7-Ways-to-Secure-Your-Bitcoin-Wallet-Mobiloitte-Blog

7 Ways to Secure Your Bitcoin Wallet

Storing money online has always been threat. Security breach has happened many time and exchanges with online wallets has been suffered due to it. More over there is not a cent percent trustworthy service to secure your wallets and money online. But it is possible now because of block-chain and if your want to keep your money in bitcoin wallets, here are some practices, through which you can secure it.

1. Use small amount: Like wallet in your pocket, bitcoin wallet is also a wallet but not in your pocket, but on you mobile, computer or server. Always keep only a small amount of bitcoins in your bitcoin wallets for regular use and rest keep at a safer place.

2. Take regular backup of your wallet: If you have regular backups, it ll protect you against computer failures and many other human errors. And in case of loosing your phone or computer, you can easily recover it if your wallet is encrypted.

  • Backup whole wallet: Wallets do have hidden private keys. And you can able to recover it, if you have a backup of the private keys for your visible Bitcoin address.
  • Encryption of online wallets: Backups stored online always is on theft threat. And to make it secure, the backup should be encrypted every time.
  • Using multiple secure locations: Using one location for storing is a bad for security. And if your backup is stored on a multiple location the chance of and bad event will reduce.

3. Encrypting wallet: Encrypting wallets and allowing your devices to send and receive messages while doing any transaction. This will give a 3rd layer to your wallet against theft.

  • Always remember your password: Do always remember and your all the funds will be lost for always. And the password recovery options with bitcoins and limited. Note is somewhere, where you can physically access it, write down somewhere, where you can access at any time but make sure it to keep at a safe place.
  • Using strong password: A simple password having only letters is always a weak password. A pass must have letters, numbers, special characters and should of at-least 16 characters to make it strong. There are programs which generate strong passwords but after it do not forget to memorize it or note it down.

4. Saving wallet offline: Also known as cold storage, storing wallet offline is the most secure way. You need to store wallet at a 3rd place which is not connected to the network. Using offline wallet with proper backups and encryption is a good practice.

5. Up to date software: Always use updated bitcoin software, this will provides you stability and all the security fixes. Update will keep your wallet safe. And don’t forget to update the software on your computer and mobile to provide a secure and safer environment.

6. Using Multi Signature protection: To make the system secure, bitcoin allows to use multi-signature feature and any transaction done will need a multiple approvals, making it more secure. Few wallets also comes up with multi-signature wallets, that allows user to keep fund secure and without compromising.

7. Last but not the least; Testament: Let someone from your family or trusted resource know about the location of your wallet or passwords. Because once you are gone, your bitcoins can be lost forever. And is a no way of recovering it.

Taking these measure will not only provide security to your wallet, but also makes you worry free and this can make a huge difference.