How To Protect Your Bitcoin Investments Online – The Beginners Guide 2018

Everyone knows that being online means that you are always at risk of having your personal information stolen and tampered with. So, it should come as no surprise that this is especially true when it comes to dealing with bitcoins because the whole crypto currency is online. When you have bitcoins, it is completely up to you to protect that investment as well as your own financial and personal privacy, and sometimes that can be hard. In order to help you out with that, here are a few steps that you should take in order to protect yourself in the world of bitcoin.

Never reuse the same address

Every wallet has a different address for every single transaction, and if you are by any chance using one that doesn’t do that, then you definitely need to find one that does. Since every single transaction that is made using bitcoins is public, that means that any reuse of the same address will make it super easy for other people to group your transactions together and see which payments are connected to your identity. In order to keep your privacy, make sure that you have a different address for each transaction.

Privacy is key

Every time you have a need to request blockchain data from your wallet, the server will be able to see your IP address and simply connect it to the address data that you requested. If your privacy is important to you, which is should be, then you need to be aware of the fact that every wallet is different and you should always go for one that downloads the whole blockchain. This will require you to do some extra research, but it will definitely be worth it in the long run since it means that your privacy will be more secure.

Different wallets for different sums

This is something that a lot of people don’t really think about, but keeping all of your bitcoin in one place really isn’t a good idea, since that isn’t something that you would do with money either. So you don’t just walk around with all of your money, you should split it between different wallets that are made for certain things. For example, if you want to have a sort of savings account for your butcoins, then what you need is a paper wallet or a hardware wallet, and then you can simply use a mobile or online wallet as your day to day spending wallet. This is a great way to save money and to also protect your money, which should always be important for you since you are dealing with a crypto currency.

With so many hackers out there trying to get into any nock and cranny of the internet, doing the best that you can in order to protect yourself is a must. Follow these steps and make sure that your account is safe, and always take into consideration that you can never have too much protection online.

By | 2018-03-23T01:05:07+00:00 March 24th, 2018|Blog|0 Comments
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