Bitcoin! Bitcoin!! and more Bitcoin!!!. It is no longer news that Bitcoin is the most valuable cryptocurrency in the world. When Satoshi Nakamoto created Bitcoin in 2009, the “world was asleep, ” and the value of the cryptocurrency was worth almost nothing.
Fast forward to 2017 and Bitcoin is the most valuable, most popular and the most liquid cryptocurrency in the world. That in itself is a big feat little wonder why big money institutional investors like the CME, Nasdaq, JP Morgan Chase are many more, are all clamoring to get onto the Bitcoin train.
One sad truth about the growing popularity of Bitcoin is the increase in the rate of Bitcoin theft due to security breaches. However, if Bitcoiners follow proper guidelines and best practices for securing their Bitcoin vaults, then the possibility of Bitcoin loss will be significantly reduced.
Use Wallets with Private Keys
It is an excellent practice to use a cryptocurrency wallet that gives you access to your private keys. One significant advantage of using this kind of purse is that you are the only one who has access to the wallet and your funds.
In most cases, offline wallets and hardware wallets like mycelium, Trezor, Ledger and the likes will often present you with your unique 12-word recovery which you are expected to write down and store in a safe place. This recovery phrases will be used to recover your funds In case of any eventuality.
Talk Less About Your Bitcoin Holdings
While it is good to preach the gospel of Bitcoin and encourage your friends to buy Bitcoin, it is not advisable to disclose how much Bitcoin is in your possession. Criminals and hackers are always on the lookout clues regarding Bitcoin assets. There have also been a few cases of kidnapping of Bitcoiners who post messages on social media platforms, bragging about their huge Bitcoin holdings.
Use Strong Passwords
When it comes to passwords, it is quite a herculean task for some people. Experts advise that you should change your passwords regularly and it is never a good practice to use one password on all platforms. While choosing a password, always make sure to formulate a powerful password.
A strong password is one which has a combination of upper case letters, lower case letters, numbers, and special characters. For example, Bitcoin20031880$% is a robust password. If you find it difficult to remember passwords, there are a couple of password manager apps online that could help you. Just Google it!
Use Two Factor Authentication (2FA)
2FA serves as a double layer of security for your wallet. Once you have set up 2FA on your crypto wallet, you will always be required to enter a unique code generated by the app to login. Experts advise that SMS 2fA should be avoided at all cost since they are not as secure these days. The highly recommended choice for 2FA is the Google Authenticator which can be downloaded free of charge online.
Don’t Click Unknown Links and Avoid Public Wi-Fi by all means
If all the above security measures are appropriately adhered to at all times, then the chance of your Bitcoin getting stolen is almost zero.