How to secure your bitcoins
How to secure your bitcoins ; Here we present you the second part of the guide how to become successfully your own bank. First priority of being your own bank is of course making your bitcoins absolutely secure. We have setup easy to follow basic rules so you can directly start enjoying your financial freedom right from the start.
Securing your bitcoins sounds harder than it really is. It’s more a matter of logical thinking. If you ever think what should I do? Just compare it to a situation when you hold cash money in your hand. Ask yourself now what would I do normally in this situation?
Bear this in mind every time you use bitcoin. Because you don’t want to lose any money right?
Where it starts
The most important part of controlling your bitcoins is the private key. Just remember when you don’t have the private key you don’t have access to your bitcoins. This is the main reason why we strongly recommend NOT to store your bitcoins in any online wallet. Because they store you private key and not you.
– Don’t use online wallets
There are too much examples for not storing your bitcoins online. The most famous or notorious example is the one of Mt. Gox. The bitcoins were withdrawn in this case from customers accounts and the company claimed they were hacked. And they could because they had the private key. Don’t give your money to complete strangers.
TIP: Also don’t store your bitcoins at an online exchange. Only transfer the amount of bitcoins to an exchange that you would like to sell immediately. And if you buy bitcoin transfer them directly to your own wallet.
Backup your wallets
Every decent wallet should allow you to make a backup of the private key. With the Easbit app it’s very easy to download your private key. And store it for example on a USB-stick.
Also check your backups let’s say once a year just to make sure they’re ok.
Tip: Make a copy of your copy and don’t store them together at the same physical place. Store for example one at your own house and one at a friend’s or families place.
Don’t put all your eggs in one basket
When you carry your bitcoins with you take small amounts with you for daily use only. Take with you what you think you need that day. You also don’t carry all the money have with you, right?
– Use a decent password of PIN
It might sound unbelievable, but it’s absolutely true the most used password is still “123456” and the second one is “password”. So we’re saying again make sure you use a proper password or pin to access your bitcoins.
Now comes the most important part: don’t forget your password or PIN! There is nobody who can help you if you do. Write down a hint if you think you might forget it. Whatever you do make sure you can recall. You are warned.
Test before use
Whatever wallet you use and before adding a password to your wallet always test if everything works as it should with small amounts. The double check, remember?
– Learning step by step
These are the basics. By following these simple rules you can avoid the most major pitfalls.
You don’t have to be your own bank over night. But take it step by step. Start with small amounts. Try something to pay with it. And see how it works out for you. If you start with a small amount what can you lose? You can only win, because you’re getting familiar with the way we pay tomorrow.
Share your thoughts
How to secure your bitcoins ; You have your own opinion about this subject? Or you just want to share your thoughts? We welcome you to leave a comment!
Try it now the Easbit experience, it’s free!
The best way to see how it really works is just to try it yourself. The Easbit mobile bitcoin wallet app for Android is totally free to download.