8 Bitcoin Security Tips

Today, with the help of Bitcoin, you can revolutionize the way you do your business. You can make payments with virtual currency anytime in a matter of a few seconds. And you won’t have to pay anything to an intermediary as there will be no card processing involved.

You have your Bitcoins in your own Bitcoin wallet, which will sort of your own bank. But there is a catch. If you lose your wallet key, you will no longer have access to your digital money. Also, if the key lands in wrong hands, your wallet will be empty in seconds. So, for your security, we suggest that you follow the following security tips. Read on.

Use a Reliable Exchange Service

Web wallets are risky as hackers use them to gain unauthorized access to people’s money. If you really have to use one, make sure you use a reliable exchange service. Once the exchange transaction happens, make sure you transfer the coins to your own wallet right away.

Don’t allow open access to your Wallet

According to Joe Steward, you should not allow open access to your Bitcoin wallets. If an employee accesses your wallet and makes a transfer to a wallet they have access to, your money will be gone. To deal with this problem, you can use sub-wallets.

Use Separate Wallets

Often, Bitcoin wallets that are connected to the web all the time are prone to network-oriented attacks. So, it’s a good idea to use offline wallets instead. Actually, what you need to do is keep your digital money in the offline wallets. As soon as you get a big amount of money in your online wallet, make sure you transfer it to your offline wallet as soon as possible.

Store Your Keys Offline

It’s a good idea to store your private keys on an offline computer, which will help you keep hackers and malware at arm’s length. After all, you want to keep the system as secure as possible.

Use a Dedicated Hardware

It’s better if you use a dedicated USB key to transfer data between two computers. Again, it will protect your data from potential viruses and hackers.

Use Linux for added Security

If you are looking for the best way to move data between two computers, you may want to use a USB drive. For this purpose, the most secure system is Linux as it is very good at fighting USB-based threats.

Create Backups

You will lose your Bitcoin or wallet if you end up damaging your computer. So, it’s a good idea to create a backup of your wallet someone else. Ideally, you may want to make several backups and store them in different locations.

Use a Powerful Hardware Wallet

A hardware wallet is a USB key that has an onboard computer that runs a special OS. The hardware keeps the private keys secure.

Long story short, we suggest that you follow these security tips when it comes to handling digital currency, such as Bitcoin.

Source by Shalini M