Bitcoin has been rising up in price since 2010, if you are a Bitcoin Hodler you need to follow some precautions to keep your assets safe and secure. Bitcoin is powerful since it works on Blockchain. As long as we don’t invent a super computer that can produce 2.7 Quadrillion hashes calculated to generate a BTC.
You can also contribute to Bitcoin’s overall strength and security but if you are not careful enough about the proper storage of BTC funds, your Bitcoins can become someone else’s.
Only with adequate safety precautions you can truly become your own bank and here’s how you can keep your BTC wallet safe.
Follow Online Safety Tips Continuously
Bitcoins are protected by SHA-256 hash algorithm but relying only on that doesn’t mean that they can’t get stolen. It all depends on how you store your Bitcoins. Just like your Social Media accounts, Bank Accounts, PC, WiFi etc your BTC wallets are also prone to hacking and hijacking attempts.
Hackers, Scammers and other cybercriminals try different methods to convince you to give up your Bitcoins. Sometimes they might pose as someone whom you trust like an Exchange or any person whom you might know.
Then they will try to convince you to share your BTC funds by making you download some so-called genuine applications or else they will just pick up your email id, phone number and other pieces of information from the internet and they will try their best to login to your account by bypassing some security flaw.
You must be aware of these kind of tricks which are used by hackers to gain access for your account. You should follow these steps to keep your account safe
- Create a strong and unique password. This is perhaps the most important step which you should follow. You can use iCloud Keychain Password Manager to generate a strong password if you are using an Apple Device or use a trusted password manager to protect your account.
- Do NOT share your passwords, Do NOT share your OTP’s and never save them in any email accounts.
- Always check the URL where you are entering your login details.
- Avoid using the same password on multiple sites.
- Never reply to a person on Telegram Group who DM’s you first and starts to share investment strategies. Block them.
- Keep your Private Key and Seed Phrase safe in a bank locker or somewhere in an encrypted place.
- Use 2-factor authentication (2FA).
Backup Your Private Keys and Seed Phrase
You must always remember to encrypt your Bitcoin wallet and create a backup of Seed/recovery phrase for your wallet and store it in a safe place. Don’t loose it or else you will lose access of your account. Never write it down on any paper and let it go away. Store it in a safe if possible.
Also, it’s important to note that a single storage point is bad for security. Consider using different storage options like USB Keys, papers and CD’s.
However, if you are using a Centralised Exchange, you need not worry about more complex steps just make a unique password and enable 2FA.
How to Buy Bitcoins (BTC) With INR in India?
Step 1: Account Creation
- Download the WazirX app or visit the website. Then hit the Sign Up button
- Fill in your email address (one that you use frequently), and your desired password
- Click on the Terms of Service checkbox, but go through it once before checking
- Then press the Sign Up button
- You will be sent a verification email after hitting the sign-up button. If you have received it, click on Verify Email to complete the process.. If you haven’t, check your spam folder. Or hit Resend Here.
Complete your KYC and then you will be able to trade and buy BTC and other crypto.