Bitcoins, when not in use, should be stored in your online wallet. A Bitcoin wallet should be treated no differently to a real life wallet; it should be looked after and kept safe and secure at all times. Bitcoin wallets are pretty safe and secure as it is, but you can never be too careful in the online world- scam artists, fraudsters, and hackers are out in full force. However, there are some additional things you can do to make your Bitcoin wallet ultra secure and put your mind at ease.
Keep a small amount in your wallet
In the same way that you wouldn’t keep your real life wallet stuffed with a big wad of cash, you shouldn’t keep your Bitcoin wallet stuffed full of Bitcoins. Imagine if you kept your entire balance in your wallet and then you were hacked- instantly you’d lose everything! Instead, keep small amounts that are ideal for an everyday kind of use in there, and top up when necessary.
Be wary of online services
If a website is claiming to offer you the full security systems for storing your money online, treat them with caution. A lot of these kinds of sites suffer from regular security breaches and so should not be trusted with things such as money- or in this case, Bitcoins- and passwords.
Encrypt your wallet
It is highly recommended that anyone with a Bitcoin wallet encrypts it. Set a password up that is requested whenever a request goes through to have funds withdrawn from your account. Use a good, strong password that won’t be easy to guess but at the same time won’t be forgotten by you. If you forget your password, more often than not your Bitcoin funds will be lost forever as it’s very hard to recover forgotten Bitcoin passwords.
Have an offline wallet for savings
Similar to the initial point about only putting small quantities of your Bitcoin balance in your wallet, have an offline wallet where you can store the remainder of your Bitcoin balance. Because an offline wallet isn’t connected to any network providers, it is incredibly difficult to hack and is, therefore, one of the safest ways to store Bitcoins.
Backup your Bitcoin wallet
Make sure you keep backing your Bitcoin wallet up regularly to protect yourself against any computer breakdowns or mishaps. Backing up your wallet means that you can recover any funds you had if your device that had the wallet on (such as your laptop) gets stolen. In addition to regular backups, make sure all backups are encrypted with secure passwords and two-step verifications where possible.