Bitcoin is irrefutably a fantastic cryptocurrency, but it also has several risks associated with it. It is completely internet-oriented, which exposed it to threats such as hacking, phishing, etc. So, if you want to keep your bitcoins safe, you need to take some precautions.
You can make a profit by trading bitcoin through the bitcoin trading app just make sure it is not a scam app. There are some simple security tips mentioned below that you can follow while using bitcoins and protect them from cyber-attacks.
1. Prefer Using A Hardware Wallet
Bitcoins are stored in digital lockers termed bitcoin wallets. These wallets play a vital role in the security of bitcoins which is why you need to be careful while choosing a wallet that you want to use.
There are several types of bitcoin wallets in the market, but when it comes to security, there is no better option than a hardware wallet. A hardware wallet is a cold wallet that protected your private keys from all kinds of online threats as it stores them offline.
A hardware wallet is a kind of USB device in which bitcoins are stored, and if you want to access them to make a transaction, you need to connect the wallet with a computer like a USB flash drive. Hardware wallets are pre-equipped with several encryptions and security features that make them the safest bitcoin wallets.
There is no internet connection which makes it impossible for hackers to steal the bitcoins stored in them. Moreover, you can connect hardware wallets to any PC as they are immune to all viruses and malware.
2. Keep the Private Keys Safe
Private keys are like a password to your bitcoin wallet, as if you lose them, you will also lose access to your bitcoins. So, it is essential to store private keys safely. If you keep them safe from online attacks, the best option is to store them offline as it will remove the risk of cybertheft and will keep your mind at peace.
For better security, you write them down on paper and store them in a locker. It is a safer option than using an electronic device. You must ensure that the place where you are storing private keys is safe. You must also ensure that it won’t get exposed to direct sunlight or moisture as it can damage the private keys noted on a piece of paper.
3. Have a Good Antivirus Installed
If you have stored the bitcoin wallet on your computer, you must ensure that you have an efficient antivirus installed in the system. Computer operating systems such as Windows as exposed to several malware and viruses. So, if you are using it for storing bitcoins and making transactions, you must have an up-to-date antivirus on it.
Most of the cyber-attacks are done through malware and viruses, so if you will have an antivirus installed on your system, it will be protected from such attacks. Moreover, you should also update the software regularly so that your bitcoins and private keys are protected from the latest viruses and malware programs.
4. Set a Strong Password
With the increasing online thefts, it has become crucial to keep your bitcoin wallet encrypted and set a strong password. The password prevents anyone else from accessing your bitcoins, but you need to be careful while choosing a password. If you set a simple password, it will be easier for the hackers to crack it and gain access to your wallet.
So, you need to choose a strong password that is hard to crack but easy to remember for you. It is not an easy task to select a complex and unique password as you need to focus on a lot of things.
Two of the essential factors that you need to focus on while choosing a password for the wallet are complexity and length. You must pick a complex combination of letters, numbers, and symbols so that it is unique and impossible for the hackers to guess it.
But you must note down the password and store it in a safe location so that you won’t forget it. If you forget the password, you will lose access to the wallet as there is no option to recover it.
