How to Keep Bitcoin Wallet Safe Support -

There are various ways to protect your wallets against loss and theft. Here are some simple but powerful measures you can take today that will significantly increase the security of your wallets.

1. Use a strong password

The importance of using a strong password cannot be stressed enough. Use a password that is:

  • at least 10 characters long (generally, the longer the password is, the harder it is to crack)
  • complex (consists of a mixture of numbers as well as uppercase and lowercase letters), and 
  • as random as possible (don't fall back on predictable patterns, such as replacing the letter "E" with the number "3", etc.).

An easy way to ensure that your passwords are strong is to use a password generation and management service like Lastpass or 1Password.

2. Enable two-factor authentication

Two-factor/multi-factor authentication is a process that requires users to verify their identity using two or more ways--that is, beyond just requiring you to log in with your username and password, you will also be asked to prove that you are indeed the user by entering a code that is sent to another account or device that you own, such as your email address, or your mobile phone.

 It's quick and easy to set up and most definitely worth your time.

To see how to enable Two-factor authentication on your wallet, please click here.  

3. Do not store all of your Bitcoin in a single address

Don't put all your eggs in one basket! There's no limit to the number of wallets a person can have, so it's wise to spread out your Bitcoin in small amounts across various wallets. This way, in case the security of one of them gets breached, your losses will be kept to a minimum.

It's good practice to create a new wallet address whenever you ask someone to send you Bitcoin, and then to immediately transfer the Bitcoin out of that address into another undisclosed address (meaning you are the only one who knows that address).

You can start with at least three addresses:

  • a "public" wallet address for receiving Bitcoin (what you give to someone sending you Bitcoin)
  • another public wallet address for sending Bitcoin (from where you transfer out Bitcoin to another person's wallet)
  • one "secret" address for keeping your savings--create new savings wallets as the amount of Bitcoin you own increases

For more tips on securities, we highly suggest reading this.

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