Buying or trading in Bitcoin is not that tough. Tough is securing your Bitcoins and keeping them safe. The last thing you will want is your Bitcoins are getting into some evil hands, or someone has stolen all of them.
Bitcoin is a form of Digital Currency. Everything that comes digitally always brings some potential risks with it. Whether it is digital payment or Bitcoin, everything is exposed to cybercriminals. Now we all know that Blockchain Technology also can get hacked.
5 Best Practices You Need To Follow To Store Your Bitcoins
From the above discussion, it is undoubtedly clear that you have to take steps to protect your Bitcoin from evil hands. So, after consulting bitcoin-code, here are the best practices you should follow for storing your Bitcoin.
Go With Hardware Wallet
Experts always advise you to opt for a hard wallet for storing your precious Bitcoin. Hot wallets or software wallets are always exposed to different kinds of cyber threats. So, a cold wallet is the best. You just have to ensure some wallet-related safety measures.
Never share your private key with anyone, and this anyone means anyone. Keep your hardware in a safe place. Store your login credentials only in your brain. If you are unable to remember it, you have to go with some alternative options which will not hamper safety.
Always Protect Your Wallet
After selecting the type of wallet for storing your Bitcoin, it is now protecting that wallet. So, when you are choosing the Bitcoin wallet, ensure you are going with two-factor verification. This simple yet really strong method will surely enforce more enhanced security for your Bitcoin.
Plus, during the time of buying the wallet, you must ensure that you are using a strong password in order to protect it from being hacked. As we have mentioned earlier, do not even think about sharing your private key with anyone else.
Choose A Secure Internet Connection
We know almost every valuable information of yours is on the internet, but never make the mistake of trusting it completely. So, when you are thinking about ensuring the security of your private key, keep it offline. Write it on a piece of paper and store it in a secure place.
Whenever you are accessing the internet for your Bitcoin-related purposes, or you are going to make any sort of transaction, choose a private and secure network. Never make the mistake of using a public network for the same purpose; it will make your credentials more vulnerable.
Back-Up Your Digital Wallet
Backing up your digital wallet is not at all a bad idea. In fact, it is a great option to rely on. By backing up your digital wallet, you can ensure the safety of your Bitcoin holding even though your original wallet is damaged.
But again, the same thing comes, and that is maintaining the security of the backup. So, when you are dealing with Bitcoins, you have to be super careful and cautious all the time.
Always Check Bitcoin Address
Often several malware programs get mixed with Bitcoin links. It can cause damage to your Bitcoin, or you might even lose them. Before hitting enter or clicking on any address, read the address of the recipient properly and double-check it.
Sometimes a link is forged in a way, which you can not recognize by just looking at it. As a result, you might end up sending your Bitcoin to someone else. Before visiting a website, also ensure that it has the HTTP certificate.
Follow the above-mentioned tips for ensuring the safety of your Bitcoin storage. Never forget the incident when a hacker hacked the Bitcoin network and stole some Bitcoins only to prove that they could be stolen. It is difficult but not impossible. So, taking as many security measures as possible is a smart option. ,