After 2016, the popularity of Bitcoin tends to increase because of the price rate from $572 to $4765. The jump in the price took place in just a year from 2016 to 2017. After that, the digital currency has shown a continuous progressing trend. Therefore, more people got interested in it.
So if you have recently heard about Bitcoin and want to learn more about it, try cryptoverze.com. You can get all the necessary information and the rule to protect the Bitcoin from there.
You may get trapped and lose your money because of some avoidable mistakes. And here is a list of 5 tips to improve the security of your Bitcoin wallet.
1. Computer security
If you use Bitcoin on the computer, make sure that all the required software are the latest versions. In addition, the mobile phone should also have the newest version of the software, if you use Bitcoin wallet on that.
Here are some other essential tips that you can practice to make your gadget safe to use;
- Avoid any malicious websites, as they can induce virus in your device.
- Do not download any program, software, and file that seems suspicious.
- Download an antivirus program and ensure its upgrading so that it remains effective against the latest viruses.
- Click on the links that you are sure of. Any random click might download a virus.
- If you are using web-based wallets, make sure that you have checked their URLs.
- Public computers and internet connections pose a significant risk to the security of your Bitcoin wallet. Therefore, please do not use them for this purpose.
- Always use the websites that have “https:// “ at the start of the URL. They are the secured ones.
2. Use multi-signatures against theft protection
Theft protection is crucial for online payment methods. If you want to protect your digital assets like Bitcoin, you have to ensure that the wallet is secured. You can do so by using the multi-signature method.
This technique involves signatures by different people to confirm the payment. It is a lot better than the cold and hot wallets. Without getting signatures to form all the relevant signatories, the transaction won’t be successful.
A single person’s involvement makes the digital transactions very risky. If anyone gets the required information, they can easily use your assets and do whatever they want. And you would never want that. Therefore, you purely have to protect your wallet by any means possible.
The wallets that provide you with multi-signature support are;
- CoPay
- BitGo
- Electrum
- Armory
- GreenAddress
- Coinbase
- Xapo
3. Backup your Wallet
You should always make sure to do a backup for all the sensitive information on your mobile that you do not want to lose. And that also includes the Bitcoin wallets.
So after choosing the wallet that you want to use, enable the backup by going to that wallet’s settings. You won’t have to worry about a complicated system or procedure. It is a relatively simple process. After enabling the backup feature, you will have to set the recovery phrase. This will be like your password that you will have to put in for logging in again.
You will recover all the necessary data on your new phone or laptop in case of theft. But make sure not to write the recovery phrase or the password on your computer.
Do not even take a picture of that. If you use these methods, there will be a high risk of getting your information leaked. But this will be done if your computer get hacked or get infected with some malware infection.
Therefore, you should always use offline modes like writing passwords on some diary. Or write them down on a paper and keep it in a safe yet reachable place.
4. Keep savings in the hardware wallet
Using software platforms like Bitcoin wallets for keeping all your money is not safe. You can try out some of the hardware wallets for keeping the large sum of money. Bitcoin wallets will be sufficient for keeping some amount to be used for online shopping and other purposes.
The verified incidents of any theft or stolen money from the hardware wallets have not yet been known. Therefore, they are entirely safe to keep your digital currency in there. So to keep your crypto-currency safe, you should avoid Bitcoin wallets.
You can always buy any of the reliable hardware wallets from the official stores.
5. Do not leave your money on the exchange
Use the wallet with the exchanger only when you need it. After completing the transactions, remove your remaining money from the exchange. The risk of getting the money stolen is higher if you leave it there.
In addition to this, only allocate the required funds that need to be traded. Do not use more than that.
From the verified theft cases, it has been confirmed that people often leave their remaining money on the exchanger. They might think that the money is protected because of the password. But that’s not true. The information remains on the site and if some hacker gets a hold of it, he will get that.
This is the worst practice that has been observed among cryptocurrency users.
Another important thing is to avoid free wallets. It does not only put your funds at risk but your Bitcoin ownership too. If you do so, the hackers will easily get a hold of your account and use it as you want.
You can also do so by avoiding web wallets. They are also prone to theft and hacking. A thing that comes free will cost you a hefty sum. So be aware of that.
Conclusion
So you have got some tips and tricks to secure your cryptocurrency. You can avoid stealing of your hard-earned money, hacking attacks and any other related loss by following these. Therefore, instead of investing, spend some time to learn about Bitcoin and cryptocurrency.
