Bitcoin Security

If you are going to start using Bitcoin there a few things you will need to know. Bitcoin allows you to exchange money without the use of banks. So before you begin to use Bitcoin you need to be well informed before making a serious transaction. You should treat and protect your Bitcoin’s as you would real cash or cards.

Protecting Your Wallet 

Its very important to protect your Bitcoin wallet as you would with your normal wallet, if not more so!  There are many Bitcoin wallets available to download to your computer, mobile phone or you can even store your Bitcoin’s securely online.  Its up to you to decide what suits you best. Bitcoin makes it possible to transfer money anywhere within seconds via your wallet and it allows you to always be in control of your money. But remember these great features also come with security risks, Bitcoin can provide high security levels if used correctly. Always remember it s your responsibility to protect your wallet.

Making a New Wallet

If your password or log in details to your wallet become compromised it is recommended that you create a new wallet and transfer all of your Bitcoins into the new wallet.  Wallets could be compromised through a password being used again, your computer being hacked or hit by a virus and even minimal strength passwords.  Your should always have a password with random letter’s and numbers. The recommended length for your password is 12 characters long. Passwords with less characters can be  solved now if somebody is using the appropriate hardware. Never use this password for anything else.

Transactions Are Irreversible 

It is very important to remember that any transactions you make with Bitcoin cannot be reversed, but it may be refunded by the receiver of the coins. Therefore doing business with any person or organization you do not trust is not a good idea. Bitcoin can decent typing errors and will not allow you to send coins to an invalid address.

Bitcoin Is Not Anonymous

Not many people realize this but Bitcoin is actually not anonymous! For instance, if I have your Bitcoin address I can look at how many coins are in your wallet and what transactions have been made. The identity of the owner however is private unless the owner reveals personal information about themselves which is not recommended. Bitcoin recommends creating a different address forever transaction you make  or at-least have multipal Bitcoin addresses. You may also want to consider hiding your IP Address using a free proxy or VPN.

 

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