Securing Your Bitcoin Wallet
Securing your Bitcoin wallet is as important as buying Bitcoins from a reliable trader. Hackers and scammers are everywhere and they will exploit you whenever they can. So you should not provide them with a chance to steal your coins.
Nobody likes to lose money, which in this case is in the form of Bitcoins. So, cyber security is important to prevent “cryptocurrency thieves” from stealing your coins. Let’s discuss how you can secure your Bitcoin wallet.
Using a Strong Password for Your Bitcoin Wallet
You might have noticed that some websites might not allow you to keep a simple password. This is done to ensure maximum protection of the user’s account. A strong password can be difficult to guess. Even brute force and dictionary attack techniques might fail to crack the password.
Similarly, your Bitcoin wallet needs to be secured with a strong password. The password should comprise uppercase and lowercase letters, punctuation marks and numbers.
If you have set a really difficult password that even you can’t remember, make sure to note it down. The paper on which you have written your password should be kept safe in a locker. Alternatively, you can store your password in a computer file. Make sure that the computer is password protected.
Avoid Public Computers and Devices
If you think that only a strong password will help you secure your Bitcoin wallet, then you are wrong. Hackers could use keylogger software to note the keys pressed on any device. To avoid hacking, you should avoid using computers in public places. Also do not use other people’s smartphones to log in to your wallet.
Backup Your Bitcoin Wallet
It is common for phones to get stolen and computers to crash. These two factors are the major reasons why you need to backup your entire Bitcoin wallet. Using backups, you can restore your coins. The backups need to be protected by strong passwords to prevent theft and hacking. The backups should be stored on multiple mediums like USBs, hard drives or CDs.
Updating Your Bitcoin Wallet’s Software from Time to Time
Whenever a company rolls in updates they make sure that the new version is more secure than the older version. For instance, antiviruses are constantly updated to counter the new viruses and malwares. Similarly, you need to regularly update your Bitcoin wallet’s software to reduce the risk of theft and hacking. Moreover, the newer versions are also more stable than the previous ones.
Your Bitcoin wallet is like your personal wallet. You need to secure your Bitcoin wallet like you keep your personal wallet safe. Technology is evolving at a rapid pace, which is increasing the chances of online scams and hacks. By following the above mentioned tips, you can make sure that you are not a victim of hackers.
