If you are new to the world of bitcoin investment, there are certain points that you need to consider. Websites like BTC Era provide more information on this.
Keep separate wallets
If you are making more than one type of cryptocurrencies or bitcoins, it is important to use separate wallets. Different crypto exchanges offer different types of wallets. Thus, it is important to keep more than one wallet for different purposes. Do you carry your physical wallet everywhere you go and for every payment you make? So, if you don’t use fiat money to make all types of payments and to keep different funds at different places, why do you need to keep all bitcoins at a single place? Numerous types of cryptocurrencies and crypto wallets are available in the market, and types of crypto wallets come up with different features and characteristics. Different types of wallets include a desktop wallet, mobile wallet, web wallet, and paper wallet. So, choose different types of a bitcoin wallet as per separate needs.
Just having a bitcoin wallet is not necessary. It is also advisable to have a bitcoin wallet that has a strong password. Try to make sure that the bitcoin wallet you are using should be safe against all cyberattacks. Don’t use the same password that you use for your social media platforms like Facebook and Instagram. In addition to this, make sure that the password you are using should include numbers, characters, and alphabets. You should ensure that the password you are using should not include any personal information about you or your family members. Never use your date of birth or your anniversary in making your password. These are pretty easy to decipher.
Another important layer of security that can be added to enhance levels of security is using a two-factor authentication system. You need to activate two-factor authentication at all levels of security when you are using bitcoins. If you are using the two-factor-authentication method, every time you will try to log into your account, you will need to enter your bitcoin wallet password as well as the OTP that you will receive on your mobile phone. When you are using the two-factor authentication, there are very few chances that anyone will be able to get into your bitcoin wallet or steal your bitcoins stored in the bitcoin wallet.
Don’t keep your money on the exchange
Another important factor that needs to be taken care of when using bitcoin is never to store all bitcoins in exchange. Although most bitcoin exchanges offer high security protocols, there are chances that bitcoin exchange may get hacked. Thus, if you don’t need bitcoin currently, there is no point in keeping bitcoin in the exchange. When you store bitcoins in the exchange, you are inviting hackers to steal bitcoins from your wallet. So, try to use these exchanges wisely.
Use a hardware wallet for saving.
If you are not in a mood to make any transaction in bitcoin, and if you are thinking about saving and storing bitcoins, using a hardware wallet is the best option. For day to day activities, you can easily use the mobile wallet or the web-based bitcoin wallet. But, for saving, the hardware wallets are considered to be the best option. A hardware wallet is the safest option as it is not connected to the internet, and thus, there are very few chances that anyone will get access to your bitcoins without your permission. No identifiable accidents or theft have been seen through a hardware wallet. Thus, anyone who wants to store bitcoins for a long duration must try to use the hardware wallet for saving purposes.
If you are thinking about investing in bitcoins, keeping all these points in mind is important. These security tips can help the beginners as well as the advanced bitcoin users alike. So, before planning to invest in bitcoins, keep all these points at your fingertips. No matter if you are a beginner bitcoin user or an advanced user, all these points will help you. Let us know if you need more security steps to keep your bitcoins and bitcoin wallets safe.