There are many benefits that comes with using bitcoin. It lets you transact online in an anonymous status. It lets you transact faster and safer. It lets you invest your money online. The list just keeps on growing.
But despite being the majority’s new favorite technology, it also has some downsides. One of these downsides is its susceptibility to theft.
This is not something that is new to you. People’s money gets stolen all the time. Money being stolen is too old school. However, since bitcoin is nothing but digital money, then people presume that it can never get stolen.
This makes sense if you look at it in another perspective. If you come to think about it. There is really no way anyone can still bitcoins? How can you steal a computer code?
But the thing is, it is not about how bitcoin was created. The issue lies in the value of bitcoin. When that certain value is stolen, then the damage has already been done. It is going to be difficult to track a theft down when the whole stealing thing happened online.
This said, it is important for you to know how to keep your bitcoins safe from thieves. You cannot hide from hackers and thieves, but you can protect your bitcoin from them. Here is how you do it:
Use Multiple E-wallets
Some people have never experienced having their bitcoins stolen. With that, they have gotten pretty comfortable using only one e-wallet.
You may not be seeing anything fishy as of the moment, but once it comes, there is no way for you to get your money back.
Keeping multiple e-wallets will not prevent thieves from taking interest in your bitcoin, but at the very least, your money will not be stolen all at once.
The worst thing that can ever happen to you is if you kept all of your money in one e-wallet, and it got stolen.
Do Not Put Your Spending Money in a Web Wallet
There different kinds of e-wallet. The most common ones are the web wallet or the hardware wallet.
You need to refrain from using a web wallet because it does not offer the kind of security a hardware wallet has.
Since a web wallet is usually free, then it only has basic security systems. If the site is hacked, then you should not be surprised to see your bitcoin gone once you log in.
The best way to go about it is through a hardware wallet. That way, you have complete grasp of the security of your bitcoin.