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Hackers Are Always Trying To Steal Your Bitcoins 😟
Keeping your private keys safe is extremely important to the protection of your hard-earned BTC coins. Hi CoinUp,
"Distrust and caution are the parents of security," said Benjamin Franklin.
The 2014 failure of Mt Gox led to the loss of 850,000 bitcoins.
With bitcoin rising above $7,000 it's extremely important to safeguard your BTC assets. Doing so requires possessing and protecting your private keys.
While bitcoins are used to make payments, they don't physically exist anywhere, per se.
A bitcoin is a chain of digital transactions between addresses that are validated and recorded on a public ledger called the blockchain. Bitcoins can be sent to a public address, which is a random sequence of letters and numbers. But your unique private key is what makes possible the transaction because that proves your ownership of the coins.
The Mt Gox bankruptcy shows that the type of wallet you choose affects the security (or lack thereof) of your bitcoins.
Private keys held in online exchanges or unsecure wallets are exposed to thieves within the organization or outside hackers. Assume that hackers or corrupt insiders are always plotting to steal your crypto investments.
Select Your Wallet Carefully
If you use an online wallet, the site may have access to and/or control your private keys. There's a risk that the online wallet may shut down or get hacked.
A second type of wallet, namely hardware wallets, can be an offline gadget but you need to check if you can restore your bitcoin balances if your device gets physically lost or stolen.
Thirdly, if you use a mobile or desktop wallet app, make sure it's a robust application and that only you have access to and control of your private keys at all times.
Here's why.
Private keys unlock your bitcoin balances and authorize your transactions. Treat your private keys as if they're the actual bitcoins. Private keys, just like email passwords or bank PINs, are to be kept secret, and you should consider backing them up offline.
Because there's much to lose, plan for emergencies or contingencies. A passphrase is an encoded version of your private keys. You can write down your passphrase with pen and paper and store them in a vault, bank deposit box or secret location that only you have access to.
The exact security protocol can differ between different exchanges, softwares and apps. It's advisable to store your coins in a mobile device, and experts say that offline storage of your private keys is the safest way to protect your BTCs.
Download Bitcoin.com Wallet and have secure access to your public and private keys 24 hours a day, 7 days a week. The Bitcoin.com Wallet protects your private keys, and it's available on all platforms -- desktop and mobile.
Want some proof? So far 445,140 wallets have been created.
| | Respectfully,
The Bitcoin.com Team
P.S. As bitcoin rises over $7,000 it's more important than ever to guard your bitcoins. Secure your BTC private keys with Bitcoin.com Wallet and have peace of mind.
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