How to keep Bitcoin Safe
We frequently overhear people saying, “It is not safe to buy Bitcoin cause there is a huge risk of Bitcoins to be stolen or the Bitcoin account getting hacked.” However, what we fail to understand is that which country’s government or financial institution is providing a layer of protection to your fiat currency earnings? None, to my knowledge. However, we take specific security measures to keep our money (Fiat currency) safe. Then why not apply the same rule to Bitcoin as well?
One of the essential features of Bitcoin is that you cannot undo the transactions. Which means that once you get your hands on the Bitcoin (Of course, not literally), you have nothing to worry about the sender reversing the whole Bitcoin transaction. Nonetheless, this would be the case even if your account gets hacked.
However, what you need to understand is that dealing with a reputable Bitcoin company and learning how to keep your Bitcoin safe from eavesdroppers are two essential things that you make yourself familiar with before anything else. Because it is vital to have your security measures to protect yourself from significant losses.
Now, when it comes to it keeping your Bitcoins safe, there are some necessary personal steps that we will see to minimize the odds of your Bitcoin account getting hacked. They are:
→ Securing your email account
→ Securing all social media networking platforms accounts
→ Using firm, unique, and lengthy passwords for all online accounts
→ Having a two-factor authentication<>
Let’s see in a detailed way:
Keeping your email account safe and secure
If you misplaced your house keys and when someone breaks into your house and steals all valuable stuff then you certainly cannot blame that the house has a weaker security system. You, as a house owner, should have stayed safe.
We every day see that somewhere, someone account gets hacked it means that their email account was compromised due to the weak security system. Once the hackers have your email, they will eventually get their hands on every safe and valuable thing you ever stored, and that includes the recent websites you browsed, latest subscriptions, etc. They can also reset passwords of all those websites easily as the reset password directly comes to your email so it wouldn’t take much time for them to change passwords for every single of those social media and bank accounts. Once they are successfully done changing the passwords, they will completely block you out of your email by changing the email address in your accounts.
Now, how to keep your email safe from eavesdroppers?
1. Strong, lengthy, and unique password
Well, whenever you ask someone what kind of unique combination they use as passwords for their email accounts, I’m sure 90 percent of the people vote for birth dates. Now, why do you think nobody knows the date of your birth? Right from social media platforms to filling out a feedback form in a restaurant, we, ourselves, tell everybody on what day we were born.
If your password isn’t unique and robust as it should be, it can be easily guessed even by a fourth-grade student. Having a unique password is essential but also make sure that your unique password isn’t a password of some other bank or any other social media account. Otherwise, you would be just handing all your essential personal information over to hackers on a golden platter.
2. Keep an eye on your last login activity
Almost every email provider lets you check when and where you accessed your email account and from what device. For example, you access your email account on your smartphone, tablet, and PC then you should be able to see multiple login times, and if you don’t recognize a login time either by device, time, or location, then you should instantly sign out of your email account on all devices.
3. Disable all email auto-forwarding setting
Most of us have a setting where our email automatically forwards certain types of emails to another email. Let’s say, the monthly telephone bill you receive on your email will automatically get forwarded to your spouse’ email so that you both can have a copy.
However, when either of your email accounts gets hacked, the hackers automatically find the other one and of course, that is something which turns worse from bad. So it is suggested to remove or disable any such settings if you have.
4. Check all linked accounts
Just like every coin has two sides, email accounts also used for both good and bad. For example, when you link your old email address to the new one so that you save both your time and also to make sure that you didn’t miss any important email. However, the unseen problem here is that the same what we had seen in the above one. If one of your email accounts gets hacked then the other one also will likely get hacked as there will be abundant of info of your other email is already available.
So check again and remove all linked accounts.
5. A two-factor authentication
Two-Factor authentication is something that requires a second password or two things to access your email account. For example, just like common passwords, you can type the one you already know and the second one could be an OTP (One-time password) that you will receive on your mobile phone. This way you can keep your email account safe and sound from all eavesdroppers’ eyes.
Secure all your social media networking platforms accounts
Some people like to check the news feed of their social media accounts at least ten times a day while others like to do the same thing maybe 20 times a day. In the end, we all love social media. Various social media networking platforms like Facebook and Instagram let you authenticate and log in to many other websites so that you can avoid the whole tiresome activity of typing another password.
However, it is what you need to do actually. It is essential to keep all your social media accounts safe as they contain tonnes of personal information. The very first thing would be to make sure that you have a secure and extremely unique password and most importantly, different passwords for all your social media accounts. Also, if possible, keep a two-factor authentication so that it would be impossible to log in for people other than you.
Now, what should passwords be unique and strong?
As I said earlier, if you keep the same password for your email and other social media accounts, it wouldn’t be too complicated for any hacker to take a good guess. Moreover, by doing this, you are inviting the hacker yourself and providing every bit of personal and essential info about you.
Now, when it comes to having a strong password, just like unique, a secure password helps you keep all your eavesdroppers at bay as the weak passwords aren’t that hard for hackers to hack and gain access to all your online accounts. If your password is nothing but a random set of number and alphabets, then any moderately working hacking software tool would be able to retrieve it.
Try Kaspersky Labs. It has a tool that checks how strong or weak password you have and how longs it takes for a hacker to hack it.
Utilize a password management tool
Of course, with different types of passwords and online platforms, it would be exceedingly difficult to remember all passwords. However, with an excellent password management tool, you easily maintain it. If you are thinking about writing them down on a paper, then let me tell you that it is a horrible thought as it is not a secure solution.
Misplacing such piece of papers would put too much at stake. Instead, try using a password management tool that keeps every piece of information safe and secure.
Protect your private keys
When it comes to safeguarding your Bitcoin holdings, the private key is all you or anybody would need. The private key is the 256-bit number that can unlock your Bitcoin wallet. Every bit and inch of the Bitcoin is tied up in the private key as they are the only way to spend them so if someone, by mistake, gains access to your private keys then consider you just lost all your valuable Bitcoins. Because no private keys then no way to claim your ownership that they are your Bitcoins. So make sure your private key is not compromised.
Also, ensure that your private keys always have an extra layer of security and by all means, you certainly have to safeguard your Bitcoin wallet. A wallet is a combination of one or more private keys along with the software you utilize to communicate with the Bitcoin protocol. Just like mobile banking app, you need to make sure that your Bitcoin wallet is safe and is filled up with multiple layers of security.
Trusting the exchange platforms
Before you start trusting a particular Bitcoin exchange platform, you first need to understand how they work. There are two types of Bitcoin exchange platforms.
Centralized exchange platforms
Centralized exchange platforms are the legitimate ones and you can 100 percent trust the exchange with your Bitcoins and private keys. Also, you can have the exchange manage all your funds and transactions just in case your computer gets hacked. As far as the charges go, they usually charge between 0.1 and o.25 percent of the transaction money.
Decentralized exchange platforms
On the other hand, the decentralized exchange platforms let secure and direct peer-to-peer Bitcoin trading. The exchange platforms take no responsibility even when something worse happens. Many people tend to use these decentralized exchange platforms as they don’t charge any fee but are extremely risky to use.
Getting your lost Bitcoins
Unfortunately, there’s no way to get your Bitcoin once they are stolen from you. No software can undo the completed transaction. So you better might consider keeping your private keys and other necessary info safe before it gets stolen cause once they are hacked, the Bitcoins are almost always immediately spent.
Whether it is individuals or organization, who are actively using and investing in Bitcoins have to make sure that their info along with the private keys is safe and might consider establishing the integrity of the involved exchange platform. After all, the Bitcoin value is set to increase more.