A Friend of mine recently bought his First Bitcoin and asked for some tips on how to keep it safe... Thought I'd share them here as well!

Here are a few things you can do to keep your Bitcoin safe:

#1 Use Hardware Wallet: Hardware Wallets are considered one the safest solution to store your bitcoin. Your private Keys stay offline so chances of a hacker stealing your bitcoin are relatively low.

Wallets like Trezor and Ledger are two of the most popular wallets currently in the market.

#2 Never Store your Bitcoin on Exchanges: Most of the major Bitcoin hacks have always taken place at an exchange. Such platforms are always the high target for cybercriminals thus storing your bitcoin/crypto there is not a good idea.

Always withdraw your assets once the trade is made and store them in your personal wallet(s).

#3 Use separate wallets for daily use and savings: It is always wise to keep your daily use bitcoin and savings in separate wallets.

If you are using bitcoin for daily transaction your wallet will spend a much higher time online, which increases its risk of getting hacked. Only keep a small amount in such wallets.

Keeping your extra bitcoin separate protects it at such events.

#4 Keep Backup: If anything to your device or wallet, the only to recover your funds is through a backup so make sure you have one.

#5 Store your Private Keys/Wallet Seed Offline and Never Share them: Make sure that your private keys are securely stored offline. This is the most secure way to protect your wallet from hackers.

The same goes for your Wallet Seed. Never store your wallet seed online, in case of a cyber-attack you risk exposing your seed to the hacker if they are stored online.

#6 Never click links or send your bitcoin to unsolicited schemes: If the recent Twitter hack has taught us anything its that we should never send bitcoin to 'quick-rich' or similar sensational schemes no matter the source.

Always verify the source and get more information before sending your bitcoin.

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Source: Bitcoin & Security: How to keep your BTC Secure

Submitted August 20, 2020 at 08:30PM by primalfabric https://ift.tt/2EhZgnV