Just a few years ago, many people didn’t see the potential in bitcoin when it was introduced but today Bitcoin is booming in many countries. Bitcoin has become widely accepted as a means of exchange and an instrument for paying for goods or services. Bookmakers in Argentina where Bitcoin is going through the roof have quickly introduced Bitcoin bets and the number of Bitcoin ATMs is another sign Bitcoin has come to Argentina to stay. Many other countries follow the same development and where Bitcoin is regulated as a currency physical establishments have already started to use bitcoin as a payment method.
Regardless if you use Bitcoin for sports betting or online shopping, you need to store your Bitcoin in a digital wallet. Bitcoin owners open themselves to the risks of losing their bitcoins due to hacks, theft, scams, computer failure, loss of access keys, and much more. With these risks in mind, it’s important to ensure your bitcoin wallet is safe.
Highlighted below are some tips that can help you keep your Bitcoin wallet safe at all times;
Choose a Secure Crypto Wallet
Since you can’t send or receive bitcoin for online transactions without a crypto wallet, you need to find a good one. Many individuals have fallen victim to illegitimate crypto wallets that have scammed them of their bitcoins. So, before making your choice, please do your due diligence by doing meticulous research into the crypto wallet you are considering to ensure that it is reliable and trustworthy.
Use Cold Storage to Store the Bulk of your Bitcoin
Cold storages are offline wallets that hold bitcoin and are not accessible via the internet. It removes the risks and vulnerabilities that online wallets are exposed to. There are different forms of cold storage, one of which is Desktop wallets, accessible only via your private computer. Another cold storage is the hardware wallets, which are bits of external devices like USB that you can keep somewhere or carry around.
But due to the convenience and ease of use nature of online wallets, a lot of people tend to prefer it to cold storage. But my advice is that you leave the bulk part of your bitcoin in any cold storage wallet to keep it safe from any online vulnerability. That way, even if you encounter any discrepancies with your online wallets, the larger part of your bitcoin will be safe.
Keep a Tight Security on your Wallet
I don’t have to stress the importance of making sure it is next to impossible for others to access your bitcoin wallet. And to make this possible, you need to have tight security for your wallet. It is important to use a bitcoin wallet that has two-factor authentication (2FA). It provides a layer of protection by requesting verification before signing in, sending, or receiving bitcoin.
And asides the 2FA, you should also encrypt your digital wallet, which allows you to set a password that locks down your bitcoin. Anyone who needs to access your account will have to supply this password before accessing it.
On a side note, you should make sure that the password you use is unique and cannot be guessed based on your details like name, date of birth, pet’s name, etc. Furthermore, don’t use a one-password-suits-all attitude with your bitcoin wallet. Ensure that your password is completely different from your other passwords, but make sure you use something you won’t ever forget.
Always Use a Secure Internet Connection
Most public Wi-Fi networks are unsecured, and they are usually attractive targets for hackers, who use flaws in the networks’ security to steal users’ personal confidential information. So, if you connect to a public Wi-Fi and you need to access your bitcoin wallet, it is advisable to disconnect from the Wi-Fi and use a secured network. This also holds for every sensitive password-protected websites and apps. Instead of public Wi-Fi networks, you can use your mobile data, a virtual private network (VPN), or your home network.
You can also keep your wallet safe by backing up your entire bitcoin wallet and doing it regularly. In case of device failure, damage, or loss, a backup of your wallet may be the only thing that will enable you to have access to your funds. Please make sure you back it up on multiple devices to ensure easy recovery, and you also encrypt the backup, especially online backups. Furthermore, it would be best if you did this regularly to ensure that any recent changes and additions are included in the backups. Note that some wallets make use of many hidden private keys internally, so if you don’t have the entire wallet backed up, you might not be able to recover your whole funds.
At the end of the day, you are solely responsible for your bitcoin wallet's safety, reliability, and accessibility. So, to be on the safer side, you need to take all necessary precautions and stay updated on the latest security improvements to keep your wallet safe.
Bright is an experienced and creative iGaming, Casino and Sports Writer. With an extensive eye for detail and vivid research skill he has also written piece across different niches from finance, technology, cryptocurrency, real estate, games and lots more. When he is not working he is probably talking politics with friends or watching Manchester United.