18 CommentsUse 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.
Are there any digital mining opportunities you can recommend? I thought I saw some that would pay out to your bitcoin wallet after paying a fee. It sounds good but I don’t know if it’s got a worthwhile return and then they promote more speed or power to mine more for extra money. Are these profitable and how long do they last for? I couldn’t figure it out and don’t have much money to risk. Thanks!
Hi Megan, I suggest you to read this article about cloud mining before jumping into a contract. https://99bitcoins.com/cloud-mining-profitable-just-evolution-scam/
Oh wow, what great insight to all of the mining questions I had, thank you for all That insight and I’m glad I haven’t joined a mining pool, bought mining contracts or anything of the like. Still a firm believer in the Bitcoin though, and believe it has much much more to rise in value! Thanks!!
Megan M.
How can I buy bitcoin from Nigeria and who are the certified agent to meet for transaction so that I will not be played as a beginner.Pls help.
Hi, I recommend the Crash Course for you, you can sign it up on the front page, it should have all the necessary information for you.
Yes, you can have multiple transaction sent to one Bitcoin account. You can read more about Bitcoin transactions here: https://99bitcoins.com/how-to-read-a-bitcoin-transaction/