Stealing digital currency has become more prevalent nowadays. These five tips will guide you on how to store your Bitcoin and help keep your cryptocurrency safe.
Tip #1: Diversify the types of wallets you use.
There are different kinds of cryptocurrency wallets today, but the easiest way to classify them is to categorize them into two: cold or hot.
Cold wallets operate offline but provide superior security, while hot wallets are connected to the internet all the time but provide convenience. Either type shines on their own, and this is why you should have both a cold wallet and a hot wallet.
The type of Bitcoin wallet you should use depends on your purpose. If you want to play in a Bitcoin casino, for example, then you must use a hot wallet. An example of this is a mobile wallet or an online wallet. Using a hot wallet allows you to transfer funds to your casino account without any hassle compared to using a cold wallet. The catch, however, is that you’re better off storing only small amounts in a hot wallet.
On the other hand, if your intention is to store large amounts of Bitcoin and rarely use them, then you’d better use a cold wallet. Hardware wallets in the form of thumb drives or paper will keep your cryptocurrency safe and away from online hackers. However, it’s strongly advised that you keep your cold wallets in a safe and secure place as you don’t want to lose them.
Tip #2: Choose reputable, reliable wallet providers.
Just like when choosing a Bitcoin sports betting site or casino, it’s your responsibility to choose only the wallet providers that many people use and trust. Do some research first and take a closer look at the wallet’s security practices and features. Prioritize wallets that offer two or multi-factor authorization, as well as use SSL/TLS encryption, among others.
Since it’s recommended that you use both hot and cold wallets, then you can also consider using wallets developed by different providers. Just remember that any wallets that you’ll use must be among the most reputable and reliable brands in the cryptocurrency market.
Tip #3: Use strong unique passwords.
A simple but effective way to store your digital currency in the most trusted hot and cold wallets is to secure each wallet with a strong unique password.
Doing this will prevent hackers from easily accessing your online wallets, as well as hamper their efforts to illegally open other accounts under your name. Using a password manager will help you fortify your wallet protection.
Tip #4: Never share your private key.
Similar to never sharing your passwords with anyone, you should also never share your private key. Private keys are responsible for allowing digital currency to be spent, and thereby must remain a secret at all times. Otherwise, you might find your wallet with zero balance remaining.
Tip #5: Add protection against phishing attempts.
Using a mobile wallet or an online wallet does offer the ease of use but this exposes you to phishing attacks via email, website links, or even mobile apps.
Having the common sense and knowing how to determine phishing attempts will help, but installing anti-virus or malware protection software on your PCs and laptops adds more layers of security. The same applies for your mobile phones as some malicious mobile apps may record keystrokes and gain unauthorized access to your personal information.
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