Bitcoin is the latest form of payment network, which is very innovative and a new kind of money. It has no central authority and functions as a peer to peer payment network. It is a kind of digital currency that was founded in 2009 and has been used by masses since.
With the introduction of Bitcoin, transferring money to the Internet at various locations has become easier than ever. But with the involvement of the Internet, cyber-thieves are always in danger of sneaking into your account, trying to steal your money and keeping track of all your transactions. Fortunately, there are few important ways to easily protect your bitcoins against hackers and cyber-thieves.
In this article we have compiled 5 safety tips for Bitcoin beginners.
1.Protection of your privacy: This is an important aspect of any online account that you must protect your personal information about your personal account. The address of your wallet is your public identifier, while your private wallet key is like the key that must remain secret. Apart from that, if you keep two different portfolios for expenses and savings, then a regular transfer of each of them refers to the address of the cyber-pirate’s wallet. Try using mix services to transfer money between these two portfolios.
2. Keep your own portfolios: These portfolios are quite likely to be hacked, which act as the same portfolio of expenses and savings. As there are no restrictions on how to address the portfolios, you need to obtain different portfolios for different transactions. You can get different addresses to save, spend and receive money. Another way to protect money is Ethereum Wallet, which is the second largest wallet for Bitcoin. It is very safe thanks to its many security and confidentiality features. Eidoo Wallet is also another suitable option for you to keep your money safe.
3. Do not collect your savings in online web portfolios: Bitcoins have no authority from an organization. Once your money is hacked into your wallet, it is completely gone and you can do nothing but call the police. If you save a lot of money in the web portfolios, you may suffer a bigger loss. It is best to keep the only amount needed in web portfolios to avoid high losses in the event of a stock market break.
4.Save details offline: The Bitcoins application creates a database stored on your computer, which makes it vulnerable to hacker attacks. You can avoid this by saving your private key data offline as a QR code by printing it on a piece of paper or by entering the text key on a USB key. Whenever you need to transfer your Bitcoin, you can simply scan the QR code to manually enter the private key of your wallet. You can see how the app is flashing your current balance, which can then be used to transfer money to the address of your desired wallet.
5. Always keep a backup of your data: The Bitcoin Wallet app has a feature to store offline data on your device, which will later be needed to track your account and your balance. This data includes your private and public keys and must be stored securely on a USB key, hard drive, optical discs or in the form of a hard copy QR code. You can also protect this information in your cloud account.