Storing your Bitcoin is a big deal. The last thing you want is to lose access to your funds, so it’s important to protect them. You can store your Bitcoin on an online wallet, or in a physical device as a cold storage solution.
Storing your cryptocurrency online is not that easy rather it is a challenge for newbies. If you’re asking yourself how to securely store your bitcoins then surely you’ve probably read about what happens if your bitcoin wallet gets hacked, or if someone steals your laptop and finds out about your private keys.
This blog will explain how to safely store your Bitcoin and also explain how using these sites makes you eligible for discounts on your first purchase if you pay with Visa or Mastercard (so make sure to get those cards if you want Bitcoin).
Keeping your Bitcoins safe is paramount to your success in the cryptocurrency market. As a result of the current volatility in Bitcoin’s price, there is no shortage of hacks and thefts at the hands of hackers, which results in losing thousands (and sometimes millions) of dollars worth of bitcoins.
Are you looking to buy and safe your bitcoin? If so, then you need to know how to safely store your Bitcoins.
There are two major exchanges where you can buy and sell Bitcoin: Coinbase.com and BitPay.com. Both websites have the same purpose to keep your cryptocurrency safe online in an attempt to prevent it from being stolen or lost.
Read the following guidelines carefully before storing your Bitcoin in an online wallet :
- Get a reputable wallet
- Don’t use too many different wallets
- Don’t keep large amounts of Bitcoin for long periods of time
- make sure that the platform you use offers enough security and privacy features
- it’s is important that nobody else has access to it unless they’ve been granted permission (or force!). Some platforms require two-factor authentication before allowing users to send money through the service.
- Avoid using an exchange or broker account that charges high fees or commissions
- Avoid using an exchange or broker account that doesn’t support the correct currencies
- Not keeping track of your keys
- Don’t mix coins from multiple sources
- Never store all your bitcoins in one place
- Don’t keep your computer on all the time
- Don’t use a paper wallet if you can avoid it
- Don’t keep more bitcoin than you can afford to lose
- Not having backups can be deterrent in future
- Avoid using Bitcoin addresses that are too long
- Don’t use other person’s computer to access your data
In the end it is upto you, how you wanna keep your cryptocurrency if you don’t want to lose it. Keep the pointers above to make sure you don’t do any of the silly mistake and lose all your data.