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Bitcoin is emerging as a popular and valuable monetary good for people to store, transact and represent value with.
But as its value increases, it becomes crucial for people to prioritise the security of their Bitcoin.
Safeguarding Bitcoin requires diligent practices when it comes to wallets, custody and storage. In this article, we will explore the best practices for securing Bitcoin to ensure its safety and protection
Selecting a reputable, secure and open-source wallet is the first step towards safeguarding your Bitcoin. There are several types of wallets available, including hardware wallets, software wallets, and online wallets.
Hardware wallets are considered the most secure, as they store your private keys offline, without interacting with another device.
Software wallets offer a good balance of security and convenience.
However, online wallets, which are hosted on third-party platforms and connected to third-party nodes, should be approached with caution due to their inherent vulnerabilities.
Two-Factor Authentication (2FA) adds an extra layer of security to your Bitcoin wallet.
By enabling 2FA, you require a second verification step, usually through a mobile app or text message, to access your wallet. This ensures that even if someone gains access to your password, they won’t be able to log in without the second authentication factor. Most reputable wallets offer 2FA as an option, and it’s highly recommended to activate it for enhanced security.
Creating strong and unique passwords is crucial for protecting your Bitcoin. Avoid using common passwords or personal information that can be easily guessed. Instead, opt for a combination of uppercase and lowercase letters, numbers, and special characters. Additionally, consider using a passphrase instead of a password. Passphrases are longer and more complex combinations of words, making them harder to crack. Remember to avoid using predictable phrases or common sayings.
Developers frequently release updates that address potential vulnerabilities and improve overall security. Regularly check for new versions of your wallet software and install updates promptly. By doing so, you ensure that your wallet benefits from the latest security enhancements and bug fixes.
At the same time, it’s important to be wary of malicious upgrades that are made to the wallet software. It’s advisable to use open source software to store your Bitcoin as there will be more eyes on it and critical vulnerabilities will be pointed out by the community.
Always back up your Bitcoin wallet to protect against the loss of funds due to hardware failure, theft, or accidental deletion.
Most wallets offer a backup feature that generates a seed phrase or recovery phrase. Write down this phrase on paper and store it securely in multiple locations. Avoid digital storage or taking screenshots, as they can be compromised.
In the event of a wallet failure or loss, you can restore your funds using the backup seed phrase.
For hardware wallets or paper wallets, physical storage plays a crucial role in Bitcoin security. Keep your hardware wallet in a secure location, such as a safe or lockbox, away from potential threats like fire or theft. Similarly, if you choose to store Bitcoin on paper wallets, ensure they are stored in a waterproof, fireproof, and tamper-proof container. Consider duplicating paper wallets for additional backup and storing them in separate secure locations.
Phishing attacks are prevalent in the cryptocurrency space, targeting unsuspecting users to steal their Bitcoin. Be cautious of unsolicited emails, messages, or websites that request your wallet information or seed phrase. Always double-check the URL of the wallet provider’s website before entering sensitive information. Avoid clicking on suspicious links or downloading files from untrusted sources. Remember, your wallet provider will never ask for your private keys or recovery phrases.
Securing your Bitcoin is of utmost importance to protect your valuable Bitcoin. By following these best practices, including choosing a secure wallet to store Bitcoin, enabling two-factor authentication, implementing strong passwords, regularly updating wallet software, backing up your wallet, securing physical storage, and being vigilant against phishing attacks, you can significantly reduce the risk of losing your Bitcoin. Prioritise security at every step to enjoy the benefits of Bitcoin ownership with peace of mind.
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Join us as we embark on a journey of making it practical for people to spend their Bitcoin anywhere they want to.