Taking steps to protect and secure your Bitcoin digital wallet is a very important step for any users of Bitcoin to understand fully in order to make sure that their investment in the new digital currency is completely safe. There are a number of serious problems that can arise related to cyber security if you do not take the proper steps to protect your Bitcoins in your digital wallet, and this article is going to go through some of the industry best practices for making sure that nobody can ever gain unauthorized access to the money you have in your digital wallet.
Setting A Secure Private Password
Your private password is the security key that is required every time you want to send any amount of Bitcoin out of your digital wallet. It is very important that you set up a private key that is very secure including numbers, letters, and symbols so that nobody else can ever gain access to your digital wallet, and it is even more important that you never forget or lose your private key otherwise the possibility exists that you could get locked out of your own digital wallet and not be able to access your own money.
Do Not Post Your Bitcoin Address Publicly
It is never a good idea to post your Bitcoin address at any publicly readable and searchable location on the internet, and especially not to post your Bitcoin address with any sensitive personal information such as your real name or location. This is a bad idea even if you are trying to accept donations because the public ledger known as the block chain holds the addresses for every Bitcoin transaction, and therefore if your Bitcoin address is publicly known than any of your transactions can be traced back to you directly.
Store Your Wallet Outside Your Computer
There are a number of options that are available to Bitcoin investors where you can store the contents of your digital wallet outside of a computer that is connected to the internet, thereby eliminating the risk that a computer hacker could gain access to your Bitcoins using your internet connection. You can keep your Bitcoins stored in cold storage, which means that it is stored on a computer or flash drive that is not connected to the internet, or you can create a paper wallet which will print out a digital code that gives you access to your particular Bitcoin digital wallet address. By following the industry standard safety measures for protecting your digital wallet you can be sure that your investment is secure.
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