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How to secure your bitcoin

Nobody wants to lose their hard-earned Bitcoins. Follow these tips to secure your Bitcoins.

physical bitcoin on table

As Bitcoin prices and popularity continue to increase, hackers target innocent investors and traders to steal from them. And these criminals will keep gravitating towards virtual currencies because of their increasing value. What’s more, the prevalence of these currencies will increase with their growing adoption. For this reason, you should know ways to secure your Bitcoin.

Today, people are purchasing this cryptocurrency and holding onto it as an investment. That’s because they expect its price to continue to increase. Unfortunately, hackers are looking for every method to hack into the digital wallets of Bitcoin users and get away with their money. If looking for ways to secure your Bitcoins, these practical tips should guide you.

Protect Your Digital Wallets

Most people acquire Bitcoins by purchasing them through crypto exchanges. Platforms like the enable individuals to buy and sell this cryptocurrency with ease. That’s because they allow for greater flexibility, confidentiality, and security. But before you buy this virtual currency through such platforms, you need a digital wallet for storing your coins.

A Bitcoin wallet compares to a physical wallet. However, a digital or Bitcoin wallet provides storage for private addresses and keys. Since the wallet enables you to handle private keys that you need to transfer Bitcoin, it is ideal for a less tech-savvy person. And you will take minutes to sign up for an online wallet. And you will need a username, browser, and password to access your account after registration.

However, a digital wallet is not a safe option for storing Bitcoin. That’s because anybody with a password and the email you use to register can steal your Bitcoin. And something simple like a phishing email can enable hackers to steal this information. If a hacker transfers your Bitcoins, you can’t reverse the transaction or file a complaint.

Use Two-Factor Authentication

The best digital wallets have the two-factor authentication feature. Once you enable this feature, the wallet links your account to a mobile app, phone, or physical dongle. That means a hacker will have to access your phone to steal your Bitcoins, even if they hack your wallet using a password and username.

Avoid Using Phone for Two-Factor Authentication

Most crypto wallets support different methods for two-factor authentication. However, some 2FA methods are not secure. Depending on SMS passcodes to keep your crypto wallet safe may not be effective. That’s because a crafty hacker can hijack your mobile phone number. That means they can intercept the 2FA code and steal your Bitcoins. Therefore, use a different or secret SIM card if you opt to associate your digital wallet account with your phone.

Sign Up for Bitcoin Wallet with a Separate Email

Most people use a primary email address for daily communications. Unfortunately, they use the same address for Twitter, Facebook, and other accounts. Also, they share the same email address with family members, coworkers, and friends. And that’s how malicious hackers get their email addresses. Tying a Bitcoin wallet with such an account means you can quickly lose your Bitcoin. Therefore, use a different email address to sign up for a digital wallet. That way, you reduce the chances that a cybercriminal will discover your account.

Use Offline Bitcoin Wallets

Using online wallets means you allow the service provider to protect private keys on your behalf. However, most online wallets and crypto exchanges are attractive targets for cybercriminals. Although service providers can have safety measures in place, criminals hack them. Therefore, opt for offline wallets. That way, you get complete control of private keys and avoid data breaches that may occur at crypto exchanges.

Nobody wants to lose their hard-earned Bitcoins. Follow these tips to secure your Bitcoins.

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