Bitcoins are taking the cryptocurrency world by storm. Today, many people are showing interest in buying and using bitcoins. There are many places where you can buy bitcoins legally. Today, many things are carried out online, be it paying the utility bills or shopping. The attackers are sitting online and eyeing on the information of the users. It has become highly tough to secure online data. Many security attacks are taking place now and then. You must add some protection or encryption to the data to avoid hackers from gaining unauthorized control. People can enjoy security and safety while doing transactions is blockchain technology. It allows you to perform bitcoin transactions safely.
The blockchain technology promises security, and the bitcoins stored in the crypto wallet are safe and do not let the hackers hack them. The blockchain will make use of the distributed ledger and network that would create a chain. If you are storing the bitcoins in the bitcoin wallet, you must safeguard those wallets from the hackers’ eyes. It becomes a bit difficult to protect the virtual wallet, but you can undoubtedly secure it by following these tips
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If you are using a leather wallet, you will not store the currency in it as you would be using cards and little currency. When there is a bulge in the wallet, it is easier for robbers to discover that you are carrying a good amount of money. It results in theft. You would be taking a few currency notes in the wallet to avoid theft. Even it applies to the bitcoin wallet. You must take less number of bitcoins in the wallet. The best thing is that even when the hacker steals the coins, the loss will be less. If you have many bitcoins, it is advised to store them in multiple bitcoin wallets so that you do not suffer a loss.
Use two-factor authentication
You must use two-factor authentication when you are using the bitcoin wallet. It is best to use the two-factor authentication than using the username and password. You can use the two-factor authentication with the help of the Google Authenticator app, which generates a six-digit unique code and sends it to the mobile. Another best option that is available for you is biometric. You can use the fingerprint or retina of the eye to scan and open the wallet.
Be careful of the phishing attacks
The phishing attacks have become common these days. The user must keep a close watch on the address of the website mentioned in the email before clicking on it. Many times, the hackers would be sending false emails and masquerade as the wallet company. You must thoroughly check the domain name before clicking on it. In case, if you use the private key in the phishing site, then all the bitcoins that are stored in the wallet would be stolen.
Backup the bitcoin wallet
It is a very good idea to backup the coins that are stored in the bitcoin wallet. Even when there is a computer failure or even when you lose the hardware wallet, you can still retrieve the coins or transfer the coins to the other wallet. However, you must encrypt the wallet. There are many secure locations where you can store the bitcoins in the wallet as a backup despite choosing just for backup. You can use the paper, USB drive, or CD to store the bitcoins. If you are carrying out the bitcoin transactions, make sure that you are regularly backing up the bitcoin data to ensure that you are creating a backup for the latest bitcoin addresses that you have credited to the account.
Update the bitcoin software
You must use the latest software, since the earlier versions may have bugs that would have been fixed by the developers. The newest version of the software will protect you from hackers. This helps you to keep the coins in the bitcoin wallet securely and safely. You can have to update the other software on the phone to keep the bitcoins safe.
You can keep the bitcoins safe from the prying eyes of the hackers is in the cold storage. It is the offline mode of saving bitcoins. You must transfer a little amount to the online wallet and use it whenever required.
These are a few safety tips that you must follow to protect the wallets.