How do you keep your bitcoins safe? Avoiding scams
Today’s topic is Bitcoin security. Over the years, there have been many cases of people losing their bitcoins, having them stolen, or being scammed. In today’s article, we will talk about how to become an expert in Bitcoin security so that these things do not happen to you. Before we start, I want to break one myth many people who are new to Bitcoin often believe.
How do you keep your bitcoins safe? Avoiding scams
Since Bitcoin is digital, it can also be hacked and tampered with due to many cases of theft, people sometimes think that Bitcoin is not very secure, and this cannot be far from the truth. Bitcoin and the technology behind it have proven to be able to withstand many attacks over the years. The weak link in Bitcoin security is usually the people who turn to it when they hear that their Bitcoins have been stolen.
It wasn’t because there was a problem with Bitcoin technology but because whoever was holding those Bitcoins wasn’t careful enough to say Bitcoin isn’t safe because you’ve heard a lot about stolen Bitcoins, much like saying the dollar isn’t safe because you hear there are a lot of Bitcoins being stolen. Robberies that occur with great force come with great responsibility, and as long as you follow the steps that we will cover in today’s lesson, your Bitcoins will be safe and sound.
The key to a Bitcoin wallet is your security
If there’s only one thing I can teach you about Bitcoin security, it’s that only you should know the private key of your Bitcoin wallet. As we discussed in our last lesson, the private key or seed phrase is like a secure combination. Anyone who knows the private key of your wallet can control it. In your bitcoins.
If you are using a Bitcoin wallet that is provided by a third party, it means that you and the third party know that private key. If that company wants to close your account or even escape with your Bitcoins, they can store your Bitcoins in a third-party wallet that is similar to putting Your money in a bank, you don’t control the money the bank makes sometimes.
How to avoid Bitcoin theft
Online wallets and exchanges are the weakest links when it comes to Bitcoin theft. The easiest way to avoid theft from these sites is to not keep any bitcoins on them, but sometimes it is imperative to keep the funds in an exchange or online wallet for example, if you want to trade frequently or if you use a particular wallet for online gaming. .
If this is the case, it is important to secure your online Bitcoin accounts with a strong enough password. Here are some general rules for creating a strong password. The more characters the better, aim for at least eight characters.
Try to create a mix of lowercase and uppercase letters and non-traditional characters like exclamation marks, hyphens, etc. And do not reuse passwords from other accounts Of course, the best passwords are those that are just a random string of numbers and text symbols but they are also very difficult to remember, which is why I recommend Highly recommend getting some type of password manager to help you create your passwords.
How to avoid Bitcoin scams
Now let’s talk about how to avoid Bitcoin scams. It seems like every day another Bitcoin scam is uncovered, and they are the most popular scams. Today there are phishing scams and Ponzi schemes whose emails and websites pretend to be legitimate sites but steal your information.
Let me start with an example here, you can see many sites that look exactly like one of the most popular Bitcoin wallets around blockchain.info However, if you look at the address bar closely, you will see that the domain name is not from the official site. People reach these sites through malicious emails or ads, they will think they are on the official site and once they enter their username and password on the fake site, the hacker who created the site will intercept their access to the real site and steal their coins.
How can you recognize a phishing site?
Firstly, take a look at the address bar and make sure that the domain is written exactly as it should be Secondly make sure that the site is using a secure SSL connection as we discussed before, this means that you should see https and not just http that appears in the address bar.
Most phishing sites do not have an SSL certificate although there may be some exceptions Phishing emails work in a similar way, where the email appears to have been sent from an official Bitcoin wallet or exchange, but when you click on the link within the email, You will be redirected to a phishing site or install malware on your computer.
Whenever you get an email from any Bitcoin service make sure the sender’s email is from that service’s domain and not some closely researched mod, most services you sign up with know your name and use it in their emails.
