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Friday, 2 March 2018

Easy Steps to Secure and Protect Your Bitcoin from thieves and Hackers

How to protect your bitcoin

It is good to protect your bitcoin and other CryptoCurrencies from thieves and hackers.

This is because cryptocurrency is not like other assets, and Bitcoin and other cryptocurrencies are surprisingly easy to steal. They're also not always easy to protect.


The coin are your investments and keeping them safe is your responsibility. Here are steps you should take to keep your bitcoin safe.

STEP 1 : Secure Your Devices 


In as much it concerns financial transaction, ensuring that your money remains safe and secure has to be a top priority for both you and those with whom you trade. And as with so many other types of online dealings, cryptocurrency security isn't always something you can control.


"The security risk for any cryptocurrency is with the Bitcoin wallet and how secure the owner keeps it and any systems they use to make transactions," said Joseph Carson, chief security scientist at Thycotic, an information-security firm based in Washington, D.C. "When using cryptocurrencies, you need to make sure you take extra security to protect your wallet, keep it secret, add multifactor authentication and use encryption ."

That means you need to take the same precautions with cryptocurrencies as you would use to protect other personal assets, such as your Social Security number , bank accounts and credit cards.

STEP 2: protect your Private Keys

To avoid your bitcoin from being stolen, you must protect your private keys. You need your private keys to spend your bitcoins, so if someone gains access to your private keys, they can and will spend your bitcoins, and your bitcoins will be lost to you.


"I would consider the same standards of safeguards for a Bitcoin wallet as I would for a mobile banking app," said Jared Nishikawa, director of immersive programs at SecureSet, a Denver-based cybersecurity academy. " Strong passwords , two-factor authentication, unlock code for the phone ... It is rare to hear about wallets being compromised if the private keys are not stored online somewhere."

STEP 3: Trusted Crypto Exchangers

There are two different types of cryptocurrency exchanges. But we're going to talk about A centralized exchanges.

Using a centralized exchange means that you trust the exchange with your cryptocurrency funds and your private keys, and you trade with the exchange for what basically amounts to IOUs. You allow the exchange to manage the security of your funds on your behalf.

In Conclusion therefore, remember that once a CryptoCurrency is stolen, it's almost gone. Hence, it's an individual responsibility to keep his private keys safe and protected from others. 


Therefore, consumers and business personnel using and investing in cryptocurrency need to ensure that they can adequately protect and secure private keys and establish the integrity of any exchange involved in their transactions.

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