In late 2017, digital currencies like Bitcoin reached their peak and then faded for a while before experiencing a significant surge in 2019 and 2020. During this time, Bitcoin surpassed its previous, all-time high price. Today, many people see Bitcoin as a lucrative digital asset to invest in or trade.
Consequently, many people have lost their funds to crypto wallet hacking and Bitcoin scams. Since Bitcoin is a relatively new system to many investors, some don’t know how to secure their investments. Also, hackers are inventing ingenious methods for stealing funds from digital wallets.
For instance, hackers can re-route tokens during transfer. That means you can watch as a hacker steal your tokens away and do nothing about it. Also, some people have lost money after the crypto exchanges they use to trade Bitcoin close down or disappear. As such, you should use reliable platforms like bitcoin era to purchase and sell Bitcoin. Perhaps, you can visit the Bitcoin Era App for more information or to register.
Just like people keep virtual money and cards in physical wallets, Bitcoin users store their tokens in digital wallets. A digital wallet is either web-based or hardware-based. It can also reside on a desktop computer, mobile device, or you can print the addresses and keys for accessing the wallet on paper.
Every digital wallet has private keys that the owner needs to access and use their Bitcoins. Losing the wallet’s private key is the main danger when it comes to Bitcoin security. If somebody steals your wallet’s private key, they can transfer all the funds inside. And without your digital wallet’s private key, you might never see your Bitcoins again. Also, computer malfunctions, hacking, and physical loss of a computer with the digital wallet can mean losing your Bitcoin.
Tips for Keeping Your Bitcoin Secure
After creating an account with a digital wallet and transferring Bitcoin to it:
- Use security precautions to protect your funds.
- Remember that your Bitcoins are like the fiat money in your physical wallet, credit card, or bank account.
- Focus on keeping your funds secure when completing transactions
Here are practical ways to keep Bitcoin secure.
Back up
Backing up your Bitcoin often and early is an excellent way to keep your funds secure. That’s because if your computer fails, you could recover your cryptocurrency using your regular backup history. Therefore, backup your entire wallet more often. Also, use multiple locations to back up your wallets, such as a hard drive, CD, and USB. Additionally, create a strong password for the backup.
Update Your Software
Always ensure that your software is up-to-date. If your Bitcoin wallet runs on an old software version, hackers can have an easy time targeting and accessing it. The latest wallet software version comes with more security features. Thus, it increases your Bitcoins’ security.
If your wallet runs on the latest software version, it means you have the most effective security protocols and fixes. That way, you can evade a security crisis when hackers attempt to steal your Bitcoin. Additionally, update your computer and mobile device’s operating system.
Multi-Signature
Multi-signature is a popular concept for ensuring the safety of Bitcoin wallets. It entails getting approval from several people to complete a Bitcoin transaction. The goal is to limit theft threats because a single sever or controller can’t complete a transaction. With this concept, you decide on the number of individuals that can perform a Bitcoin transaction at the beginning. Every selected person has to approve a transaction when sending or spending the Bitcoin in a wallet.
These are effective methods of securing a Bitcoin wallet. Practice them to protect your Bitcoin from theft.
