Did you know that you need to store your bitcoin securely? If not, you have some learning to do.
Cryptocurrencies such as Bitcoin can be great investments, but it’s important to protect them. In 2021, scammers took $14 billion in cryptocurrency, so you need to understand how to store any bitcoin that you have if you don’t want your cryptocurrency to get stolen.
In this bitcoin storage guide, we’ll tell you 3 important things that you should know about how to store bitcoin.
Table of Contents
1. Start With a Bitcoin Wallet
To store bitcoin properly, you need to make sure that you understand the different types of storage options that you can choose from.
It’s best to store your bitcoin in a cold wallet rather than storing it in a hot wallet or allowing a crypto exchange to store it for you. A cold wallet is also known as a hardware wallet and offers the highest level of security since your bitcoin will be held offline instead of online. This can limit access to hackers and will prevent anyone but you from accessing it.
While it will cost you at least $50 to get a great hardware wallet, it can be well worth it if you want to keep your investment protected. When you store your currency digitally, it’s not as secure and could potentially be stolen.
Many crypto investors choose to leave a higher amount of bitcoin in a cold wallet while storing a smaller amount in a hot wallet. Keep in mind that when buying large amounts of bitcoin, you may also want to use a bitcoin OTC trading desk.
2. Use Passwords Wisely
The first step to storing bitcoin effectively is to make sure that you’re being smart about password recovery phrase usage.
When choosing passwords for crypto accounts, make sure that they are over 16 characters in length and use a combination of letters, numbers, and punctuation. Then, make sure that nobody knows your password but you. Keep your password secure so that no one can find it.
On the other hand, make sure that your password is in a secure place offline where you’ll never lose it and can find it if needed. If your password is lost you may not be able to recover your currency.
In addition to this, make sure that you use two-factor authentication for any cryptocurrency accounts that you have. This will help ensure that nobody can gain access but you.
3. Secure Your Devices
When you buy bitcoin, you need to be absolutely sure that your devices are secure. In addition to using strong passwords, you should make sure that you always use a secure internet connection and never connect to a public network when you’re accessing a crypto wallet.
In addition to this, make sure that you use anti-virus software and always keep your system updated to avoid security vulnerabilities. Also, be aware of phishing scams and don’t give personal details to suspicious emails or websites.
Understanding How to Store Bitcoin Safely
If you’re trying to understand how to store bitcoin, start with the tips above. Using a secure hardware wallet, creating strong passwords, and being wary of the information you share will help you keep your bitcoin safe.
Searching for more cryptocurrency tips? Read through our blog now to find more helpful crypto guides.
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