4 Steps to Keeping Your Bitcoins Safe

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Use these 4 steps to avoid theft and keep your Bitcoins safe.

Step 1 – Select a strong password for your Bitcoin wallet

Many people get into the habit of choosing the same password for all of their online accounts. This puts your Bitcoins at risk. Choose a strong password for your Bitcoin wallet. You can use software like 1password or Roboform to create and store your passwords for you – this way you will never use the same password twice ever again.

Step 2 – Use 2 factor authentication

Most online Bitcoin wallets provide the option of a 2 factor authentication process. This means that whenever you log on you’re required to authenticate yourself with an additional step other than your password. Most of the time this will be a verification text message sent to your phone. Even though this may feel cumbersome at times, using 2 factor authentication reduces the risk of theft drastically.

Step 3 – Backup your Bitcoin wallet

A backup of your wallet can protect you against computer failures and many human mistakes. It can also allow you to recover your wallet after your mobile or computer was stolen if you keep your wallet encrypted.

Step 4 – Use cold storage for large amounts of Bitcoins

If your wallet stores a large amount of Bitcoins make sure to keep it in what is known as cold storage. Cold storage means your wallet isn’t present on the web or on any other computer. An example for cold storage could be a paper wallet or a flash drive that has your private key encrypted on it.

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Ofir Beigel

Owner at 99 Coins ltd.
Blogger and owner of 99Bitcoins. I've been dealing with Bitcoin since the beginning of 2013 and it taught me a lesson in finance that I couldn't get anywhere else on the planet. I'm not a techie, I don't understand "Hashes" and "Protocols", I designed this website with people like myself in mind. My expertise is online marketing and I've dedicated a large portion of 99Bitcoins to Bitcoin marketing.

8 Comments

  1. Hi ofir,

    Good day.

    at the beginning of the lesson. after i subscribed. your email said that i could GET YOUR $27 BITCOIN for free.

    will, i finish 7 lessons and I still don’t have the free.

    hash,

    • Hello Hasher, when you sign up we offer you to get this course which is worth $27 for free, we do not send out $27 worth of Bitcoins. Hope this clears things up a bit.

  2. This is probably going to sound like a really silly question… I am trying to send the email to get the free start up bit coins. is the public wallet name the really long number/letter sequence or my email address (username)?

    • Hey Heather, there’s no such thing as a stupid question :) And it’s the long number/letter sequence. For example this is my public address: 1GrwYYTDJic27cstVCjzS8Muvutw6JUYqB

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