Read the article here: Millions of people have joined the world of crypto currencies. Coinbase, one of the biggest crypto currency exchanges, added around 2 million new clients within two months whilst Blockchain, the major electronic wallet, found its client base increase by 1.8 million during the same time frame.
Transactions using the virtual currency are almost instantaneous, no need for card readers or worry over fees. Bitcoins live in your Bitcoin wallet, so you are, in effect, your own bank. If you encrypt your wallet and forget the key, your Bitcoins are gone forever. If a hacker or malware gets access to it, your wallet can be cleaned out in seconds and with no financial authority regulating transactions, there is no compensation. This means security is paramount.
Follow these 10 vital security tips to keep Bitcoins secure:
Secure Your PC
Use only PC’s with up to date antivirus and firewalls for your crypto currency transactions. Never assume your computer’s security is up to date. It takes just one vulnerability to have your computer hacked.
Don't Use Web Wallets
These are hackers magnets and should be avoided whenever possible. If you absolutely must use them during an exchange, transfer the currency them from an exchange-based wallet as quickly as possible after transaction to an encrypted computer wallet that only you control.
Use a versatile Bitcoin client
For privacy purposes, hide your IP address; Use a Bitcoin client that allows you to change IP address with each transaction. Similarly, you can split transactions into different wallets, according to their importance. A common practice is keeping a wallet with a small amount for day-to-day transactions which you can top up as necessary.
Use Dedicated Hardware
Ideally, dedicate one USB key for moving data between online and offline computers, and dedicate your offline computer exclusively to running your offline wallet to minimize exposure to viruses
Consider A Dedicated PC Or Mobile Device And A Secure Network
Consider having a computer or tablet device exclusively for crypto currency activities. This drastically lowers the levels of
vulnerability. Devices that are used for browsing whether for work or pleasure are more likely to become infected with viruses and
ransomware.
Limit the Access to Corporate Bitcoin Wallets
If you run a business and decide to use Bitcoins as payment method, be very careful when giving access to your wallets.
Security is crucial in a corporate environment. Due to the anonymous nature of Bitcoin transactions, it's very hard to trace an attempt to steal your Bitcoins. If someone gains access to your Bitcoin wallet, they can easily transfer funds to another wallet without your knowledge. There is no way of tying the destination wallet to any individual.
Use an “escrow service”
If you're unsure of the identity of a person wishing to make a transaction, use an “escrow service.” This way, the person making
payment sends their Bitcoin to the escrow service and awaits to receive delivery. The seller knows their currency is safe with the escrow service and sends the item. Upon receiving the item, the buyer notifies the escrow service and payment is finalised.
Create a backup of your virtual wallet
Backups must be kept in a secure place. A backup of your crypto currency wallet can save you from hardware failures and human error. It will also let you restore your wallet if ever your device is stolen.
Encrypt your wallet
This is crucial, especially when it is stored online. Using a strong password is essential. There are tools you can use to encrypt files containing sensitive information.
Use a Hardware Wallet
This is effectively a USB key running its own specialist operating system, dedicated solely to running a Bitcoin wallet. Its hardware privately stores the wallet's keys - similarly to the way in which laptop computers' "Trusted Platform Module" (TPM) holds encryption keys. A hardware wallet inserted into an online machine, will sign any Bitcoin transactions using the private keys stored in the hardware. Even if the online computer is infected with malware, Bitcoins can still be securely moved without the malware
accessing private information.
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