Safety First! Here’s how you can ensure the Safety of Your Hard-Earned Bitcoins
It’s crazy out there!
There is always someone trying to steal your money in one way or another. It could be someone picking your pocket on the bus or trying to get your bank information while you are trading online. Your bitcoins may also be vulnerable to these people and while we may not always be able to know who these people are, we can certainly protect ourselves from them using certain security measures.
Five simple steps
When it comes to securing your bitcoins, there are a number of things you can do but we will take a look at the top five.
Before the world became cashless, people were often advised not to carry a lot of cash in their wallets. The same logic applies here. Do not put all your bitcoins in one bitwallet bitcoin wallet. Keep only what you need in there and move the rest to an alternative location.
There are some reliable bitcoin wallets out there like the bitwallet bitcoin wallet from bitwallet. These provide you with a private bitcoin key, which you can modify. Encryption simply means creating a very strong password with at least 16 different kinds of characters. You may have trouble remembering such a long password so make it as familiar as you can.
We always backup important information and so if you are using an online wallet like the bitwallet bitcoin wallet, you need to back it up. This way if the computer crashes or someone steals the phone, you can restore your coins quite easily. Always run a backup when you conduct a bitcoin exchange or sell bitcoins on bitwallet to keep it up to date.
If you are on bitwallet or a similar online trading platform, make sure to check out the security policy they have. These platforms are required to provide some level of security for bitwallet bitcoin exchange and other such transactions, so make sure to check it out before signing up.
Another way you can keep your bitcoins safe is to maintain a level of anonymity. For instance on bitwallet, the sellers are required to identify themselves but the buyers can be anonymous. You can go to bitwallet – buy bitcoins and choose to do a cash purchase, which will leave no traces to you or your information. That way, you can do your bitwallet bitcoin exchange securely.
It’s a risky business
Anything that has to do with money is risky business. You just need to be smart about how you go about the transactions so that your bitcoins are safe to trade another day. Maintain basic security at home regarding your computer. Keep the passwords secure and protect it from invasive software.
Also, remember that the market can be very volatile and unless you have some experience or reliable advice, avoiding playing on the price changes. Be smart about your investment, do not be greedy and you will not lose all your bitcoins (and maybe other currencies) on some gamble you took.