Saftey tips of the day!

Keep your Bitcoins safe!

Now that some of you are earning Bitcoins, here are a few tips to keep your Bitcoins safe.

  1. Keep multiple wallets – Having too much Bitcoin in a single wallet can lead to disaster if a hacker gains access to it; especially if that wallet is is on a website like coinbase – it would be wise to store the majority of your Bitcoin offline with something like Multibit. You can use Multibit to maintain multiple wallet.dat files that are encrypted with strong passwords. I recommend not using any passwords that you use for any website or online service.
  2. Keep an offline wallet – Bitcoin is essentially one huge ledger, you can keep a copy of your bitcoin offline so that hackers can’t get to it. You can even create a “paper wallet” which isn’t quite as secure, but it easier to maintain. Details can be found here.
  3. Keep your wallet addresses somewhere safe. Again, these cryptographic names are confusing and not easy to remember. Make sure you have a copy of the address itself somewhere you can access it, even if it’s a piece of paper in your wallet. There are plenty of horror stories out there of those losing lots of money.

You may also like...

Leave a Reply

%d bloggers like this: