How do I secure my Bitcoin wallet?
Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money.
What to consider:
- Like in real life, do not keep all your funds in one wallet.
- Choose your online wallet carefully, bearing in mind that a 2-step verification process is a good additional assurance to have.
- Back your wallet up on a regular basis. Encrypting any backup that is exposed to the network is a good security practice.
- Make sure to store your password in a safe place, be it in your mind or in a physical location. Unlike conventional banks, there are very limited options for password recovery in the Bitcoin world.
- Use a strong password that contains letters, numerals, punctuation marks, and is at least 16 characters long.
- An offline wallet (a.k.a. cold storage) involves storing a wallet in a secured place that is not connected to the network. When done properly, it can offer a very good protection against computer vulnerabilities.