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Crypto

How to protect Bitcoin against hacks and theft

Knowing how to store your Bitcoin safely minimizes the loss of your funds and boosts your investment prosperity.

crypto charts on smartphone
Image: Unsplash

Forget about the negative speculations about Bitcoin. This cryptocurrency will likely become the most effective means of transaction globally.

It has always regained value even after some of the most devastating price fluctuations in history. Bitcoin’s market trends reveal an ever-increasing price range.

The first step toward a secure crypto trading environment is choosing a reputable exchange like this Bitcoin Code.

Also, we’re seeing additional countries expressing interest in making Bitcoin cryptocurrency a legal tender. 

All these positive developments around Bitcoin have accelerated the growth of its total market share. As a result, Bitcoin is the largest and most successful crypto in the sector today.

Unfortunately, Bitcoin’s massive success is visible to genuine investors and various cybercriminals.

People have painfully lost their coins in the past due to scamming and infiltration of various Bitcoin digital infrastructures.

While some of the victims suffered because of their respective service providers’ failures, others suffered due to the lack of knowledge of the appropriate security tips. 

How Can You Keep Your Bitcoins Safe?

We’ve described some of the most effective ways users can ensure the safety of their cryptocurrency.

We’ve covered the tactics for choosing the best platforms, how to keep your digital devices safe, and the appropriate storage options, among others.

You can do the following to prevent hackers from accessing your Bitcoins.

Not Sharing Sensitive Wallet Details with Anyone

Every Bitcoin owner has a digital wallet where they safely store their coins. A Bitcoin wallet has two types of keys.

The public key compares to your username and doesn’t need to be kept secret. You must give people your public address before they can send you Bitcoin.

On the other hand, a private key is very vital for your Bitcoin wallet’s security. You have to enter it when accessing your funds.

Moreover, you use the private key to authorize transactions. Therefore, you must not share your private key with anyone because they can use it to access your wallet and siphon all your assets to a different wallet.

Choosing the Appropriate Bitcoin Storage Mechanism

The Bitcoin Storage option one chooses plays a vital role in ensuring the safety of their funds. Some storages are more secure than others but are less flexible.

For example, you should select a cold Bitcoin wallet to enjoy top-notch security against theft and hacking. That’s because cold wallets don’t always connect to the internet like the hot ones.

While they boast of impressive security standards, cold wallets have poor accessibility. You can’t use them remotely.

Also, carrying cold wallets around is tiresome and exposes them to physical damage or theft. Experts advise users always to store a significant number of coins away from their crypto exchange accounts.

They argue that exchange-generated Bitcoin wallets could be terminated or frozen minus prior warning. 

Trading Only On Reputable Bitcoin Exchanges

Such platforms have designed excellent safety measures to prevent hackers from playing their dirty games.

One of the high-end safety solutions Bitcoin trading platforms use is the 2-step verification authentication technology.

And this means any time you attempt to log in, the system generates a one-time password and sends it to your mobile phone. 

The 2-step verification authentication technology ensures that only you can access your exchange account.

Anyone else must have your sim card with them before they can log in, which makes your Bitcoin’s security even better.

You can also scan your devices regularly to ensure they’re not hosting malicious software that could steal your login credentials.

The Bottom Line

Knowing how to store your Bitcoin safely minimizes the loss of your funds and boosts your investment prosperity.

Also, be careful because hackers have advanced their techniques as time passes. The three most effective ways to secure your cryptocurrency include storing your coins off the trading platforms in cold Bitcoin wallets.

Also, don’t share the private key with anyone, and trade only on reputable cryptocurrency exchanges.

Have any thoughts on this? Carry the discussion over to our Twitter or Facebook.

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Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.

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