Bitcoins, is a type of cryptocurrency that is controlled by a decentralized network of users. Like various other traditional currencies, it has value relative to other currencies and physical goods. Bitcoins makes money to move across the internet very easily, but that ease comes with various risks.
There are various ways through which someone can take your money, track your spending, or might violate your privacy. However, there are some of the measures you can take to safeguard your digital currency so that no one can excess hier transactions and trouble you. Here are some of the tips that will help you to protect your currency.
- Keep separate wallets
The wallet for bitcoin spending also contains all of your bitcoins, it might be in danger to different types of attacks. There may be a number of addresses for bitcoins wallets one person might have. That’s why you should have different address for spending money, for savings etc.
- Don’t keep your savings in a web wallet
There are various cases of web wallets being hacked and later on emptied. As web wallets are convenient but they should only be used for checking your current account. You just need to keep one thing in mind that if you keep small amounts in your wallet and if it gets hacked then your loss will be limited.
- Protect your privacy
The first thing that you always need to keep in your mind is that you must not share your keys of wallet to anyone. If there are frequent transactions of spending and saving, than it will ibe an indication which hackers can see the address of your savings wallet. The best way to to transfer funds is use of a mixing service.
- Cold Storage
To safeguard the key if you keep it in system, you’re still at a risk. Bitcoins wallet applications saves your data in various predictable location, thus they are particularly at risk of to Trojan horse attacks. The best way to avoid such attacks is having the private key saved offline that can offer extra protection.