Other cryptocurrencies and bitcoin are the digital finance with lots of benefits. Basically, it gives the freedom to users but with a high rate of responsibilities. Bitcoin and other cryptocurrency user need to be aware of risk regarding the safety of it.
Losing your coins through hacking is one of the dangerous act ever. Especially, using cryptocurrencies for business transactions. In that case, your needs full security for your coin. we will discuss some security points for your bitcoins in this article.
Use strong password
Cryptocurrency accounts need the strong password. Most of the users make mistake while they use simple passwords on multiple accounts. Which is causing the heavy loss in transactions. So, make your accounts secure. In addition, set your password of minimum 16 words including letters, numbers, symbols, and capitals.
Check your addresses
Bitcoin accidents are costly. So, take time and make sure the addresses while you are sending money. You need to keep proper check while you are sending or receiving money. Make sure your bitcoin wallet addresses are right because there are too many scams sites that try to steal your bitcoins.
While you are opening an account with the exchange, you need to activate two-factor authentication for security reasons. Because of your two-factor authentication, it generates the secondary password on your device. Every time, you log in, the site will send you a message of verification. So, scams need the approach to your mobile first.
Isolation of your private keys from the internet to offline is the cold storage of your bitcoins. Paper wallet or hardware wallet is creating this storage. Once, you do it properly, these keys will be un-hackable. Whereas, hardware wallets are the best option to keep your bitcoin secure.
Update your device regularly
Most of the scams directly tend to target window users. Because it is easy to attack any window with viruses. Anti-viruses are not using all the time, they are not able to secure your system mostly. To secure your devices to keep your bitcoin secure, you need to keep crypto related activity separate. Linux is well-known in this context. You just need to update your device.
If you are an active member in the trading process, you need to minimize the counterparty risk. For that purpose, you need to keep some points in mind,
- While you are not actively taking part in trading, then do not keep your coins in exchange.
- It’s better for you to use 20%-30% of coins in trading.
- Among several exchanges, diversify your bitcoins.
- Make this thing sure that it is fine standing with the crypto community.
Backup of your keys
Electrum and trezor generate 13 or 24 words seeds. who restore your addresses. Make sure the backup of your keys. Write them somewhere else or store in USB device.
Your transaction can be seen on the different ledger. To secure your coins, you need to generate the new password with each transaction.
Bitcoin transactions are treating like a digital cash. It is the irreversible process of transactions. So, it needs protection. Enhance your security habits to protect your coins.