Bitcoin can be considered as another ride on a rollercoaster. From the past few months, the value of cryptocurrency spiked from $2,000 to $14,000 and it stands near $10,000.
These circumstances motivate the people to purchase bitcoins in the hope of coming out ahead. But the rise in the price of Bitcoin also draws some of the hackers who look for the opportunity to steal funds of users who don’t know about the basics of the security of Bitcoin.
If you don’t know anything about Bitcoin, the tips mentioned below will help to protect your digital fortune.
Protect the online wallet
1-Enable the security feature of Two-Factor Authentication
Most of the wallets online support some type of multi-factor or two-factor authentication. Enabling this feature will link your account to the mobile app, phone or dongle. If any hacker tries to do anything with the username and password, they would still have that extra factor to get to your account.
2-Use another email for Bitcoin wallet
Most of us have the same account for daily activities and we also use the same one for Twitter, Facebook and PayPal accounts. We share our email address with family members, friends and co-workers and they might share it further, and eventually, the anonymous hacker obtains it. If the wallet is tied with the mail, the hacker will have the essential piece of information needed to access the wallet. Make sure to use another email for the wallet which is of no use for you. This minimizes the chances of the account getting discovered by the cybercriminal.
3-Don’t use your mobile number for 2FA
Most of the websites support various forms of two-factor authentication feature, but not all of them are secured equally. If you depend upon the SMS passcodes to keep your account safe, the hackers can hijack the phone number and get your passcode. If you are connecting a number with your account, it is better to use the secret SIM card.
Use the offline wallet
1-Software wallets
These are considered to be the apps that can be installed on the computer, mobile device or memory drive. A wallet app stores the private keys on your device and can be used to sign the Bitcoin transactions whenever you would like to make the payment. If you are looking for complete security, make sure to do the installation on your computer which is not connected to the internet and then transfer it to the signed transactions to the computer connected to the internet. The procedure might be difficult but no doubt is it secure.
2-Hardware wallets
These are the physical devices that generate and then store the key pairs of cryptocurrency. They are usually associated with the app that must be installed on your mobile device or computer. When you want to send the Bitcoins to any person, you would have to connect the wallet to a computer or pair it via Bluetooth.
The experts recommend https://de.the-bitcoincompass.com it doesn’t matter if you use online or offline wallet but make sure to choose wisely and keep the bitcoins safe.
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