The popularity of bitcoin mining and the general euphoria of making money with the help of cryptocurrencies activates numerous ill-wishers who want to profit at someone else’s expense. That’s why all bitcoin holders, beginners and experienced asset traders, regularly face the question: How to protect your Bitcoin in safe wallets and secure storage? Such a procedure as protecting your own wallet is a fairly simple and straightforward process that anyone can start and save their bitcoins.
How do you protect your bitcoins and cryptocurrency?
So, how do you protect your bitcoin wallet and protect yourself from bitcoin theft? Let’s break down a few workable ways that you can easily implement on your own and secure your cryptocurrency:
- separate storage of currency assets;
- high-quality encryption;
- creating a backup copy;
- offline wallet.
The first thing experts advise for bitcoin wallet protection is to keep all assets separate. Remember that a thief is always attracted by a large, impressive sum, which becomes a tidbit. You can steal it and not worry about money for years. This psychology is nothing new. If your wallet contains small incomes, however, the likelihood that it will be attractive to thieves is much less. Opening and registering another wallet is very easy and fast, but it is much more difficult to return or earn back stolen bitcoins. That is why it is better to separate them into different wallets. Also, use different depositories for security.
Another thing that many people use is making a backup copy of the wallet. Backup will not only protect you from thieves, but it will also keep you safe from hardware breakdowns. You will be able to access your wallet from any other device. In the pursuit of security, you can also encrypt your wallet and back it up. Heavy multi-level passwords will not only make it harder for a thief to access your wallet, but will also give you the opportunity to delay, and you – to notice the foul play.
And finally, the most effective and reliable way to protect yourself from bitcoin theft is to use an offline wallet. E-currency is already a risk, because it’s constantly spinning in an online environment that’s open to everyone. An offline wallet is a separate device that can let the wallet function, perform all transactions without access to the internet. Thus, protecting bitcoin transactions is easy. Without access to the network, you can use the wallet as usual, but the protection factor from fraudsters is much higher here.