8 best ways to protect your bitcoin wallet
Bitcoin is a cryptocurrency which allows you to make transaction anywhere in the world with ease, with bitcoin, you are in control of your currency. However, with such an outstanding features security should definitely be a great concern.
Just like your wallet in real life, you can protect your bitcoin wallet by adopting the good security practices stated in this article.
Ensure that your wallet is up to date
It is very important to monitor your bitcoin wallet and also ensure that it is up to date. This is because the recent version of wallet will have newer useful and important features such as security fixes, stability, etc.
Always backup your bitcoin wallet
This section is all about storing your bitcoin in a safer place, encrypting it and backing it up regularly. Doing this will help you to recover your wallet when your computer or smartphone has been stolen.
Be careful when choosing any online service
It is very important to be cautious when choosing any service that is designed for storing currency online. This is because many online services have suffered security breaches and some might even be a scam. So you have to choose your online service with popular and reputable companies provides enough security for their online services. Another thing I will recommend for you when choosing an online service is to go for the ones that offers two factors authentication.
You have to encrypt your online backup
You have to know that is anything that is exposed online is vulnerable to theft, including online backup. Therefore, it is highly advisable to encrypt all of your online backups.
Encrypt your bitcoin wallet in your smartphone or computer
When you encrypt your wallet in smartphone or computer, it will help you to set a unique password for your bitcoin wallet. This will protect your wallet from anyone that tries to withdraw any funds.
Make use of strong and mixed password
According to research, a passwords that has only letters is considered very weak and easy to crack, it can also be easily guessed. Strong passwords must have numbers, letters and symbols (punctuation marks) and should be at least 10 to 16 characters. This type of password can be easily forgotten, that means you have to find a method of remembering it.
Cryptocurrency Hardware wallet
Hardware wallets are devices that are mainly for storing cryptocurrency, which is very easy to use. No other software can be installed in hardware wallets because it is only design for storing cryptocurrency. Hardware wallets can also backup your bitcoin. So they are the most secured way of saving your cryptocurrency.
Use an Offline bitcoin wallet for saving your bitcoin
This type of wallet has the most assured level of security for saving your bitcoin. It involves having bitcoin wallet on your smartphone or computer. With offline storage, you are also totally in control of your funds. It is Just like having a safe in your home; it will allow you to be in control of your money.
Summary and recommendation
I have highlighted some of the most important methods of keeping your bitcoin wallet safe and protected. It will be a good security practice if you carefully follow the methods in this article.
However, you can do away with having hardware wallets unless you know what it takes to secure, maintain and manage hardware wallet. Concerning hardware wallets, you have to seek for advice from a professional in the field of cryptocurrency.