How To Keep Our Bitcoin Safe From Thieves And Vulnerabilities

How To Keep Our Bitcoin Safe From Thieves And Vulnerabilities
May 15 09:44 2019 Print This Article

Our cryptocurrencies are stored in virtual wallets. We must pay close attention where we store ours because if someone had access, it could remove everything inside. And it’s not very difficult if we do not have a few things in it. A simple phishing attack would be worth to enter our wallet.

Although cryptocurrencies are virtual and decentralized, they should not give us the feeling that they are safe. And that feeling of security is completely false. ‘Anyone’ could steal our Bitcoin. Even, we ourselves could propitiate the conditions for this to happen, or for us to lose, without any third party in between.

#1: Beware of online services

When using exchange houses, purses or any other tool that has access to our Bitcoin, we must be very careful what online tools we use. Sometimes, groups of hackers get to violate the security of these sites and manage to steal millions of dollars in cryptocurrencies. A simple security breach is enough to lose everything. That is why it is always important to use trusted channels when selling or buying bitcoin online. You can check out Quebex Bitcoin Exchange for that purpose.

#2: Different purses, different opportunities

One of the most basic issues in the field of finance is not to invest all the same assets. If that asset falls, we will lose everything. This can also be easily applied to purses. If by some chance, someone hacks our purse, or fails, or whatever we will lose all our Bitcoin.

On the other hand, if we diversify and distribute our cryptocurrencies among several, if one falls, we will not lose everything, but only a small part. We could also see it as if we had all our money in a physical wallet: if they rob us, they will take everything. Encrypt the purse

If we have the encrypted wallet, anyone who tries to access the cryptocurrencies, even having access, will need the encryption key. However, we must bear in mind that this type of protection works only for thefts, and not for phishing attacks (where they try to make us believe that we are logging into a fake site, for example, in order to access our data) or  keylogging (where a third party intercepts everything we write).

#3: Always make copies of the wallet

Backup copies are infallible against failures, both human and from a server or computer. Also, if we have the wallet on the computer or mobile phone, and it is stolen or lost, we can recover our Bitcoin (if we have encrypted it, otherwise it could disappear anyway).

If we lose the device where we have the wallet, and it is not accessible from anywhere else, we will lose the Bitcoins. And this is something very common. In fact, it is estimated that there are billions of euros in cryptocurrencies that nobody can use because the wallet or password has simply been lost. According to the testimonies, there are many people who would be millionaires if it were not for the fact that they have lost their Bitcoin, that is, their money.

#4: Use physical purses

A physical wallet is easier to store and protect. You cannot install vulnerabilities or access them remotely. You can simply access it physically. Also, if you lose your physical wallet, you can simply make a backup.

#5: Sign transactions offline

If we have the possibility of having two computers sharing parts of the same purse, we can sign off-line transactions. One of the computers must be disconnected from the network. It must also be the only one that has the complete purse, besides being the one that can sign the transactions.


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Dominic Ortiz
Dominic Ortiz

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