As the value and price of bitcoin continue to increase, there’s more need to tighten security to ensure your funds are safe. However, with new technological advancements, online fraudsters are not declining in any way. There are, in fact, more of them today looking for vulnerable accounts to break into. In July 2020, up to $25 million were recorded to have been stolen already in the year. Sadly, the numbers keep increasing but in this article are helpful tips that can help you secure your bitcoin.
Choose Your Online Wallet
You will need a bitcoin wallet to store, send, receive, and track bitcoin and other digital currencies. There are several wallets available today, including the Immediate Bitcoin app but one important factor you must consider while choosing is security. As the number of online scams continues to increase, several platforms are posing to be legit but are scams. Check the reputation of the platform and the security measures they have in place.
Enable Two-factor Authentication
Every wallet particularly about security must have two-factor authentication. This provides an extra layer of security for your funds, as you can only carry out any activity on your account as long as a form of verification is involved. Ensure you enable this feature on your wallet and if anyone tries to hack into your account, you’ll be notified with the verification details and can take action immediately.
Backup Your Bitcoin Wallet
Mistakes can happen and there can also be computer failures or malicious attacks on your computer. To avoid this, you should backup your wallet. Some wallet providers allow a backup, which will give you access to your bitcoin should you experience any unforeseen circumstances that could threaten the safety of your coins. If the backup is online, ensure you encrypt it against potential cyber thefts.
Be Careful with Online Services
Despite the improved security with online services lately, there are still security breaches and as you plan to own a digital wallet for your bitcoin, you must take extra measures. Ensure the wallet you opt for is not vulnerable to malicious attacks. You can also check for reviews from past and current users of the wallet to know their opinion regarding it. Preferably, opt for a popular wallet that you can guarantee its authority in the crypto space.
Use a Secure Internet Connection
If you love public WiFi, you might want to have a second thought before using it to access your wallet. Hackers often use public WiFi to gain access to people’s accounts, as it is easier for them to steal confidential information. While using your wallet, ensure you are connected to a secure and trusted internet.
Keeping your bitcoin safe and secure is possible if you take the necessary measures. All the hackers need is a vulnerable account to penetrate. If you do not give them that chance, they will never be able to have access to your account. Protect your confidentiality and put the necessary security measures in place to avoid fraudulent activities.