Bitcoin is a digital channel that allows money exchange in a much more effective and faster way than the traditional form of banking entities.
Reality is that there are many benefits and good uses from this digital currency, its decentralized offer, ease of use and economy of its transactions, in addition to the security of the transactions for its network make those who invest in it feel comfortable.
However, despite all the security of its platform, investors could be victims of hackers due to the lack of knowledge on how to take care of Bitcoin and its safe storage, which is why it is important not to ignore any detail for the protection of your virtual wallet.
Protect your virtual wallet
Bitcoin enables transferring money anywhere easily, besides, it also uses a decentralized technology that lets you have total control of that transference. However, the security of your funds depends solely on you, which is why it is important to have high levels of security so that transactions are effective. Choose a certified wallet that has all the high levels of security.
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Manage your own passwords
Don’t forget to manage your access, be careful and analyse well the services and reputation of the online services that exchange houses, wallets and betting centres offer. In this way, you avoid being a victim of phishing, a method used by cybercriminals to scam and get personal information, such as passwords, credit card data or bank account numbers. This is the most frequent way of doing this kind of scams, by sending fraudulent emails or redirecting to fake websites.
You private password is unique and PRIVATE, it is important to keep in mind that you shouldn’t share this password with anybody because anyone with access to it could make use of your funds.
Encode your private passwords
Use safe passwords generators, which will create automatic private keys through the programs of the wallet, avoiding replicated passwords and once they are created, they are stored in your device, in some internal database or private file. On the contrary, if the wallet that you use gives use the option to choose your own password, you must choose a complex test, with many alphanumeric characters, including the least used ones. This is in order to avoid that somebody finds out the password that you chose.
Always update your software
Verify that your computer or smartphone in which you have your wallet is always updated. In this way, your operating system will be free of infected programs, corrupt apps or malicious extensions that you don’t know.
Use double authentication
If you have deposited your Bitcoins in some website it is recommended to use a second level of security. Double authentication allows the system to you identify you when logging in to the web service of your wallet.
With the second authentication it will be avoided that someone logs in your account if they get your password because they will need a second unique password generated in that moment through an external channel. The website blockchain.info lets you do it through SMS, Yubikey, Google Authenticator or email.
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Use multi sign addresses
Bitcoin has a second type of addresses called multi sign addresses, which function is to protect your account with three private passwords. Several passwords are needed to sign a transaction so that it is processed (nodes validation and Blockchain inclusion).
Keep them out of network
You can store your personal passwords in a place disconnected to the internet and there are three ways of storing them: with paper wallets, you can print the password in one or more pieces of paper and keep them in safe places; brain wallets, you can memorize your personal password, you can use mnemonic passwords used in HD-type or green wallets; and hardware, devices that keep your passwords there and never go to any other device.
Will and robbery
There’s something that shouldn’t go unnoticed and it’s that you need to create your will, it’s something that needs to be taken into consideration. This extreme security of your accounts can also be dangerous if you don’t have a second plan. You can create a password copying configuration inherited in case of death.
If you’re a victim of Bitcoin robbery, remember that it is completely irreversible, it’s impossible to call a central entity to cancel the transaction and return the money. However, since it’s a pseudonym and transparent platform, it is possible to know the origin of the transaction and some international organisms of logical security have tracked cybercriminals through specialized tools in Blockchain analysis.
The advances aim to make money stored not only with guns and security members but also through maths and computing programs. What it’s needed is to stay always informed regarding the storage measures of the cryptocurrency through Bitcoin’s website and all the prestigious institutions related to it.