Bitcoin, launched in 2009, is today revolutionizing the way people do transactions and make business payment. As the biggest and most popular cryptocurrency of the world, more and more people are looking into owning the coin. The escalating demand and ongoing rise in the value of Bitcoin have resulted in drawing the attention of investors. However, this rising popularity is also garnering the attention of criminals.
Whether you’re new to cryptocurrency or an advanced user, everyone is at risk of crypto frauds. In the world of cryptocurrency, incidences of crypto scams and Cryptojacking are on the rise. The hackers and scammers are actively looking for new ways to get access to your Bitcoins. A malware virus or hack could potentially result in losing all the Bitcoins you have on your wallet. And once your Bitcoin is lost or stolen, there is possibly no way to get it back. There is no government authority or bank to retrieve your funds. Also, if you lose your private keys, you may lose your Bitcoin forever.
Since no one is safe from threats like malware and human error, it becomes necessary to take some additional measures to increase your Bitcoin security. So, here are some useful tips to secure your BTC.
Avoid Web Wallets
A web wallet is hosted by a third party. Novice Bitcoin users prefer these wallets because they may be easier to use. However, web wallets that are hosted by a service on a web platform do not offer a higher level of security to your Bitcoins. Over the past few years, most of the hacker targeted web wallets because it is easier for cybercriminals to use the vulnerabilities of these wallets. If you still need to use a web wallet for quick trading, make sure to select a reputed and trusted exchange or wallet.
Be Cautious Of Cryptojacking
One of the biggest threats faced by crypto users today is Cryptojacking. The cybercriminals have found a new way to use other people’s computers without their knowledge to mine cryptocurrencies. It is tricky to detect if you are being cryptojacked. So, to avoid this threat, it is best to install a Cryptojacking blocker add-on for your browser.
Use both Hot and Cold Wallets
It is a good practice to store your bitcoins in separate wallets. If you don’t want to lose your funds and become a victim of a hacking incident, make sure you never store all your crypto coins in one wallet. Offline, also known as cold wallets are a safer option than hot, online wallets. The hot wallets are connected to the World Wide Web and appear more attractive to hackers. So, ideally, you should store maximum funds on the offline/hardware wallet. To make quick transactions, you can keep a small amount of your Bitcoins on your online or web wallet.
Store Private Keys Offline
Every wallet owners should ensure maximum security of the private keys. It is highly recommended to store your private keys offline. Securing your private keys is important because if somehow, an unauthorized person gains access to your keys, your Bitcoin may get stolen or used illegally. When you store your private keys offline, it will not be compromised by hacker or malware attacks.