Keeping your bitcoin safe is a big deal. If you’re new to the crypto world, or just want a refresher on Bitcoin safety, here’s what you need to know.
Bitcoin is a cryptocurrency—a form of digital money that exists only online. It was created in 2009 by an unknown person or group of people using the name Satoshi Nakamoto, who essentially invented the concept of blockchain technology and decentralized ledgers for financial transactions which also means that no single entity owns Bitcoin. There are more than 2,000 other cryptocurrencies out there now, but Bitcoin is still by far the most popular and widely used one.
Bitcoin has many benefits over traditional currencies like USD or euros: it lets you make transactions without involving middlemen like banks or credit card companies; it’s hard to counterfeit because its digital nature makes it easy to verify transactions; and it’s not tied to any country or government so its value doesn’t fluctuate based on geopolitical events like war or economic crises (although some governments have tried to ban use of Bitcoin within their borders).
How to Keep Your Bitcoin Safe
When you’re dealing with Bitcoin, security is a top priority. You want to make sure that your money is safe and secure, both from hackers and from theft by people who know where you keep it. If you don’t have a lot of experience with digital currencies, it can be hard to know where to start when it comes to keeping your Bitcoin safe. Here are the basics of Bitcoin safety:
- Don’t store your Bitcoin on an exchange! There’s nothing worse than watching your coins get stolen because someone hacked into an online exchange. The best way to keep your Bitcoin safe is by storing it in a wallet that gives you control over its private key (or seed).
- Use two-factor authentication everywhere possible! Two-factor authentication means that in order for someone else to access something like your email or phone number, they’d need both the password AND something else like a code sent via text message or an app installed on their phone before they could access anything. This makes it much harder for hackers to break into accounts and steal information about them.
- Don’t lose your private keys! If someone else gets their hands on your private key (or seed), then they can access all of the Bitcoin associated with it—so make sure that doesn’t happen.
Keeping your bitcoin safe is something that most people don’t think about until it’s too late. But with the rise of cryptocurrency, it’s more important than ever to make sure you know what you’re doing before you get started.