If you are investing in Bitcoin, you have to make sure that your Bitcoin wallet is secured and well-protected. Remember that everything is being processed digitally so you have no way of physically securing your Bitcoin wallet. Bitcoin investment is a risk and it’s not only with regards to the fluctuating value of the digital currency.
This is also very risky because if you are not careful enough, someone would get a hold or your Bitcoin Wallet password and rob you. Take note that cryptocurrency transactions like transferring of Bit Coin to another wallet are irreversible. To help you secure your bitcoin wallet, here are some tips that can come in handy.
Make Sure You Have A Strong Password
With your bitcoin wallet, a strong password is a must. Sometimes, we have a habit of having a single log-in detail to all of our online accounts. If you use the same password with your Bitcoin wallet, it can put this at risk. Always ensure that you are choosing a strong password. You can also use software that can create and also store passwords for you. This is very helpful because it prevents you from using the same password twice.
The Importance Of 2 Factor Authentification
Most of the bitcoin wallets these days have an option for a 2-factor authentification process which means that every time you log in, you will be required to authenticate yourself aside from your password. You will receive a verification message through your phone. This way, it can reduce the high risk of theft.
Cold Storage For Large Amounts Of Bitcoin
If you have a huge amount of Bitcoin stored in your wallet, you have to make sure that you are keeping it in cold storage. This means that your wallet will not be visible on your computer or someone else’s computer. This can be a paper wallet or maybe a flash drive with your private key that is encrypted on it.
Your Bitcoin Wallet Should Be Backed Up
If you have a backup of your wallet, this can protect it against common computer failures and even from human mistakes. Backing it up will give you the chance to recover your wallet later on if say, your computer or your mobile was stolen. This is why it is very important that you keep your Bitcoin wallet encrypted.
When your Bitcoin wallet is secured, you will have a peace of mind that your investment is safe from any possible dangers. Follow the steps mentioned above to make sure that you have a 100% protected Bitcoin wallet.
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