This article is focused on the most secure way to protect bitcoin and keep it safe from hackers and online scammers.
For some years now, bitcoin has been trending. The rate at which people are investing in cryptocurrency is on the high side.
Although, only a few percentages of the world makes use of digital money. But never the less the impact has been incredible.
The prices of bitcoin have been surging, and so many cryptocurrency followers are joining the platform.
So much money being invested in bitcoin more than ever, as well the given that lots of investors are still new to the whole system. They may not know so much about how to keep their investments safe and secure.
So many hackers are coming up with numerous ways of stealing funds from the system. Some of the most prominent online thefts are those that have taken place in plain sight.
One of the latest hacks rerouted tokens from one wallet to another. All the victims watched as lots of their tokens were stolen from them, and there is absolutely nothing they can do about it.
After creating a Bitcoin address, you will receive two keys, a public key and a private key just as said above.
In a real instance, the public key is just like your bank account number, which will be used to send money by others to send money to your account. The private key is just like your banking app password, which you can use to send money to other Bitcoin addresses.
Therefore, the private key should be kept safe and confidential as it’s the only way to access your wallet.
There are many ways to secure the private key. The main basic way is to encrypt the Bitcoin wallet via a password.
However, encrypting is still open to hacking and malicious attacks. This is why some people will prefer to keep access offline. Some others will choose to hold their private key via an unconnected database, to protect themselves from threats.
Also, you may choose to protect your digital money via the use of multi-signature addresses.
The multi-signature address allows multiple parties to gain access to a part of the address or hold one of the several keys, where all the keys will be needed to access the Bitcoin address.
Each time any of the users wants to use the wallet, all the signatories would need to approve the transaction. It is just like having a multi-signatory joint account with a bank.
There is also another way to secure your Bitcoin investment; they will be explained below.
How to Protect Bitcoin from Hackers
1. Make sure you protect Bitcoin by sure you secure your wallet with a strong password. To make your password very strong, make sure it’s up to 12 characters long. It should contain at least a; capital letter, small letter, number, and special character.
2. Most online wallets offer the option of 2-factor authentication; this ensures that before you can log into your wallet, you will need to perform an additional step.
This additional step may be in the form of an email sent to your registered email address – with a link or code, or a text message to your registered phone number just like the One Time Password (OTP) most banks send for online transactions.
3. Make sure you have a reliable backup that protects your wallets against any human error or computer failure.
With the backup, if your computer crashes or your smartphone get stolen, you will be still able to recover your wallet.
4. If you have a huge amount of stored Bitcoins, you may consider using Cold Storage to secure them.
With Cold Storage, your wallet will be available in physical form, rather than just being stored online or on your PC. The cold storage may be in the form of paper wallets or flash drives.
Hope this article was helpful?
If you are new to cryptocurrencies, please know that it is a high-risk investment. If you are the careless type, keep off from this kind of business.