Two-factor authentication (also known as 2FA or two-step verification) is a very important layer of security that you can configure to keep your Bitcoin wallet secure. When you create a Bitcoin wallet, you will be asked to set your own password and receive an ID. By default, you only need two pieces of information to access your wallet.
Setting up 2FA in the secure area of your Bitcoin wallet adds a third credential that is required to successfully log into your wallet. Every attempt to log in generates a unique passcode.
3. Encrypt your Bitcoin wallet
This is another way to protect the cryptocurrency wallet, if a hacker tries to access your Bitcoin wallet account, he will set his own password in encrypted mode to lock Bitcoin.
4. Keep your private key offline
You can protect your wallet by taking out your private key, which is separate from the online world. You can save the key by writing it on a piece of paper and keeping it in a safe place instead of storing it in a digital gadget. Your private key is very important to you. Make sure it’s as sensitive as your bank account PIN.
5. Never use pre-generated keys / seeds. This is a SCAM!
Are you ready to risk your wallet? It is known that blockchain bandits can easily guess the private key and steal money. This is a psychological game used to sell off-the-shelf or hacked paper wallets on various ecommerce platforms like eBay and Amazon. These prepackaged wallets are created by a hacker who keeps a copy of the recovery seed (usually 24 words long) and waits for you to deposit the funds.
6. Perform a multiple signature
If you have been dealing with Bitcoin for a long time and are trading a large amount of money, we recommend that you activate the multi-signature or multi-sig function. Multi-signature (multi-sig) is useful when you have multiple signers associated with your account. This means that more than one private key is required to sign and approve a Bitcoin transaction. Multisig makes Bitcoin wallets more secure, especially in corporate applications.
7. Use a different password for each account
Another important aspect of Bitcoin wallet security is password strength. How can I use it for my Bitcoin wallet if I don’t use a common password for my social media accounts? It’s a good idea to create a strong and unique password combination for each account you use. I’m going.
Bitcoin wallet passwords must be a combination of upper and lower case letters, special characters and numbers. The password you use must be kept secret and may not be passed on to third parties at any cost.
8. Use good anti-virus software
Antivirus / malware software is ideal for protecting your Bitcoin wallet from cryptographic threats. For this reason, we recommend that you use real antivirus software that will protect your wallet from malicious cyber attacks and unwanted intruders. Therefore, when trading Bitcoin, it is important to perform a proper device scan before installing the wallet.
9. Digital wallet backup
With data backup, you can access your data when there is no more data on your system (i.e. in the event of a malware attack or a system failure). A couple of digital wallet apps it has a built-in data backup feature.
Based on the Bitcoin storage location, the Bitcoin Wallet menu will display the option to Export Bitcoin Wallet or Private Key. If you are creating a digital backup file (preferably encrypted), you should save this exported backup to a flash drive or copy it to paper and keep it in a safe place.
10. Create another wallet for everyday transactions
Mobile payment is currently on the rise. If you have daily transactions, you can create a separate wallet for the smaller transactions you make during the day. In addition, you can create multiple wallets and add multiple addresses.
Let’s do it now!
“Don’t get angry, be the same”
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~ John F. Kennedy
When you lose something in the hands of others, remember the famous phrase about striving for it instead of wasting energy on anger. This also applies to Bitcoin. Don’t give hackers or scammers a chance. Instead, protect your crypto wallet with advanced bitcoin hacking.
Therefore, if you are still unsure whether your Bitcoin wallet is safe or if you don’t know where to store your Bitcoins, keep the above points in mind when trading Bitcoins.
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