There has been a string of large-scale cryptocurrency hacks over the last few months, so now more than ever, you need to prioritize the security of your bitcoins. If you don’t know how to start, here are some points to consider.
Back up your wallet.
When it comes to backing up your bitcoin wallet as well as your private keys, storage devices like a flash drive or external hard drive are your best bet. These items are not connected to the web, so the information stored on them can’t be hacked via the internet. This considerably lessens the risk of getting your bitcoins stolen.
As an added precaution, have a backup for your backup in case one of them fails. It’s also important that you back your wallet up on a regular basis to ensure that you save any and all changes.
Encryption is key.
Encrypt your devices so that your bitcoins remain inaccessible in the event that thieves physically get their hands on your backups. If you own a PC, you can use Windows’ built-in encryption feature called BitLocker which is included starting from Vista. If you own a Mac, you can simply right click on the device and select “Encrypt [Insert device name here]” from the dropdown.
Utilize Virtual Private Network (VPN) software.
If you are a bitcoin enthusiast, a VPN is an ideal tool to have in your security arsenal. By design, VPNs encrypt your data traffic whenever you’re online. With a VPN, you are essentially invisible to hackers who may be attempting to spy on users on the same network. Not only does this add a deeper level of encryption and security to your bitcoin transactions, it also enables you to trade anonymously.
Store only small amounts of bitcoin.
You need to treat your Bitcoin wallet the same way you would treat an actual wallet with money in it. You don’t put thousands of dollars worth of cash in your wallet, and that’s how it should also be with bitcoin. Keep only enough bitcoins in your wallet for everyday trading, and store a majority of them in a safer location.
Enable two-factor authentication.
Two-factor authentication (2FA) means adding another layer of security to an account, so that instead of just requesting a password (first factor), the system requires you to input a second factor that only you should have. If you are trading bitcoin using your smartphone, this could be your fingerprint or a one-time PIN.
An excellent 2FA app for smartphones is Authy, which is available for both Android and iOS. What’s great about Authy is that it’s free, secure, and easy to set up.
Hotspot Shield VPN – Your Bitcoin security partner.
Do you want your Bitcoin wallet and all other Bitcoin transactions to be protected at all times? Then our VPN is for you. Hotspot Shied VPN is a free yet high-quality software designed to keep your device and all the information on it safe from hacking by encrypting your data traffic. It makes you invisible on the web and prevents cybercriminals from accessing your information and stealing your valuable Bitcoin.
Secure your Bitcoin. Visit our website and download Hotspot Shield VPN today. It’s available for free on Windows, Mac OS, Android and iOS. For the latest in the world of cryptocurrency, feel free to check out our blog.