5 Security Tips for Bitcoin Beginners
Bitcoin is the latest form of payment network which is very innovative and a new kind of money. It doesn’t have any central authority and works as a peer to peer network of payment. It is a kind of digital currency which was founded in 2009 and since then it has been used by multitudes.
With the introduction of bitcoin, the transferring of money over the internet to distinct places have become quite easier than ever. But with the involvement of the internet, there is always a threat of cyber thieves sneaking into your account trying to steal your money and keeping a track of all your transactions. Luckily, there are few ways which one can easily safeguard their Bitcoins from hackers and cyber thieves.
Here, in this article, we have compiled 5 Security Tips for Bitcoin Beginners.
1.Protect Your Privacy: It is an important aspect of every online account you hold to protect your private details related to your personal account. Your wallet address is you public ID whereas your private wallet key is like the Pin which has to be kept Secret. Apart from that, if you hold two different wallets for spending and Savings, then a regular transfer form each of them hints the cyber hackers of the wallet address. Try to use mixing services to transfer funds between these two wallets.
2.Keep your separate wallets: Those wallets are quite vulnerable to be hacked which act as the same spending and Savings wallet. Since there are no limitations on how many wallet addresses one can get, you must procure different wallets for different transactions. You can get distinct addresses for saving, spending and receiving money. Another way to safeguard the money is by having a ethereum wallet which is the second largest wallet for Bitcoin. This is very secure owing to its multi features of safety and privacy. Eidoo wallet is also an another suitable option for you to keep your money safe.
3.Do not accumulate your Savings in online web wallets: Bitcoins don’t have any authority from any organization. Once your money from your wallet is hacked, it is completely gone and you can’t-do anything about it. Saving a lot of money in web wallets might cause you a greater loss. It is better to keep the only necessary amount in web wallets in order to avoid any high losses in case of wallet breaching.
4.Saving the details offline: Bitcoins application create a database which is saved on your computer making it vulnerable to hackers attack. You can avoid this situation by Keeping your private key data saved offline as a QR code by printing it on a sheet of paper or the text key saved on a USB stick. Whenever you need to transfer your Bitcoin you can simply scan the QR code to manually enter your Private key of the wallet. You can see the application flashing your current balance which can be then used to transfer money to your desired wallet address.
5.Always keep a backup of your data: Bitcoins wallet application has a feature to save the data offline in your device which it needs later on to track your account and balance. This data includes your private and public key and must be stored safely in a USB stick, hard drive, optical disks or as a QR code on paper. You can also keep this data safe on your cloud account.