4WAYS OF SECURING YOUR BITCOINS AND OTHER CRYPTOCURRENCIES
Certainly, you are not new to the news of Bitcoin losses. Several people have suffered massive losses on their Bitcoin business during their entry stage. As you are aware, no bank or financial service provider stores Bitcoins. The owner is the one with the responsibility of ensuring their coins are secure. Otherwise, fraudsters and hackers are always extending their nets to try their luck in reaching the unsecured coins and put them in their bags.
For this reason, you must enhance your Bitcoin security to avoid becoming their prey. Notably, scammers will come in different ways. One of this ways will be through establishing fake Bitcoin wallets or even form an exchange platform. Regardless of the trick they use, you must ensure none of the approaches wins your heart and turns you into a victim. Here are several ways of securing your Bitcoins:
STORE YOUR COINS IN A HARDWARE WALLET
Hardware wallet is one of the most secure means of storing Bitcoins. Here, you use an external device like a flash disk or a hard disk which you use for private purposes. You can store your private keys and other sensitive information that can make it easier for fraudsters to steal your coins. Also, you must ensure that it is not connected to the internet or accessible to unauthorized persons.
Some of the hardware wallets for storing your coins are Trezor, and Ledger Nano S. the wallets are simple to set up, thus easy to use by both veterans and entrants. Again, the hardware wallets offer you an opportunity to set up a PIN and a seed which are essential in recovering your coins. Also, you can encrypt the data you store which makes denies accessibility by the fraudsters even when they steal that device.
STORE SMALL AMOUNTS OF BITCOINS IN YOUR ONLINE WALLETS
While hardware wallets are a good option regarding your Bitcoin security, they offer you a challenge if you want to transact your coins. Hence, if you are a regular Bitcoin trader, you can opt for an online wallet. However, you should not store large amounts of coins in these wallets. Remember, being online means fertile ground for fraudster attacks. For this reason, only store the number of coins you are going to exchange. Also, ensure your private keys for this wallets stays offline to avoid an easy ride for the scammers into your wallets.
AVOID INSTALLING YOUR ONLINE BITCOIN WALLETS ON A MULTIPLE USERS DEVICE
As you know, no one is 100% trustworthy. Even your family members can take away your venture if it has a high potential for benefits. In this essence, if you are a Bitcoin trader, you should not install your wallet on a device that has multiple users. For instance, you should never use a home or office computer for Bitcoin transactions unless you are the sole user of the machine. By this, you will bar unnecessary persons from reaching your coins which will be an upper hand in your Bitcoin security.
The two-factor authentication involves a situation where you get a code on your phone to authorize the entry or log in to your account or wallet. This option is essential in strengthening your Bitcoin Wallet security. Even if a scammer or a fraudster has access to your account, they cannot conduct any transaction unless they have access to your phone.
Whenever you initiate a transaction, the system will send an authentication code or password to your phone in order to proceed. Thus, no one can complete a transaction without having your phone. Also, you should ensure your account has a password that is strong. Through this, your Bitcoin wallets and coins will remain secure