Keeping Bitcoins and cryptocurrencies safe

Keeping Bitcoins and cryptocurrencies safe: how to secure your computer

Cryptocurrencies and especially Bitcoin are the asset classes of the future and more and more people are recognising their value. But beware. There are many hackers and scammers who want to steal your cryptocurrencies. Find out how to protect yourself and your computer against this in this article.

Effective protection of your Bitcoin (BTC) and Immediate Edge other cryptocurrencies must involve several layers. These include your computer, your crypto wallet and your wallet.

Bitcoin Protection Level 1: Your Computer

Practice proper „computer hygiene“. Use at least one recognised as well as good antivirus program and make sure it is always up to date. If necessary, you can also choose a programme that offers additional protection against ransomware or keyloggers.

It is also important that you do not open any e-mails from unknown senders and do not click on any attachments in them, as a lot of malware is installed this way. Also, if possible, do not download any software, browser extensions, etc. from unknown or dubious websites, because you do not know what else these programmes (covertly) may be doing.

Bitcoin protection level 2: Your crypto exchange

Use all the security measures offered by your crypto exchange, such as two-factor authentication. This will make it difficult for potential hackers.

Don’t hold too much money or bitcoin or cryptocurrencies on the exchange. A rule of thumb is an amount worth a week’s income. If you store more there, you should store these cryptocurrencies in the vault offered by the crypto exchange.

If you send cryptocurrencies, check the receiving address several times and do not send cryptocurrencies to unknown addresses.

Bitcoin protection level 3: Your wallet

It is best to use a hardware wallet to store your Bitcoin or cryptocurrencies. Such a wallet is the safest choice by today’s standards and is almost impossible to crack. Well-known and good providers of wallets are Ledger and Trezor.

Transfer your Bitcoin to the wallet after the purchase (so-called „cold storage“). Store the PIN of the wallet securely outside your computer, as well as your „recovery phrase“. This phrase usually consists of 24 words that you receive when you set up the wallet.

It is best not to store the PIN and the phrase digitally, but to write them down securely (for example by carving them into a steel plate) and store them in a secret place. But don’t forget to leave a note that relatives can use to find your note if the worst happens. Otherwise you will create a kind of modern „pirate’s treasure“, which is certainly not wanted.