Cryptocurrencies are significant targets for scammers and fraudsters. So, whether you send, receive, or store Bitcoin, you must find a secure way.
Using a desktop or a mobile wallet, your Bitcoin will attract scammers and fraudsters, especially when transacting or storing large amounts. If you choose a decentralized method of buying or selling, it is crucial to pay attention to its security since this is where most people get conned.
Therefore, when storing Bitcoin, ensure that your wallet is compatible with your device or its OS. The following are security precautions you should take when storing Bitcoin.
Key Takeaways
• Non-custodial wallets offers better security compared to custodial wallets.
• Hardware wallets give you control over your private keys which must be kept securely.
• Hardware wallets can still be hacked through power glitching and other black hat methods.
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1. Keep the Private Key Offline
If you wish to keep your wallet safe, ensure you keep your private key offline. Instead of saving it on your online account or device, you can write the private key down on paper and keep it in a safe place. This way, you are the only one who can access it when you need it.
Another way to keep your Bitcoin safe is to use a hardware wallet and back it up.
2. Use a Secure Connection
If you like using public Wi-Fi, you are more exposed to hackers than someone using a private one.
Public Wi-Fi is unsafe because it is unsecured, giving hackers an easier route to steal your personal information. It is recommendable to use a private Wi-Fi network.
If you have to use a public one, ensure your device has a VPN to encrypt the network so that hackers cannot intercept it.
3. Keep Your Device Updated
Keep your device up-to-date by updating its software and OS. This helps install the latest features with security fixtures that help protect your wallet.
If your device clock is always giving the “clock is ahead” error, you can click this link https://setapp.com/how-to/fix-clock-is-ahead to get a quick fix. The most crucial thing is keeping everything on your device updated.
4. Go for Hardware Wallets
There are numerous Bitcoin wallets in the market, and it can sometimes be confusing to pick the best option.
However, you can go for cold storage if your concern is cyber threats. Hardware wallets are the best since you don’t keep your private key online, and your device is installed with encryption and security features to keep off cybercriminals.
5. Create a Strong Password
Never use a common password like your name, date of birth, pet name, or phone number for your online wallet. Instead, look for a strong combination that is hard to crack.
You can combine uppercase letters with lowercase, numerical, special characters, etc. It will make your password unique and give zero chances of being cracked. Ensure you also use the two-factor authentication method.
6. Link Baits
When doing anything online, be careful with the links you click on. Some of these links are from scammers, and you dread exposing your confidential details or infecting your device when you click on them.
Therefore, if a link looks or feels suspicious, avoid clicking on it to keep your wallet safe. If you are using a website requesting you to input your private key, verify it is genuine before doing that.
Final Thoughts
You are solely responsible for taking care of your online wallet to keep your Bitcoin secure. Therefore, take the proper precautions and stay up-to-date since the cryptocurrency world keeps evolving.
We hope these tips will guide you in keeping your online wallet and Bitcoin safe from malicious people.
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