Bitcoin is always on a rollercoaster ride. Whether we are talking about price fluctuation or its security protocol and requirements, you can't just sit in peace, especially when you are new to this whole Crypto trading industry.
When you buy Bitcoin or any other Cryptocurrency, you must do so safely. This is because the Cryptocurrency industry is still immature and relatively new.
While all the banks and brokerage platforms have insurance to keep your assets safe and secure, the same thing cannot be said to be true for these Crypto trading platforms.
Some high-profile hacks have shown us how easy it has been for hackers to break into the system. One example that we would like to put forward is Mt. Gox, 2014. This incident cost the company more than 800,000 Bitcoins (only a third of them have since been recovered).
That being said, it is important that you remain vigilant, and work only with a secure platform like bitcoin billionaire.
Today, the main purpose for us being here is to bring forth a few ways new investors like you can protect your Bitcoin and other Crypto assets from theft.
Ways To Keep Your Crypto Assets Safe
Before we can get in the gist of the methods used to secure your digital assets, you need a highly secure wallet to store your Bitcoins. Technically speaking, you don’t actually store the Bitcoin, as they are just networks with a list of immutable transactions. A wallet stores the private and public keys.
Once you have a Crypto wallet, follow the below-mentioned ways to add extra security layers.
1. Choose A Hardware Wallets
With so many Bitcoin Wallets present in the market, which one to choose? A lot of you out there have the same question in mind. There is no correct answer.
A Bitcoin wallet comes in different types:
- Hardware wallets.
- Software wallets.
- Paper wallets.
- Desktop wallets.
- Mobile wallets.
- Web wallets.
Each wallet serves a different purpose. Depending on your needs, any wallet can be the perfect fit for you.
However, if you are a new investor, we would like to suggest you go for a hardware wallet. The reason why we are asking you so is because of its lack of internet connectivity.
2. Keep Your Private Key Offline
You can protect your Bitcoin by keeping your private keys off the internet grid. Simply writing your private keys on a piece of paper will work instead of storing them on electronic devices. However, while storing it on a piece of paper, ensure that it does deteriorate over time.
3. Use Antiviruses
When you are using a desktop-based wallet to store all your Crypto assets, you might be exposing it to a wide array of malware. Having antivirus in the system ensures that harmful entities are taken care of at the bay.
However, while you are using antivirus software, ensure that you are keeping it updated.
4. Do Not Access Suspicious Or Unknown Links
The Internet is filled with scammers. One simple mistake, and you might fall victim to their scams. You would be surprised to know that most internet scams happen due to the victim's fault.
There would have been suspicious mails, unknown links, or attachments they had opened before falling victim to scams. These unknown links and attachments are gateways that allow these scammers to enter your system.
If you are using an online wallet, you need to be cautious about your online movement.
5. Always Check Your Bitcoin Address
When making a transaction, you must always check your recipient's address. There are malware programs that can interfere with the transition process, resulting in you losing your Bitcoin assets.
Before making any transaction, double-check the recipient's address. If you are not careful, you might send Bitcoin to another address. And as the transactions are immutable, you can never get back your Bitcoin.
Final Tip
In the end, you are solely responsible for the security of your Bitcoins. The Cryptocurrency landscape is constantly changing. So, you should also take the necessary precautions and stay updated with the latest security improvements.
