If we take a closer look into the bitcoin and blockchain world, security is one significant promise they provide to their users. The security of bitcoin blockchain technology is appreciable. But in the past few years, we have been hearing the cases of people losing their bitcoin funds because of the lack of security. The reasons for the loss of bitcoin were different, ranging from improper management of private keys to phishing scams. For maximum security, you should use a safe and reputed bitcoin exchange like the official trading platform. In the bitcoin world, you are your bank. It is significantly dissimilar to the old-style method of banking.
The main difference and drawback are that in all such cases, once the digital currency gets out from your bitcoin wallet, then there is no way to get them back. It is because there is no insurance. It is why you must do everything you can to guarantee the security of your bitcoin holdings. One thing you must understand is that blockchain is secure. The lack of security lies in your bitcoin wallet or the exchange platform. There is enormous competition in the bitcoin wallets because they are growing in numbers. So, you must be very discerning once you pick a bitcoin wallet for use. It would help if you preferred to use a bitcoin wallet created by trustworthy companies. Here are some tips you can follow to increase the security of the bitcoin wallet.
Use a cold storage bitcoin wallet
It is a great practice that you can do regarding bitcoin. Not only are cold storage wallets are best storage option, but they are also the best in terms of security. You should never put all your assets in a single wallet, so you should divide them and keep a large sum of bitcoin in the cold storage wallet. It is recommended to use a cold wallet because of its robust security. These wallets don’t work on the internet so no one can access your wallet. Some of the most famous cold storage bitcoin wallets brands are ledger and trezor.
Be cautious while using mobile and PC
It would help if you remembered that a considerable number of bitcoin wallets come with their mobile app, and it is the thing which hackers try their hands to exploit. When you have to manage the security of your mobile bitcoin wallet, then you should never use a public WIFI. This Wi-Fi is the centre of attraction for hackers, who are always ready to breach the connected devices. Moreover, it would help if you shut down the auto-update option in your mobile wallet but ensure you stay up to date. Furthermore, it is essential to habit two-factor authentication. It is the second layer of security in which a specific code is required for accessing the wallet. Finally, ensure you have an antivirus tool on your pc and mobile to avoid virus attacks.
Do not forget to backup your wallet
It is the main rule when you use a bitcoin wallet. It would help if you always kept the wallet’s private keys offline. An important thing to remember is that you should also store the backup of your private keys in a safe place outside of your home, so you can still access your coins in case of any incident. The bank’s locker is one of the most recommended places for storing bitcoin wallet private keys.
Stay alert to phishing scams
These phishing scams are now increasing in popularity over the past few years. People are getting involved in the bitcoin field. There are various customs in which somebody could temper the security of your bitcoin wallet. It would be best if you never told anybody about your private keys because once you send the private keys to the phishing scam website, you will never get your bitcoin holding back. Within a few minutes, your bitcoin wallet will be empty. The worst fact is that these scams are very elaborate, so even educated and experienced people fall into their traps and share their details.