Are you planning to buy bitcoins or other cryptocurrencies? If you want to get started with bitcoin, especially if it is your first investment, you need to protect your digital coins. Bitcoins can be stored securely in digital wallets. It would help if you made your digital wallet secure by considering some practices that you will read in upcoming paragraphs. If you want to trade bitcoin, you can download the profitmaximizer app that enhances your trading experience.
Use a hardware wallet to store your funds.
Though web wallets are not safe to store your crypto coins, you can keep a small number of bitcoins in your web wallet, like a mobile wallet. You can use that wallet for everyday use or while trading crypto coins on an exchange. But if you want to store the bulk of bitcoins and that for the long-term, it is crucial to use a hardware wallet.
Hardware wallets are considered the safest wallet to store bitcoins and other cryptocurrencies. To date, there aren’t any incidents where bitcoins got stolen from hardware wallets or got hacked. It is important to choose the best hardware wallet that aims at providing high security to users.
Enable two-factor authentication
Users can secure their accounts by enabling the feature of two-factor authentication. It provides an additional layer of security to your digital wallet. You can enhance the security of your account with the feature of 2FA. Every time you try to log in to your exchange account, you must fill in your wallet password and OTP along with it. OTP is an additional layer to confirm that you are logging into your account. The two-factor verification step is best for users and will provide more security against thefts and hackers.
Users can enable the two-factor authentication feature by first downloading the authentication app for their device. Login to crypto exchange, go to security option, then setting and then select the option “two-factor authentication.” The exchange will present you with a QR code. You need to scan the QR code through your authenticator app. The authenticator app will generate a code, and this is the code that you need to enter into your wallet or exchange. Enter the code and verify your identity.
Never keep money in the crypto exchange.
Exchanges are designed to allow users to buy, sell and trade cryptocurrencies. These marketplaces are not designed to store your crypto coins and provide them security. Still, some exchanges provide users the wallet to store their coins, but security is not their priority. Therefore, it is important never to store your cryptocurrencies like bitcoin in crypto exchanges. Many reports have registered where crypto exchanges got hacked, and you must always avoid storing your bitcoins in exchanges.
Use a strong password or PIN.
Storing your bitcoins online in crypto wallets comes with the great responsibility of storing your coins with great care. Using a strong password or PIN can be a good line of defense that will protect your bitcoins from cyber-attacks. Avoid using the same password for different accounts and social media handles. Using the same password can be an easy target for scammers as they are always searching for accounts that aren’t secured or that can be scammed or hacked easily.
If you use a strong password, no hacker can get access to your information and your funds. Therefore, it is better to use a unique, long, and strong password for every account and set up a feature of 2FA for exchange accounts.
Keep your private keys confidential.
Private keys are secret keys that must never be shared with anyone else. You can access your coins and prove ownership of them only through private keys. If you lose your private keys, you will lose all your coins and can never recover them. Keep your private keys confidential, and if anyone gets access to your keys, they may steal your crypto coins.
Secure your device
Additionally, it is crucial to install the latest verification software on your computer or mobile device. You need to adopt the best practices like never clicking on random links, always verifying the URLs, never using public WiFi network, keep your antivirus software updated, and avoid downloading suspicious programs, files, and software.