Tips for Keeping Your Bitcoins Safe
The price of Bitcoin is always going up. And this makes this cryptocurrency a preference for most investors. Unfortunately, even scammers are looking for ways to steal Bitcoins from investors and traders. That’s why you should be careful to ensure that scammers don’t drain your Bitcoin wallet.
The internet provides information on almost anything. Currently, many websites offer information on how to keep Bitcoins secure. For instance, bitcoin trader app official website highlights things to do to keep a Bitcoin account safe.
Unfortunately, malicious hackers are always looking for ways and opportunities to steal from unwary users. That’s why we share the basics of keeping your Bitcoins safe. Here are tips that you should follow to ensure the safety of your Bitcoins.
Secure Your Online Wallet
Signing up with online wallets is the most popular and easiest way to start investing in or trading Bitcoin. An online wallet hides most technical challenges associated with Bitcoin. For instance, online wallets help with addresses and private key handling. As such, they attract people that are not tech-savvy or new Bitcoin investors and traders. And you need a few minutes to sign up for an online wallet. After that, you will only provide a password and username to log in.
However, anybody with your password and email address can log into your account and steal your Bitcoins. And, this is easy to accomplish using a phishing email. Additionally, recovering Bitcoins once lost is almost impossible.
Using two-factor authentication is the best way to protect your wallet. Most online wallets allow for multi-factor authentication. That means you can link your online wallet account to a mobile app, physical dongle, or a phone. Two-factor authentication will require a malicious hacker to do something extra to log into your account, even if they obtain your password and username.
Avoid Using Your Phone Number for Authentication
Not every 2-factor authentication method is secure. Crafty hackers can hijack a phone number, intercept a 2FA passcode, and log into an account without the owner noticing. That’s why SMS passcodes are not an ideal way to secure a wallet account. Therefore, consider using a secret, separate SIM card when you associate your phone with your wallet account.
Sign Up for a Bitcoin Wallet Account with a Separate Email
You have an email address that you use for daily communications. And this is most likely the same email you use for PayPal, Twitter, and Facebook accounts. You have shared this email address with coworkers, family members, and friends. These may have also shared it with more people. That means it’s easy for malicious hackers to get.
That means hackers can quickly gather important information about this email if they want to access your Bitcoin wallet. To avoid this, use a different email address when signing up for a Bitcoin wallet account. Make sure that you don’t use this email address for other purposes. That way, you can lower the chances of having a criminal hack your account.
Keep Software Updated
Hackers will easily target you if you run your Bitcoin wallet on non-updated software. The latest wallet software comes with improved security systems. And this increases Bitcoin safety. Therefore, make sure that your Bitcoin software is always updated. That way, it will always have the latest security protocol and fixes. Also, update your computer and mobile device’s operating systems to enhance the safety of your Bitcoins.
You have spent a lot of time and money to earn your Bitcoins. As such, the last thing you want is for hackers or scammers to drain your Bitcoin wallet. Follow these tips to ensure the safety of your Bitcoins.