● Do you want to start investing and trading in Bitcoins but do not know how to store them securely and safely?
● Are you aware of the fact as to why offline hard disks and pen drives are recommended by experts to store Bitcoins?
● Have you tried looking up how Bitcoin wallets work and which are some of the best ones in the market?
While doing transactions with Bitcoin on Blockchain tech can be very safe, the same cannot be said about storing Bitcoins. This is because hackers, spammers and ransomware artists are always on the lookout to engage in fraudulent activities to steal Bitcoins.
People who are looking to invest in Bitcoins should realize that there is no police or central authority, which can help them retrieve the Bitcoins. If it is gone, it is forever. This is why it is important to be very careful when it comes to saving your codes and transaction details.
In this article, we will be looking at what three things you should know about keeping your Bitcoins safe. However, before we get there, let us first discuss Bitcoin Wallets.
Bitcoin Wallets: Meaning and Definition
If you want to start investing, trading, or using Bitcoins for buying, selling, etc. you would first need to get yourself a Bitcoin Wallet. A Bitcoin Wallet does not store your Bitcoins physically as your Net banking account does.
What is does save or contain is your 'Private Key' which is the owner key of the Bitcoins in your possession. This Private Key links up with the 'Public Key;' and allows you to process transactions in Bitcoins.
The owner of the Bitcoins and not anyone else only knows the Digital Code, which is secure. Bitcoin owners can choose between offline wallets and online wallets.
Many feel Online Wallets are advantageous as they are able to navigate the confusing address issues. Others, however, put their weight behind less technologically advanced offline hardware like pen drives and hard drives.
3 Important Things to Know about Storing your Bitcoins
1. Always go for Hardware and Offline Wallets-
When it comes to storing private keys, experts suggest that going old-fashioned is the best way to ensure safety. This is why it is better to use pen drives, hard disks and floppies to store private keys. Keeping your wallet connected online or storing it in some cloud file exposes you to a number of risks. This is especially true for first time investors or beginners who have just ventured into cryptocurrencies for the first time.
2. Use different Email IDs for your Crypto Transactions-
All of us are guilty of having the same email, which logs our Facebook, Twitter, Net Banking and PayPal accounts. Financial security experts suggest that one email is likely to be shared multiple times with different entities. All financial transactions should be done on different email ids and not be shared with other entities. This helps in improving and safety and prevents your email from being circulated until the point that scammers get their hold on it.
3. Always use the Strongest Antivirus Solutions-
When dealing with cryptocurrencies, it is always best to secure your computer and your internet connection. Investing in a full antivirus suite is always a good idea for crypto investors and traders. This not only helps you monitor spurious links but also checks your internet and Wi0Fi connections. This is especially true if you are a Windows user, as Microsoft systems are more prone to be attacked by hackers.
Additional things like not clicking on suspicious links, using a strong password, and never sharing your private key with anyone are some practices, which should be followed. With Bitcoin and its valuations growing every month, it is important that everyone try to follow proper steps and precautions when it comes to storing their Bitcoins. For more investment opportunities in Bitcoins and other cryptocurrencies, please visit allin1bitcoins.com.