Not unlike regular fiat money, Bitcoin can also be lost or stolen. It’s a lot harder for this to happen to a digital currency. There are a lot of extra steps that would need to be taken but it is still possible. It is very important to take some crucial precautions to protect your Bitcoin or you may end up losing an amount that is basically impossible to get back. You cannot go to the police station and report it because unlike regular theft or burglary of tangible products, most law enforcement agencies are not well enough equipped to handle the digital theft of something like cryotocurrency, etc.
Prevention is a lot smarter route to go as opposed to cure. Follow some of the steps below and your cryptocurrency will be a lot safer than most peoples’!.
One of the most common reasons people lose cryptocurrency is through carelessness and being lazy. Bitcoins, like any other cryptocurrency, are kept in what is called a digital wallet. There is both an encryption as well as a password. If you tell yourself that you can remember the password and then end up forgeting it later on, it is then impossible to recover the bitcoins at that point. This has actually happened to many people int he past as well as currently. The sad truth is they will never be able to retrieve their beloved crypto.
The best way to remedy this is to both write down the password and keep it under lock and key. If you end up saving the details to a flash drive, make sure you create a backup and keep that also under lock and key as well. Write down your info on actual, physical paper. There is no substitute for old school when it comes to something like this.
While all these precautions are excellent to protect your crypto from digital theft, you have to remember there are also threats in the really real world as well. There may in fact also be IT type criminals who may find out through one way or another that you are holding crypto and they will steal it given half a chance.
With this being said, it is very important not go around telling every Tom, Dick and Harry how much crypto you have bitcoins and how awesome it is. Anyone who is familiar with these things may be looking for just the chance to relieve you of that hard earned crypto.
It is also very important that your bitcoin wallet is both encrypted and also under lock and key as well. I don’t mean to be a Debbie Downer here but the harsh truth is that friends, relatives and even strangers may try to steal your bitcoins (or altcoins). Remember that the temptation will always be there. So be safe, keep a low profile, and be smart as far as your investments are concerned.
Let’s just be frank for a second here. The internet is not exactly the safest place in the world. If you spend much time on the web, there may be all kinds of malware, key-logger software, etc. on your PC without you even knowing it. This kind of software is able to send a hacker details about your sensitive information like your bitcoins, passwords, credit card details, etc. Anything is possible.
This type of scenario is extremely real and this is not just a case of “it only happens to other people”. It can happen to anybody including yourself. So please, take steps to secure your PC from these types of attacks. Spend the money on a good computer security system.
You may also want to make sure your operating system is clean. If I were you, I would only keep small amounts of bitcoin in my online wallet if I was making transactions or purchases online. In this scenario, even if there is theft of some kind, the amount of coin lost will be very minimal. Better to lose some than all of it.
It is also a wise idea to implement a 2-Factor authentication feature wherever it is available. What this means is that anytime you attempt to log into a website that has to do with crypto you own (like an exchange, wallet or mining platform), you will get something like a text message sent to your phone or other device with a one-time use password. Only after you have keyed in this password, will you be able to gain access to the website or wallet.
These are just some of the ways that you can protect yourself and your Bitcoins from theft and other safety issues. And please remember that this minimal, initial hassle to protect your coins will pay off down the road in the long run.
If you would like a step by step guide of how to create a Plug-N-Play Cryptocurrency portfolio built from Bitcoin, Ethereum, Litecoin and many other quality coins (some of which that pay you just to own them!), click the banner below:
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