Are you looking for ways to store your Bitcoin securely? Here’s a quick guide for safeguarding Bitcoin in your storage.
The number of people embracing Bitcoin in middle- and low-income countries is increasing. Individuals in these nations use Bitcoin to preserve savings, send remittances, and substitute financial services in countries with challenging access.
Many platforms, services, and products have emerged to make Bitcoin access and use more convenient. For instance, Bitcoin Digital allows individuals and enterprises to purchase and sell this cryptocurrency. You may access Syntrocoin if you want to trade Bitcoin. Other apps and platforms enable individuals to borrow or lend Bitcoin. Additionally, Bitcoin-based businesses have emerged to allow people to trade or invest in this cryptocurrency.
However, Bitcoin’s increasing use and adoption have also increased thefts and hacks. Some experts reveal that criminals stole crypto worth $3.8 in 2022. While ensuring 100% security for your Bitcoin is challenging, you can try the following methods to safeguard your crypto asset.
Update Your Antivirus Software
Criminals can use computer viruses to spy on your device and steal your Bitcoin. Therefore, use up-to-date antivirus software on the device with your Bitcoin. Also, use the software to scan and eradicate malware and viruses from the device. That way, you can ensure criminals won’t use viruses or malware to steal your Bitcoin, whether you connect your crypto wallet to the internet or not.
Backup Your Crypto Wallet
Once you create a crypto wallet, ensure you back it up entirely. That includes backing up the hidden private keys. That way, you can avoid losing your Bitcoin if the device with it fails. Your backup can be the only option for recovering your Bitcoin. Therefore, back up your Bitcoin wallet in several locations, including hard drives, USB sticks, and CDs. Additionally, encrypt the backup to ensure only authorized persons can access it.
Enable Two-Factor Authentication
2FA, or two-factor authentication, means you must enter a passcode to access and use your Bitcoin. Therefore, if your crypto wallet has a 2FA feature, ensure you turn it on. Ensure the wallet sends the code to you via a SIM card so nobody else can receive and use the passcode. But even with this option, ensure nobody can access and use your phone to receive the passcode.
Set a Strong Password and Store it Securely
A password is the primary protection for your Bitcoin. However, somebody can guess your password and use it to access and transfer your Bitcoin. Therefore, ensure you have a strong password with at least 16 characters, combining letters, numbers, and punctuation marks. You can use an online secure password checker to ensure a secure password. Also, use a password manager to generate a strong password. Ensure you don’t use the same password on multiple online accounts.
Use Secure Networks
Whenever you access your Bitcoin online, ensure you use a private and secure network. Avoid using public Wi-Fi networks to access your Bitcoin. If you must access your Bitcoin via a public network, connect to a VPN or hotspot to encrypt your IP address and web activity. When using your home network, ensure your device has antivirus software and built-in network security.
Be Wary of Bitcoin Scams
Besides these strategies, pay attention to Bitcoin scams. For instance, pay attention to phishing emails and avoid clicking on unfamiliar links, emails, and attachments. Also, avoid Bitcoin deals that seem too good to be true. Before you click on any crypto exchange or digital wallet link, double-check to ensure the URL is correct.
Final Word
Bitcoin’s increasing value has made it a popular target for criminals. Also, it attracts fraudsters because they know most people will rarely report their losses to authorities. Nevertheless, you can implement the above strategies to avoid losing your Bitcoin to criminals.