Bitcoin is no longer a subject of passive income, and it is very much a mainstream income. Bitcoins have immense value in the life of the people who barely have any other source of income. Many people use bitcoin as an investment, while many uses it as a mainstream of income.
It might not sound very reasonable if one uses bitcoin as a primary source of income, but that is how probably they are surviving. Looking back at the past five months, the pressure has been so much that people had no income and no source of money. During those times, people had just found a little respite using the bitcoins.
But if the bitcoins have served us during the difficult days, then it is our responsibility to keep them safe. We need to think about how we can protect our bitcoins adequately through crypto trader. It has become our responsibility to make some rules that will help us to preserve our bitcoins properly.
As the day passes by, it doesn’t seem very easy to save our bitcoins properly. Every day the number of scams is increasing, and the hackers are also growing. These hackers are not any uneducated thieves, and they are adequately qualified developers. Not everyone is well educated enough to steal bitcoins, only technical knowledge people do.
Simple Rules to Protect Bitcoins
The main objective of setting up a rule to protect a bitcoin is to keep your bitcoins safe. There are several ways in which you can keep your bitcoins safe, here we will discuss the 5 of them, which are essential.
Set Up 2 Factor Authentication
The two-factor authentication is essential to keep your asset safe from any criminal activity. It is one of the best ways to get rid of cyber attacks and cyber hacks. This facility asks for a six-digit key number to let you access the asset inside it. Hence the six-digit keeps you safe; only you must know and no one else.
Unless you tell the others, no one would be able to access your asset without the six-digit number. The codes can be changed several times, which means that only you will know the revised laws, and no one else would know about it. One has to guess very severely to get access to the six digits, which seems impossible. You can also use the Google Authenticator application to keep your six-digit lock.
Store the Coin Very Safely
You often look for exchange platforms, but let me tell you that exchanges are way too different from the wallet. If anyone hacks an exchange, then whatever you have in that exchange, you will lose it. There will be no reimbursement for any of the currency that has been cut. Hence you will need a trustworthy wallet. You can store all your bitcoins safely in the wallet very securely, and the chances of hacking the wallet are much less. There are many hardware and software wallets, and you must check all of them before you decide which of the portfolio you choose.
Do Not Discuss with Anyone
This is the biggest mistake, and one made out of over excitement. Under no circumstances, you must discuss this with anyone if you care about your money. You can not talk with anyone that you have the money, nor can you consider where you have kept this money. This would expose you to be at high risks.
The less the information you share with people, the more potent and powerful your wallet would remain.
Never Use the Same Password Twice
This is a thumb rule that you must not ever use the same user name or password. It would help if you often change your password and username, but make sure that you do not use the same name or password more than once.
Avoid Unnecessary Transaction
If you are using bitcoins just as extra money, then transactions are meant to be done, but if you are using the coin as an investment, then you must avoid unnecessary purchases. You must save the cryptocurrency for the future to get back good returns from the currency. This is how you can protect your bitcoins safely.