The reason why everybody including cyber crooks are showing interest in bitcoins nowadays is very obvious. Their value went as high as $2900+ this year. Hackers try their best possible to get their own share whether by outright wallet looting or asking BTCs in ransomware attacks. Considering this, securing your crypto-currency becomes quite vital. You must take varying precautions and adopt several processes to ensure the safety of your bitcoins. This is because they can be compromised just as any other digital asset since they also lie within digital boundaries. Here are some effective tips for securing your bitcoins from thefts and hacks.
Using Powerful Passwords
Though popular, most people disregard this. A powerful password is a very strong shield that prevents attackers from accessing your encrypted data. A powerful password should comprise letters, symbols, numbers, and should have a minimum of 16 characters (actually, the longer the better). It’s wise to write your passwords down and keep them somewhere safe as you could forget them.
Since bitcoin wallets are sensitive apps that store details regarding your funds, you should encrypt them with a strong password to prevent dubious individuals from accessing your funds. This is something UTI-Tech does very efficiently. It’s a service that mines bitcoins and offers 15 returns. While all wallets feature some security features, research them thoroughly before choosing the one to use.
Your wallet is similar to your bank account or locker. It’s only safe when no one can tamper with it. Proper backup enables you to recover your wallet even when it gets corrupted, crashed or lost. A bitcoin wallet backup safeguards your funds against system failures and various similar blunders. For the best possible safety, back up the whole wallet including private keys and bitcoin addresses.
Using Multi-Signatures with Your Bitcoin Wallet
Some wallets offer multi-signature options that enable multiple individuals to own one address or one wallet, unlike the famous single-person wallets. The signature of the whole group is then needed to initiate a transaction whenever you need to transact your bitcoins. This offers much better security than one-person wallets.
Using Hardware Wallets
All digital things are security threats, while all internet-connected things are greater security threats. What this means is that software wallets you use aren’t as secure as you are made to believe (that’s by design). For example, hackers can leverage any bug they’ve come to know in a wallet to crack it open and steal people’s coins. Nevertheless, in such instances, a hardware wallet offers way more security. This is as they aren’t internet-connected like software wallets on your PC.
Using Paper Wallets
Paper wallets are among the cheapest means of securing your coins. That private keys don’t get stored anywhere digital is among the major advantages of paper wallets. Paper wallets are un-attackable and so keep your coins safe, since, private keys are what prove BTCs’ authority. This is why they are the most popular option for long-term large amount storage.
Though crypto-currencies and their wallets are designed to be certain to safeguard your funds, one can’t say the same concerning your PC, especially when it concerns third-party programs you are using in transacting your bitcoins. It is better that you take control since any breach of your computer can end in a breach to your wallet.