More and more people are investing in Bitcoin every day. This is great news for crypto enthusiasts, as increased demand will push the price of Bitcoin, and other cryptocurrencies, way up. Almost 50 million Americans have already invested in Bitcoin.
But as the demand for this cryptocurrency increases, the need for digital security is rising. Theft by hackers is becoming more common but is easily avoidable with a few common sense Bitcoin security practices.
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So whether you have $100 in Bitcoin, or $100,000, you need to be taking steps to ensure you are in control of it, and that no one else can touch it. Keep reading to find out how to secure your Bitcoin investments today.
Use Secure Credentials
The first thing you should do is start with a clean slate. Most people will invest in Bitcoin through an online cryptocurrency exchange.
Because exchanges are considered financial institutions, personal information is required to open an account. One of the most important things to do is to use a brand new email address for crypto-related activities.
Your current email address has likely been used for years. And if you’re like most people, it may even include your first and/or last name. This is an easy target for hackers.
Instead, use a brand new email address, ideally with a service like Proton Mail which encrypts every single email, and use a unique, secure password as well.
Use Secure Bitcoin Exchanges
There are lots of crypto exchanges available today. Some are more sketchy than others and are more prone to attack. Rather, choose an exchange that is regulated in your country. For US-based users, that includes exchanges like Coinbase, Kraken, and Gemini.
Companies like these have invested huge sums of money in their security infrastructure. Although some of these have experienced a breach in the past, they are far less likely to in the future.
Store on a Wallet
Your Bitcoin is secure only when you store the keys privately, offline. What that means is that you need your cryptocurrency wallet. This is a piece of software or hardware, that allows you to send Bitcoin purchased on an exchange to your account, away from the internet.
Bitcoin stored on an exchange is the most susceptible to theft, as most hackers target exchanges.
The most secure Bitcoin wallet is a hardware wallet, which is a physical device that connects to your computer. You transfer your private keys to the device, and your Bitcoin sits safely on your wallet. Without being connected to the internet, there’s no way for anyone to steal your Bitcoin.
Use a Bitcoin ATM
With the rise in the use of Bitcoin, Bitcoin ATMs have been popping up all around the globe. How do bitcoin ATMs work? These convenient machines make it fast and easy to buy additional Bitcoin to send to your wallet, or to cash out some of your Bitcoin instantly.
They allow you to make a secure Bitcoin purchase, requiring minimal customer information. They are a great alternative to an online exchange if you need to make a transaction fast.
Bitcoin Security Is Your Responsibility
When it comes to decentralized currencies like Bitcoin, there is no central authority that backs it up. Unlike banks, which provide insurance on account balances on behalf of their customers, no one can protect your Bitcoin except you.
Bitcoin security should be your priority. But luckily, it’s easy to keep your investment safe. It all comes down to common sense online and storing your private keys offline.
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