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| Image Credit: Crypto Addict |
The decentralized and distributed nature of the blockchain makes it very secure, and there have been no successful attacks on the Bitcoin network itself. However, bitcoin exchanges, wallets, and other bitcoin-related companies that operate online are vulnerable to cyberattacks and have been the target of numerous hacks.
Some well-known examples of bitcoin hacks include the Mt. Gox hack in 2014, in which 850,000 bitcoin (valued at over $450 million at the time) were stolen, and the Bitfinex hack in 2016, in which 120,000 bitcoin (valued at over $70 million at the time) were stolen.
To protect your bitcoins from theft and hacks, it is important to take appropriate security measures such as using a hardware wallet, enabling two-factor authentication, and using strong passwords. It is also a good idea to diversify your bitcoin holdings by holding some of your bitcoin in different accounts or wallets.
How Do You Protect Your Bitcoins Against Theft and Hacks?
1. Use a hardware wallet
Using a hardware wallet is a good way to protect your bitcoins from theft and hacks. A hardware wallet is a physical device that stores your bitcoin offline, which makes it almost impossible for hackers to steal your bitcoin because they would need to physically steal the hardware wallet in order to get access to your bitcoin. To use a hardware wallet, you will need to buy one and set it up according to the manufacturer's instructions.
Once it is set up, you can transfer your bitcoin to the hardware wallet for safekeeping. It is important to keep in mind that you should never share your hardware wallet's seed phrase (a series of words that are used to recover your bitcoin if you lose access to the hardware wallet) with anyone, as anyone with access to the seed phrase will have access to your bitcoin.
2. Enable two-factor authentication
Enabling two-factor authentication (2FA) is a good way to protect your bitcoin account from theft and hacks. 2FA adds an extra layer of security to your account by requiring you to enter a code that is sent to your phone in addition to your password when you log in. This makes it much harder for hackers to gain access to your account, as they would need to not only know your password, but also have access to your phone in order to receive the 2FA code.
To enable 2FA on your bitcoin account, you will need to follow the instructions provided by the account provider. This may involve installing a 2FA app on your phone or setting up SMS text message delivery for the 2FA codes. It is important to keep in mind that you should keep your 2FA device (e.g. phone) secure and avoid sharing your 2FA codes with anyone.
3. Use a strong password
Using a strong, unique password is a good way to protect your bitcoin account from theft and hacks. A strong password should be at least 8 characters long and include a combination of upper and lower case letters, numbers, and special characters. Avoid using common phrases or words, and consider using a password manager to generate and store secure passwords for you.
It is also important to use a different password for each of your accounts. If you use the same password for multiple accounts and one of those accounts is compromised, the hacker will have access to all of your accounts.
To ensure that your password is secure, you can use an online password checker to test its strength. If the password checker indicates that your password is weak, you should consider creating a stronger password.
In addition to using a strong password, you should also be cautious about sharing your password with anyone and avoid writing it down or saving it in an unencrypted file. You should also avoid using public computers or networks to access your bitcoin account, as these may be vulnerable to hacking.
4. Keep your software up to date
Keeping your bitcoin software up to date is an important way to protect your bitcoins from theft and hacks. This includes any apps or programs that you use to access your bitcoin accounts or wallets, as well as the operating system on your computer or mobile device.
Software updates often include security patches that fix vulnerabilities that could be exploited by hackers. By keeping your software up to date, you can ensure that you have the latest security protections in place to defend against potential attacks.
To keep your software up to date, you should regularly check for and install updates when they are available. Most software programs will have an option to check for updates automatically, so you can set them to do this for you.
In addition to keeping your software up to date, you should also be cautious about downloading and installing software from unknown sources. Only download software from reputable websites and sources, and be sure to verify the authenticity of any software that you download.
5. Be cautious when clicking on links
Being cautious when clicking on links is an important way to protect your bitcoins from theft and hacks. Hackers often try to trick people into clicking on links that will download malware or take them to a fake website where they will be prompted to enter their login information.
To protect yourself, you should be careful about clicking on links, especially if you receive them via email or social media. Before you click on a link, you should hover your mouse over the link to see where it is actually taking you. If the link looks suspicious or the destination is not what you were expecting, you should not click on it.
In addition to being cautious when clicking on links, you should also be careful about downloading and opening email attachments or installing software from unknown sources. Only download attachments or software from trusted sources, and be sure to verify the authenticity of any downloads before you open them.
By being cautious and taking these precautions, you can help protect your bitcoins from theft and hacks.
Read More: The Largest Cryptocurrency Hacks
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