The reason you’re reading this could be that somebody has tried to steal your Bitcoin. Maybe the increasing hacking cases for digital wallets and crypto exchanges have prompted you to look for ways to enhance your Bitcoin wallet’s safety.
Bitcoin’s popularity is on the rise globally. People prefer this cryptocurrency due to its decentralization and blockchain technology. Essentially, no central bank or government controls Bitcoin the way they regulate fiat currency.
Although there are other cryptocurrencies like crypto engine Bitcoin is the most popular. It’s, therefore, not surprising that crooks may try to steal your Bitcoins at some point. To avoid losing your entire investment, follow these tips to keep your Bitcoins safe.
Use Physical or Offline Wallets
Online digital wallets are popular than physical or offline wallets. And this has made them attract hackers that want to reap where they haven’t sown. For your Bitcoin investment’s safety purposes, use online wallets to keep a small number of coins. For instance, you can keep the Bitcoins you intend to use within your online wallet within a week.
On the other hand, keep large amounts of Bitcoin in your physical hardware wallet. Make sure that your wallet is in a secure place like your safety deposit box or safe. What’s more, separate public and private keys and secure them with multi-factor authentication and strong passwords.
Use Strong Passwords
Avoid reusing passwords if you have multiple accounts. And this is crucial because most hackers now target cryptocurrency services like digital wallets. If somebody hacks one of your wallets, they may want to try hacking another using the same password. Therefore, use different and strong passwords for your wallets. Also, enable password rotation and two-factor authentication. And you can use a trusted password management software to automate the rotation process and eliminate guesswork.
Work with Reputable Service Providers
When investing in Bitcoin, you will use Bitcoin exchanges, brokers, and crypto-wallets. To ensure the safety of your investment, choose reputable service providers. For instance, before you trade Bitcoin via a crypto exchange, research it first. Inquire about the security measures the platform has in place. Also, examine the crypto exchange to find out what users say about it. Do the same for Bitcoin brokerages and digital wallets. Trust entities that incorporate security practices like SSL or TLS encryption, air-gapped devices, and multi-factor authentication.
You can also use multiple cryptocurrency platforms but use different and complex passwords for each. But when using several platforms, use a trusted password management software to avoid losing your passwords.
Avoid Mobile Phishing
Most people manage their crypto wallets with mobile apps. With the increasing prices of these commodities, hackers are looking for ways to steal from investors using mobile phishing methods. These crooks are launching attacks through social engineering from anywhere using a mobile device. For instance, some hackers can use social media, texts, email, or third-party platforms to launch attacks and steal investors’ login credentials.
In addition to phishing, hackers can use mobile apps with a hidden ability to monitor your screen activity and log in keystrokes. If you use anti-virus on your computer, don’t do the same with your tablet or smartphone. That’s because the software could be a malicious app for stealing the information you use to log in to different apps on your phone.
Don’t Share Your Secret Key
You use the secret key to validate your identity when receiving or sending Bitcoins. Therefore, do not share your private or confidential key with anybody. Use cold storage to store your digital access. That means you should print it and then eliminate all of its digital traces.
Final Thoughts
You invest your hard-earned money in Bitcoin. It’s therefore reasonable to want to do everything possible to ensure the safety of your investment. Follow these tips to protect your Bitcoin investment from malicious hackers.
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