Cryptocurrency is gradually proving to be a force to reckon within the financial sector. The currency is further boosting the relevance of the digital system to our world. Despite a lot of threats against its existence by a lot of financial analysts and governmental organizations. The relevance of the coin is gaining momentum daily.
To secure the system there is a need for users to put adequate security in place. The most lucrative cryptocurrency in the world is Bitcoin. It has gone a long way from when it was invented in 2009. It is worth its price in gold.
The main issue that must be solved when it comes to an online transaction is the security of your wallet. Bitcoin is a digital currency that is decentralized i.e. it is not under the control of any financial institution or governmental policy.
It can be used to transfer money from one place to another without any extra fees attached, one of the several benefits gained from transacting with bitcoin is the anonymity of the user. This feature is one of the main reasons to secure your funds. It is of great concern if your funds get stolen. It will be hard to trace the identity of the culprit. The onus lies on you as the owner of the coin to ensure the safety of your funds.
Your password security is very important
On no condition should you compromise your password with anyone regardless of ties. Your password belongs to you and only you alone, regardless of the circumstances you find yourself never unveil your password to a third-party.
It should solely be with you and your device. Always try to use double authentication to secure your funds. This prevents illicit access to your funds. You should try and have a strong password that contains punctuation marks, numbers, letters, and at least 16 characters long. And some websites help to generate code and store somewhere within our reach. It is always hard to remember a strong password; care should be taking in memorizing or scripting them down. A better option is through saving via email.
When you think there is a likelihood of a password compromise, kindly change to a new one. A tip to a strong password is to make it Alpha-numeric. You should make sure you never forget the password or your funds will be permanently lost. Unlike your bank, there are very limited password recovery options with Bitcoin.
You should be able to remember your password even after many years without using it. In doubt, you might want to keep a paper copy of your password in a safe place like a vault.
Be careful with exchange platforms
There is a serious need to be extremely wary of exchanges that store your money online. Most exchanges are not as secure as the hacking of some exchanges has been recorded. Most of these exchanges do not store money or provide insurance like banks. Be very wise when choosing exchange platforms. Two-factor authentication is recommended.
Backup your wallet
Always endeavor to ensure your wallet is backed up. This helps in the case of computer or human error. You can recover your wallet on any device even when your mobile or computer is stolen as long as your wallet is encrypted.
Some wallets have private keys feature internally. If you don’t back up the private key for your visible Bitcoin addresses, you might lose a large percent of your coin if you don’t back up your funds. This is a very important thing to do, to ensure the total security of your wallet. A secured wallet! a secured coin!!