Bitcoin users have to be very security conscious due to the fact that there is no physical backing for bitcoin. The tips outlined below will help users to become more safety conscious.
- Make Use of Dedicated Hard drive
If you want to move any data from your computer that has an active internet to the offline one, it is important that you use a dedicated hard drive as the risks of hacking or virus will be reduced. Using a hardware wallet is advisable as it is the most secure way of storing Bitcoin. The hardware wallet operates on its personal operating system that runs the bitcoin wallet.
- Use Offline Methods to Store Private Keys
Your private key is very important to the safety of your bitcoin- if you lose it or someone gains access to it, your bitcoin will be in jeopardy. You can store your private key on an offline computer to reduce the risk of hacking and malware attacks. You can also store your private key on a dedicated hard drive or a piece of paper, whichever works for you.
Keep bitcoin secure
- Protect Your Computer
It is important that you take the necessary steps to protect your computer such as installing good antivirus software and ensuring it is kept up to date. There are other ways of protecting your computer such as making use of the LINUX operating system. This operating system will protect your computer from any malware attack involving USBs. It is necessary that you remain alert to protect your computer from getting hacked.
- Backup Your Private Key
It is important that you store your private key in several places so as not to be out of options in case of an unfortunate incident. A backup is the best option as it will come in handy to access your bitcoin in the wallet.
- Guard Your Personal Information
Do not reveal any personal information such as email address, phone number, family members name, etc. as they can be used to gain more access to your data. Any transaction that requires any personal information should be avoided at all costs.
- Employ an Escrow Service
An escrow service comes in handy when you do not trust the person on the other end of the transaction. Escrow services work as an intermediary between the buyer and the seller while keeping both parties safe. This service will require a service fee but, on some occasions, it comes in handy.
- Ensure That the Wallet Has Good Security
Two-factor authentications are a wonderful way of ensuring the security of your bitcoin in the wallet. It might prove to be stressful but it gets the work done. This is essentially an added security layer after you have put in your password. With this two-factor authentication, it is harder for hackers to gain access to your wallet. You can also make use of Multisig which is another way of protecting your currency as there will be a need for multiple signatures before a transaction is carried out. This one is, however, more popular with corporate people.
It is very important that you do not brag about your wealth especially on social media as this is a good way of making yourself a target for hacking. Always remember not to post your wallet address online as this will also make you a potential target. If you have to post the address, ensure that you do not have a lot of money stored there. If you realize you are a potential target, you should take the necessary steps to make the work hard for the hackers. You can make use of a less than famous cryptocurrency to send money to your wallet if you are moving a large amount so the transaction will be impossible to trace.
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