Basic Questions

4 Steps to Keeping Your Bitcoins Safe

By Alexander Reed

Last Updated: Jan 3, 2023

Best Bitcoin Wallet

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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Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Alexander Reed
Alexander Reed
Editor

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including... Read More

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