It was not so long ago when the word Bitcoin came to attention. At first it was just shrugged off as a tech concept made up by some crazy dude from Japan. Fast forward a few years, Bitcoin managed to transform into one of the hottest commodity you can buy. In fact, countries are beginning to recognize it as currency like the nation of Japan.
If you want to keep yourself safe from attacks and would-be thieves if you own a Bitcoin or two then there are a lot of guidelines you can follow that will help you achieve such a feat.
However, this can be easily be summed up with just a few words which is “be paranoid”. Yes you have read that right, mimicking the symptoms of a paranoid person in order to protect your holdings just might work.
Begin the Journey the right way
This refers to the process of choosing your Bitcoin wallet. If right from the start you get this wrong, your money will surely go down the drain and there is nothing you can do about it. There are two types of strong Bitcoins, the first is you possessing the private keys to your own cryptocurrency wallet while the second is that an exchange company holds it for you.
The second type offers you ease of use if you intend to engage in trading cryptocurrencies, but also poses the most risk since if the company is hacked or downed there is a chance that you might not recover what you have lost.
Apply Basic Online Security Principles
This is the part where you bring out your inner-paranoid. Use strong passwords, and don’t be lazy and recycle passwords. If you can’t remember them write it down on paper only you have access to. Be wary of links that lead to phishing scams. Note that a lot of people still fall for this scheme. And do not announce into the world that you have coins in your pocket meaning do not brag about it too much on social media. This will only make you a visible target.