SAFETY TIPS TO REMEMBER WHEN INVESTING IN BITCOIN
We all know how important safety is in our environment both at work, school, the internet and so on to protect us from danger. Let’s take the Banks for instance, they will always advise their customers to keep their account details private to protect their accounts from hackers, theft or loss. Same is applicable to Bitcoin users because as bank accounts can be hacked so are Bitcoin wallets since they are easily accessible online.
Hence, when managing a portfolio of cryptocurrency accounts, one must keep in mind some basic safety tips which are:
Whatever Bitcoin wallets you use, the first thing to keep in mind is to protect your private keys, that is, your passwords or pins. You can also protect your private keys by using a strong one and by changing it frequently. You can as well install software like firewalls or anti-virus to secure your account or device from unauthorized users.
· Use Separate Wallets
Bitcoins should be kept in different ways, just like handling or managing your cash. It is always better to have separate wallets or accounts for receiving Bitcoins and another for saving in order to protect your wallets in case of theft or loss of one of your wallets or accounts.
· Use Cold Wallet
Since hot wallets are prone to hacking and can also be assessed by companies that run them, it is not guaranteed that Bitcoin wallets or accounts are secured. That’s why some people keep or prefer using cold wallets as storage for their Bitcoins.
· Backup Your Device and Paper Wallets
In storing your backups make sure you use different secured places so that when you lose one, you will always have another backup. Backups are very important as it protects you from device failure, loss or theft.
· Save Your Wallets Offline
One of the most secure ways to protect your wallets is to keep them offline. If you are using purely web-based wallets, you need to be more cautious as they can be breached remotely if security fails.
· Your Private Keys Should Be Kept Private
Private keys are personal just like your ATM pin, mobile bank passwords, token device and so on, so they must be kept private, that is, you must not disclose any information regarding your private keys or accounts to anyone or a third party must especially people you don’t trust in order to avoid fraud, theft or loss.
Securing Bitcoin accounts can be very tedious and challenging, but if you are diligent in making research regarding the best accounts to use and diversify your storage, you can survive in the Bitcoin investment world. These Bitcoin safety tips above are extremely important, therefore, you must keep them in mind when investing in Bitcoin so as to protect your money.