2 Mar 2019

Bitcoin is going through similar growth steps that cash, checks, credit, and retail cards had gone through when they first started. People are often scared of new technology and don’t feel safe. Here are some pointers on how you can keep your Bitcoin stash safer than the money in your bank account.

 

Someone got mugged for their cash – cash is dangerous…Someone washed a check and took money out of my account – tests are dangerous….Someone stole my credit card information – credit cards are hazardous…Someone hacked my Bitcoin account – Bitcoins are risky …and the cycle continues.

 

All types of monetary payment systems come with risks and can be dangerous. Many financial services and institutions have safety measures in place to help protect their customers. These services come in the form of fees. Bitcoin, like cash in hand, is susceptible to theft. Bitcoin can be stolen via hacking. This is a complicated process, and with simple built-in security measure in most Bitcoin wallets your money is as secure as your bank account and more secure than your credit card, all while costing you nothing.

 

There is no Bitcoin fraud because of the blockchain verification process, which takes place for free. That is what makes Bitcoin run, its verification via the blockchain. The same Bitcoin price cannot be spent twice and nobody, but you, can spend your Bitcoins.

 

So we don’t have to worry about fraud by someone spending your Bitcoins. So what are some of the best ways to protect them?

 

There are numerous ways to secure your Bitcoin. The first thing you should do is create a ridiculously complex password for your wallet, then back up the file on some external media; this could be as simple as emailing the .dat file to yourself or copying the data to a thumb drive. Feel free to take that and put it in your vault with your gold.

 

You can also print out a paper wallet and store your Bitcoin fortune in your vault next to your gold.

 

Memorize your private keys and put them in your memory vault next to images of your gold! By merely remembering your Bitcoin address and passphrase you can send Bitcoin on any computer with an Internet connection.

 

Finally, you can use a reputable Internet-based wallet, like CoinBase, to keep your stash in the cloud.

 

Whichever options you choose, the security of your fortune is in your hands, so be prudent!



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