Bitcoin is something that is much in these days and everyone is trying to get benefit of it. It is a latest technique of funds transfer that is based on digital currency, which makes use of a lot of technique to make all the regulations, operating independently so that there is no central bank for the flow of money. The cryptocurrency is used in bitcoin and internet is the main source for providing the funds transfer. Since the accounts for the bitcoin are made online, it is therefore important to secure your account so that you can keep your amount safe.
Here we are going to present a few tips that are going to help you keep your bitcoin safe and learn how to prevent theft. Human error can be another reason that would risk the security of your account. So let’s get started with our tips.
Tips to keep your bitcoin money safe
A bitcoin wallet can be defined as some software or a program that is designed specifically to keep your digital money and manage it at any time you want. There are a good number of wallets for bitcoin available online, so selecting a reliable and renowned one is going to help you stay away from the worries of theft and insecurity of your digital money. Having a bitcoin wallet is essential since you cannot hold or keep your digital money without the wallet, so choosing the best one is ideal.
- Select a strong password for bitcoin wallet
Many of us have the habit of choosing the same password for all the online accounts as it becomes easier to remember. However, it puts the security of all your accounts at risk since breach in one can affect all the accounts and when it comes to the bitcoin wallet, it is the most important thing to choose a strong password as you don’t want to lose your money. A strong password is a combination of numeric, alphabets and characters, so creating an undetectable one can help you a lot.
- Choosing 2 factor authentication
It is also very important to choose the 2 step authentication when you create your bitcoin wallet. This step allows you to log into your account not just by entering the password, but also another step that either sends a message to your phone or some other authentication mean. So make sure to choose it as well.
- Keep a backup of your wallet
Keeping a backup of your bitcoin wallet is also essential as it keeps you safe from the computer failure issues and other human errors. So keeping a track record of all your activities on the wallet can help you restore it back immediately.
- Use cold storage option
Keeping your wallet in the cold storage can also help you a lot in saving your bitcoins. It is like a paper wallet or some flash drive that works with the help of a private key so your wallet is not there at the web or computer.