Steps to Keeping Your Bitcoins Safe
Bitcoin is admired for giving its users complete control over their funds, at the same time additional control comes with more conscientiousness to keep those funds safe. There are many diverse ways to secure your Bitcoins each having its own cons and pros. This article will go over a few uncommon and common ways to store your Bitcoins, with a twist at the end.
Use the following 4 steps to avoid theft and keep your Bitcoins safe.
Select a strong password for your wallet
Many people get into the practice of choosing the same password for all of their online accounts. This can put your Bitcoins at risk. Select a strong password for your wallet. You can use softwares like Roboform or 1password to create and store your passwords for you. In this way you I’ll never use the same password twice again.
Use 2 factor authentications
Most of the time online Bitcoin wallets provide the choice of a 2 factor authentication process. This means that whenever you log in you are required to authenticate yourself with an additional step other than your password. Most of the time this will be a confirmation text message sent to your phone. Even though this may feel awkward at times, using 2 factor validations reduces the risk of theft drastically.
Backup your Bitcoin wallet
A backup of your bitcoin wallet can protect you against computer failures and many human errors. It can also allow you to recover your wallet after your computer or mobile was stolen if you keep your bitcoin wallet encrypted.
Use cold storage for large amounts of Bitcoins
If your bitcoin wallet stores a large amount of Bitcoins make it certain to keep it in a cold storage. Cold storage means your wallet is not present on the web or on any other computer. Example of cold storage could be a flash drive or a paper wallet that has your private key encrypted on it.