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Wednesday, April 4, 2018

Prevent Your Bitcoin From Being Hacked or Stolen

As bitcoin and other cryptocurrency continues to increase in value, there is no evidence to suggest that cybercriminals of cryptocurrency will not follow the trend. So you need to know how to prevent your bitcoin and other cryptocurrency from being hacked or stolen, for they are indeed valuable. In this post, I outline three ways by which your bitcoin can be stolen and what you can do about it. Note though that, any stolen or hacked bitcoin cannot be recovered. So how do you protect yourself? Read on.

  1. Your Bitcoin Wallet Provider
    Your bitcoin wallet provider is the number one determinant of your bitcoin safety. Why, because they are the ones with your bitcoin. So do not be quick to choosing one just because they offer you lower transaction fees. Rather choose them because they are reliable, provide a 2 factor authentication option, have withstand the test of time and most importantly have a physical address and which business is registered in the country at which they operate it.
  2. Your Exchangers
    You need bitcoin exchanger in order for you to be able to acquire and sell bitcoin. So apart from your bitcoin wallet provider, bitcoin exchangers can also have access to your bitcoins for you will have to send your bitcoin to them first before they can help exchange it to your country's fiat currency.
    Thus choose your bitcoin exchanger carefully, and verify that they are not scammer. So do not be overly concerned about the percentage they charge for each exchange, remember, it is mostly scammers that makes offers that are too good to be true.
  3. Protect Yourself
    As important as choosing a creditable bitcoin wallet and exchanger provider is also your ability to protect yourself. What exactly are you protecting? You are protecting your bitcoin private key, or in other words, your bitcoin wallet and exchanger login credentials.
    It is important to realize that most people who have their bitcoin stolen or hacked is not as a result of the incompetence of their wallet provider but because the user itself which phished.
    A good way to protect yourself from phishers is to ensure that you are truly accessing your bitcoin wallet with the official website or mobile app from your wallet provider. Else, you risk revealing your bitcoin private key or login credential to hackers.
    Another way to protect yourself is to keep your devices free from virus and malware. Those programs (virus and malware) can cause havoc when they find their way into your device.
So be smart, and be security conscious.

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