Your Bitcoin wallet must be always secured. If your wallet is lost, there is no way to retrieve Bitcoins back. Bitcoin can be transferred anywhere in the world in a very easy way, but security should be your first priority no matter what. Always remember that it nobody else but you are responsible for storing your Bitcoins securely.
Do your due diligence
There are many online wallets that can offer you to store your Bitcoins online. Mainly Bitcoin exchanges and online wallets suffer security breaches and hacker attacks. Unfortunately there is little to nothing you can do. Try to use two-factor authentication to protect your wallet. You should also consider other wallets such as hardware or paper wallets for greater security.
Use only small amounts
Don’t keep all your money in Bitcoin wallet, especially in the one specific online wallet. Keep some Bitcoins for your daily online use, and store the rest in a safer place.
Backup your wallet
You should always backup your wallet and stored in a safe place. In case your computer fails, you will still be able to access your Bitcoins. Moreover, it can help you recover your wallet in case your mobile or computer was stolen.
Encrypt online backups
If you store backup online, it has a high level of vulnerability to theft. Even if you store it on your computer and it’s connected to internet – you are under threat to receive a possible malicious software that will take your Bitcoins. As such, encrypting any backup that is exposed to the network is a good security practice.
Store backup in many secure locations
If your backup is always stored in the same location, you may get in troubles. Make several encrypted backups and store them in different locations.
Encrypt your wallet
If you are using mobile wallet, consider to encrypt it too. Simply set a password for your wallet to prevent anyone trying to withdraw any funds. This helps protect against thieves, though it cannot protect against keylogging hardware or software. In order to avoid keylogging issues use virtual keypads to type your password.
Never forget your password
You should make sure you never forget the password or your funds will be permanently lost. If you lose your email or bank account password there is always multiple ways to reset or recover your password but when it comes to bitcoin there is simply no way to get your password back.
Use a strong password
A strong password must contain letters, numbers, punctuation marks and must be at least 16 characters long. Avoid using common phrases for your password, hackers can easily break and trace a pattern to reveal your password. Never send your password online to someone else even to yourself through text messaging or email this will make your password vulnerable.
Keeping you wallet safe is extremely important especially if you invest in Bitcoin.