Bitcoin is a digital currency, but you need to be careful while using it as there are numerous risks involved. You can use the Crypto Genius trading Bot to earn profits with bitcoin trading. If you want to stay safe while using bitcoins and ensure that your funds don’t get stolen or the wallet doesn’t get hacked, you must learn the following bitcoin security tips.
Ensure the security of PC
If you are using a PC for storing your bitcoin wallet, it is immensely important to secure the system so that no malware or hacker can gain access to the wallet and use the funds stored in it. It is the most basic security tip that every bitcoin user needs to follow. You must have that latest antivirus and firewall installed on your computer system.
Prefer using a hardware wallet
Bitcoin wallet is used for keeping bitcoins safe, but there are different types of wallets, which you need to choose from. So, when it comes to safety, there is no better option than a hardware bitcoin wallet. So, you must use a dedicated hardware wallet for storing bitcoins. It will safeguard the funds from all kinds of online risks and attacks such as hacking, malware, etc.
Always use a secure network
The network over which you are making a bitcoin transaction also plays an important role in the security of your coins. So, to ensure that your sensitive information doesn’t get stolen, you must use a secure network to make bitcoin transactions. You musty avoid using public Wi-Fi networks as they are unsafe.
Avoid using web wallets
There are several types of bitcoin wallets, and each one of them has a different level of safety. One of the popular wallets is the web wallet. It is an online wallet that allows you to make easy transactions through your browser. It is accessible, but you must try to avoid it as much as possible as it is highly vulnerable to hacking attacks. So, the risk of losing bitcoins if you have stored them with a web wallet is quite high.
Provide minimum access to the corporate wallet
If you are running a business and use bitcoin as a payment option, you must have a corporate bitcoin wallet. You need to be highly careful while using one as an employee who has access to it can make a transaction, and you won’t be able to trace it as all bitcoin transactions are anonymous. So, you must provide limited access to the corporate bitcoin wallet.
Purchase through an ‘escrow service’
If you want to purchase or sell something for bitcoins but done trust the other party, you must use an escrow service. It is a service that will receive the payment from the buyer and only transfer it to the seller once they receive the product that is to be purchase. It will enhance safety and will help you avoid falling for any scam.
Always backup the wallet
As you know that if you lose the private keys, there is no way to improve them. So, if you lose the bitcoins, they will be lost permanently, which is why we create backups regularly for your bitcoin wallet. It is quite simple to create a digital backup for your wallet and store it in a safe location. You must ensure that you store the backup offline as if you store it online, there will be a risk of hacking or online theft.
Bitcoin wallet encryption
Another crucial bitcoin safety tip that you need to follow the encrypting your wallet. Wallet encryption refers to setting a password for your wallet so that no one else can gain access to it without your permission. You can easily set a password on your wallet, but you must ensure that it is long, complex, and difficult to crack so that your bitcoins stay safe.
Never share private keys
A private key is a unique combination of alphabets and numbers as it is the only way to gain access to the bitcoin wallet. But the problem is that anyone can sign in to your wallet with private keys. So, you should never share your private keys with anyone.
Use two-factor authentications
Two-factor authentication is a feature that ensures no unauthorized person can sign in to your bitcoin wallet without your approval. You must use it as it will enhance the security of your wallet to a great extent.