If you want to join the Bitcoin network of and start using the cryptocurrency for your online purchases or the sale of your online products, you must first set up your Bitcoin wallet. All Bitcoin transactions start and end with the Bitcoin wallet.
After setting up your Bitcoin wallet, it is always best to go through some steps to secure your cryptocurrency from hackers and other unforeseen events like the loss of your gadget or hardware breakdown. Take the following steps on how to secure your Bitcoin wallet.
- Do not avail of any service that advertises to store your money online. Such services do not have enough firewalls, insurance, and security features that the big banks use.
- Break up your funds. You can create multiple wallets and transfer bitcoin funds from one to the other. Think about having a wallet with minimal funds to carry you through daily expenditures while you keep your bigger funds in another wallet.
- Back up your wallet. Having a backup protects yourself from losing all your hard-earned Bitcoins. This also makes it easier to recover them in the event of a stolen gadget or breakdown. Explore the option of maintaining different types of wallets. If you can, keep both “hot” and “cold” wallets. Hot wallets are those that are kept online. Cold wallets are those that are stored in offline devices and are considered to be more secure.
- Due diligence. Be proactive and look up the background information of your vendors. Check out if they are duly-registered vendors who follow secure protocols to make sure that your transactions are legitimate.
- Use your own hardware. Using public or shared computers run the great risk of exposure to hackers, viruses, malware, and spyware for your Bitcoin wallet. Use your own computer for major purchases to minimize this risk.
- Create a strong password. An even stronger password is to create one with about 16 characters, using a combination of alpha-numeric symbols, including punctuation marks.
Bitcoin is fast changing the concept of money. While the concept of cryptography ensures that transactions within the Bitcoin network are secure, it is always best to take extra precautions against possible theft or accidental loss of your hard-earned Bitcoins. You only have everything to gain.
