General Tips and Recommendations for storing your Bitcoin assets Securely

General Recommendations for Improved Bitcoin Storage and Security.

It needs no telling that there is currently new interest in bitcoins and other cryptocurrencies. With the mother of all cryptos breaking its old ATH to form new ones – and still climbing as of the time of this writing – such new interest is not out of place.

As new investors and speculators are looking at the crypto, though, so are scammers and other unscrupulous elements. That makes it important to discuss the various ways to secure your bitcoins lest they fall into the wrong hands.

Know Your Wallets:

Bitcoin wallets are where you store your bitcoins.

When choosing wallets, ensure that:

●  You know the difference between hot and cold wallets, and which one works best for you.

●  You are choosing wallets from trusted providers only.

●  You are downloading your hot wallets from trusted sources and platforms only.

●  You have vetted the hot wallets to be sure they are not clones of other popular wallets

●   You do not store all of your bitcoins in one wallet.

For those who use browser wallet extensions, make sure you get the wallet right. The story of Eric Savics tells you everything you need to know on why that is important.

Stay Guarded:

If possible, don’t tell people that you own bitcoins at all. That way, those who know you won’t be able to use your personal information to hack you.

Even if you have to tell people that you have some, don’t tell them where it is stored. Should they ask you for storage options, suggest a few to them so that they don’t get where your bitcoins are.

Password Security:

Bitcoins, once sent, may never be recovered. That tells you why you need strong passwords around your wallets and exchange accounts.

Where possible, use online password generators to get the most robust passwords for your account. There is a high chance that you can’t remember those passwords offhand, so go with a password manager in such cases. That way, you can have secure passwords that you never have to write down and risk someone else finding them.

Passphrase Security:

Every wallet has a recovery phrase/ seed phrase which you can use to import/ export your bitcoins. Without your password, an experienced user can use this phrase to steal all of your bitcoins.

It is so sensitive that we never recommend storing them online. Otherwise, a hack of your online account where the phrase is stored could be used to breach your bitcoin account also.

Write down the passphrase on a piece of paper. Store that paper away in a cool, dry place that only you can access. If possible, make the passphrase so inconspicuous that anyone who stumbles upon it doesn’t know what it is.