4 Ways to Keep Your Bitcoin Safe

Investing in Bitcoin is one of the most popular forms of investments and most people prefer to invest in Bitcoin these days. There are plenty of reasons behind that. One remarkable reason is the crypotcurrency has a good return value and if invested wisely, it can give you great benefits.

However, there are some safety concerns related to Bitcoin and most people often search for ways on how to keep Bitcoin safe. Whilst there are many frauds going around when it comes to Bitcoin, you should make sure that your Bitcoins are safe and intact.

Here are a few ways you can keep your Bitcoin safe—

• Select a strong password for your Bitcoin – If you are among those who put the same password for all your online purchases, then you should stop doing that. This puts your Bitcoin at risk and you should avoid that. Choose a strong password for your Bitcoin and if you want you can use software which doesn’t allow you to use one password more than once.

• Use the 2- factor authentication – Most online Bitcoin wallets provide the option of a 2 factor authentication process. This means that whenever you log on you are required to authenticate yourself with an additional step other than your password. Most of the time this will be a verification text message sent to your phone. Even though this may feel cumbersome at times, using 2 factor authentications reduces the risk of theft drastically.

• Use a back up Bitcoin wallet –The best thing you can do is use a back up Bitcoin wallets for your Bitcoin. This will help you stay away from the computer failures that you may face during a transaction. It can also allow you to recover your wallet after your mobile or computer was stolen if you keep your wallet encrypted.

• Use cold storage for large amounts of Bitcoin – If your wallet stores a large amount of Bitcoins make sure to keep it in what is known as cold storage. Cold storage means your wallet isn’t present on the web or on any other computer. An example for cold storage could be a paper wallet or a flash drive that has your private key encrypted on it.

These are just a few ways to keep your Bitcoins safe. Follow these tips to make sure you are not losing any Bitcoins for no reason.