The general public didn’t believe bitcoin because the government or banks didn’t back it. Bitcoin proved its ability and potential to modernize the way of carrying out businesses and trade even to international countries. Bitcoin payments that are once initiated get completed in minutes, and also, there were no transaction fees charged by the users. It eliminates banks or the government’s requirement to verify or authenticate the bitcoin transactions, and this feature describes bitcoin as a decentralized currency.
Along with some ultimate advantages, there are some weaknesses as well in bitcoin. The main weakness is security. Bitcoin provides a responsibility to bitcoin users to manage and safeguard their funds without being dependent on banks or the government. If a hacker attacks your private keys and gets access to them, you will lose all your bitcoins in seconds. Your funds will be lost, and no government or intermediary can help or reimburse you for your loss. You can recover your losses by trading bitcoin through Bitcoin Union and earn massive gains in this digital world.
Even after more than a decade of bitcoin invention, still people never make bitcoin investments because of the lack of security. Security is the utmost priority of bitcoin users. If you are an individual or a business owner using bitcoin or accepting bitcoin payments, certain security tips can help you keep your bitcoins secure.
Security Tips to safeguard your wallets:
Avoid using web/online wallets.
Web/online wallets are magnets for hackers, and it is highly recommended to avoid using web wallets to store your bitcoins. The web wallets use third-parties to generate private keys, and if you didn’t connect rightly to the internet, third-party might get access to your private keys, and you must lose all your funds.
If still, you are using a web wallet, you must use encrypt your wallet and make sure to connect to the internet properly. It is suggested to avoid using web wallets as these are required to be first connected to the internet, which makes these wallets highly vulnerable to hackers.
Create a backup of the wallet
There might be some cyber attack on your computer which steals or destroys your private keys, which may restrict you from using your bitcoin wallet. In order to access your bitcoins, even if your computer is destroyed or lost, you must create a backup of your bitcoin wallet. It is advised to create multiple backups and store them at different secured locations. Creating a backup of the wallet is a sensible precaution that will help you in the long run.
Creating backup completely depends on the type of wallet you use. In some specific wallets, the users are required to create a backup after every transaction or every 10 or 100 transactions to keep the backup updated.
Consider using a hardware wallet.
A hardware wallet is in the form of a hardware device like a USB that stores the private keys of your bitcoin wallet and can be operated by connecting it to your computer. Hardware wallets are considered safe to use because these private store keys offline, making them immune to cyber attacks. Still, there are higher chances that malware or ransomware attacks may happen and may hack your private keys stored in a hardware wallet.
Private keys of the bitcoin wallet can be secured by keeping your software up-to-date and ensuring the use of the latest version of anti-virus software. By using these security methods, you can keep your private keys secure.
The very imperative and one of the best security methods is two-factor authentication. In two-factor authentication, the user is required to verify two-steps which means this authentication type provides two factors to ensure the safety of private keys as well as bitcoins. Two-factor authentication is used to safeguard the credentials and resources of bitcoin wallet users.
Never use an insecure internet network.
Wi-Fis are magnetic appeal to hackers, and you must avoid using public Wi-Fi or any other insecure internet network to access your wallet. Public Wi-Fis compromise the security of bitcoin wallets, and therefore, it is advised to use the only VPN to safeguard your wallet and bitcoins.