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Amandeep Sonewane

29 December 2016

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How to keep your bitcoin wallet safe in 2017?

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It is very important to secure and back up your bitcoin wallet. If you can't follow this you could lose your bitcoin. How to keep your bitcoin wallet safe?

29 December, AtoZForexNew year 2017 is almost here and the bitcoin prices are increasing.  Are you surprised by how much your bitcoin is worth? Don't let that surprise turn to dread by losing it. Now is the perfect time to take some basic precautions to keep your virtual currency secure.

How to keep your bitcoin wallet safe?

Here are the eight easy to do tips to safeguard your bitcoins from losing or falling into the wrong hand.

#1 Backup today

Make a backup of your wallet if you haven't backed up as soon as probable. Nowadays, most hardware and software wallets use an industry standard backup protocol named BIP 39 that allows your wallet backup to be 12, 18, or 24 English words. It is very important to write down on a bit of paper and keep it in the safe place.

#2 Check on your backups

If you have backed up your wallet, check on the backup locations. The new year is a seamless time to patterned your important papers, including your wallet backups.

#3 Set a calendar reminder

While we all know we should be checking our backups, wallets, and estate plans frequently, it's hard to remember to do it. Add a reminder to your calendar now, to check all these belongings again in three, six or at most 12 months.

#4 Move money off your smartphone

With the surge in the bitcoin price, you might be shocked at how much money you've been carrying around on your smartphone. Hardware wallets are very easy to use, with user-friendly software mechanisms, and are considered one of the safest ways to stock bitcoin.

#5 Move your money off exchanges

If you have coins inactive on an exchange, move them out today to a wallet you control. Most of the current exchanges pool coins and while you have a "balance" showing on your account, you do not actually govern the keys. If the exchange gets hacked you could lose your bucks.

#6 Upgrade to two-factor authentication

Add two-factor authentication to your bitcoin accounts and to all other dynamic online accounts. The best two-factor solution is a hardware mark and you can buy one for just $20–$30. Otherwise use a smartphone authentication applications, such as Authy or Google Authenticator.

#7 Use a password manager

Humans are great at identifying patterns and that makes us awful at randomness. Password best practices choose a different random password for each site, never write them down. For most people, the only way to accomplish this is to use a password manager. Popular managers include Password, LastPass, and the open source KeePass.

#8 Plan for your family

If something occurred to you tomorrow would your family be able to access your bitcoin? While this tip takes the time to implement, it's worth it. It shouldn’t take you more time to make a plan and decide who you want to get what, write down instructions and tell your family about your plan.

Think we missed something? Let us know in the comments section below.

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