Connect with us

Crypto

5 best practices you need to follow to store your bitcoins

Wallets will not store your online money, but the private key is your only access to your assets.

digital bitcoin image
Image: Blockchain Global

When you are investing in Bitcoins you will also have to think about their security. The only reason behind this is that it is not a safe playground anymore. There are hackers who are waiting for you to make a mistake and they hack through your system to flush you dry. But there are a few things maintaining which will safeguard you from these setbacks. There is always the safest option of purchasing a wallet that will keep your money safe from thieves. 

But how will you know that you are still safe or not? Well, to be honest, these wallets will not store your online money, but the private key is your only access to your assets. The bitcoin being a network cannot be stored in a wallet; hence the private key instead is kept aloof from the online privates.  

5 Best Practices to Store Your Bitcoin

There are a number of things that you can do to make sure your wallet is safe. If you are already investing and you want to explore more options you can visit trading apps like profit secret Before you make invests always remember to check your benefits clearly and ask the right questions. Once you are happy with your investment options to protect your income you will have to inculcate these practices for making sure that you are safe from online theft.

  1. Maintain a Secure Internet Journey

Do not trust the internet, even though your invaluable assets are in them. This means that in order to protect your private key being stolen even from your wallet, keep it offline. Just take a piece of paper and write the private key so that it is not only anymore. Make sure that you are storing it in a safe place that will keep it unaltered from weather or manmade conditions.

Make sure that you are using a secure internet connection. Some of the public networks have security flaws for being venerable. If you want to access your online wallets on your laptop use your phone hotspot for securing the network and getting breached. The best thing is to do these things when you are at home and using your own private network for accessing your online assets.

There are many scam links that will lead you straight to the hackers’ network exposing your private and financial life to strangers. If you want to avoid these kinds of situations you will have to use extensions that will help you recognize proxy links. The hackers can replicate an entire website starting from their URL to the design of the website. Hence, make sure that the links that you click upon are authentic or not.

  1. Hardware Wallets

Crypto users who are afraid of cyber threats should use cold storage for protecting their online assets. The safest option here is to store your property in a hardware wallet. There are providers who will provide you with USB-like gadgets that are encrypted and come with pre-installed security layers.

  1. Protect Your Wallet

When you are choosing a wallet make sure that it has two-factor verification. This is a simple method but it sure enforces strong security benefits. Make sure that you do not give your private key to anyone else. There will be websites that will wrongfully ask for it, make sure you choose wisely when you are sharing personal information online.

When you buy a wallet make sure that you are using a strong password to protect it from being hacked. We often use the same password online, but it noted that those are the people who get hacked most. For avoiding those make the password that is hard to crack.  

  1. Check the Bitcoin Address

Often malware programs get mixed with bitcoin links causing you damage and loss. Read the recipients’ address carefully and double-check if it is correct. A link can be forged in such a way that it can’t be recognized simply. If you are not being careful you might also end up sending bitcoins to strangers.

  1. Digital Wallet Back up

A back up of your digital wallet will ensure that your online asset is safe even though something happens to your original wallet.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

Comments

More in Crypto