Some of the biggest things putting people off getting into Bitcoin and other cryptos is a lack of education on what they are and how they work, as well as their frequent fluctuations in market value. Another is a fear of being hacked and having your Bitcoins stolen. Without a centralized body to fall back on and get your money reimbursed – like what happens with fiat currencies and bank accounts – people are reluctant to try Bitcoin.
However, owning and using Bitcoin is not as scary as it sounds but to make your investment safe, you must do everything possible to ensure you are not a target for hackers. With over $1 billion of Bitcoin stolen in previous years, here are the best tips to protect your Bitcoin from those trying to steal it.
1. Choose a Trusted E-Wallet
An e-wallet is an online wallet that acts as a bank account for cryptocurrencies. They are needed if you want to hold Bitcoin or trade it. In a way they make you your very own bank manager but because they are so important, you need to get a safe, secure and trusted Bitcoin wallet. One of the best Bitcoin wallets is from Luno, a company with years of experience and more than 2.5 million customers worldwide. Packed with excellent features and a stellar reputation regarding security, you will be safe with this product.
2. Secure Your Devices and WIFI
When you want to check in on your Bitcoin or start moving crypto around, you will need to access them and a Bitcoin platform. When you do this make sure your devices are secured with updated anti-virus software to stop people reading the keys you type or watching your screen. In the same breath, only access your Bitcoin when using a private or secured network. Using public WIFI to execute any Bitcoin transaction is a big no!
3. Only Use Trusted Exchanges
There are some types of exchanges called centralized exchanges which access your privacy keys to help you trade crypto and fiat currencies. When you trust these exchanges with your privacy keys, you are simultaneously trusting the exchange not to get hacked because if hackers compromised the exchange, they could go on to access all your Bitcoin as well! Therefore, you must only use exchanges that have excellent reviews and that are well known within the crypto community.
4. Keep Your Bitcoin Investment Quiet
Finding other crypto fans and discussing the developments in the industry can be fun and enjoyable, however, try not to be too vocal about your holdings in public. This advice is geared towards social media. The less people know about your Bitcoin stash the better it is for your security. You never know who is watching or reading your public content and they may target you because they know there is something to be stolen.
When your crypto is gone, it’s gone. Even the designer and architect of Bitcoin has said it himself/herself. There is an immediate need to always protect your investment!