There is more chance to recover your funds if it’s fiat money compared to Bitcoin, due to its decentralized nature. That’s the main issue. But this shouldn’t stop you from taking advantage of the booming industry and make massive returns. There are ways to keep your Bitcoin wallet (which serves as your bank account) safe from hackers. We are outlining them here for you.
Select a trusted e-wallet
The road to ensuring that your Bitcoin is safe begins with the type of e-wallet you choose. That’s one of the most important things to do when it comes to the security of your Bitcoin. Get a trusted Bitcoin wallet from a company that has a reputation to protect. The company should also have millions of customers worldwide, which shows they are massive and in business for a long time.
Two-factor authentication is necessary
Most safe Bitcoin wallets offer 2-factor authentication (2FA), which adds an extra layer of security for your funds. It makes it harder for a hacker to have access to your wallet because they would need to get verified twice. Typically, it will ask for your 2FA code once you try to access the account. So even if the hacker succeeds in getting your wallet detail, they will get stuck at the second verification stage.
Encrypt your Bitcoin wallet
Enabling 2FA is good, but you can even o a step further by encrypting your Bitcoin wallet. With this option, you can set the password to freeze your coins whenever someone tries to access your account. Since the hacker doesn’t know the password, your Bitcoin account will be safe.
Protect your device with strong security
Wi-Fi is one of the weakest links to security breaches. If you are going to access your Bitcoin account via Wi-Fi, make sure you log in through a secure VPN connection. That way, your details will be encrypted and any hacker will not have the chance to steal them. Also, get the latest update for your device, including anti-virus software. Hackers can explore the vulnerability of a device using a slight window of opportunity. So, you have to make sure you don’t give them that opportunity.
Do not overly publicize your Bitcoin Investments
It can be fun to chat with other crypto fans about the development of the Bitcoin industry. But it can be risky too. Not everyone has good intentions. So the fewer people that know about your Bitcoin investment the better for your wallet’s safety.
Final Words
Overall, remember that it’s very difficult to gain back your crypto when it’s stolen or hacked. With a bank, you can blame the bank and have your funds reimbursed. But since you alone control the keys to your Bitcoin, there is no chance of recovery when it is stolen. So, it’s in your interest to do all you can to protect your Bitcoin investments.
