Since the introduction of Bitcoins, the world has seen a change in how transactions take place. With Bitcoins, anyone can make a transaction without revealing their identity or other information that is personal.

 

Although such advantages are commonplace with Bitcoins, other issues concerning security also plague the cryptocurrency. In order to store said currency, you are required to have a wallet, and since Bitcoins lack insurance coverage, you will have to look after your wallet.

 

In this article, we’ll go through some steps that will help you secure your Bitcoins.

 

 

1.     Corporate Bitcoin wallets

 

Since Bitcoin transactions are anonymous, you will have no have of telling who stole your money if you have a business that deals only in said cryptocurrency. Hence, be extremely careful when sharing your wallet for transactions. Make sure your employees get access to your Bitcoins through sub wallets. Every employee should have a sub-wallet assigned to them which are encrypted as well.

 

2.     Web Wallets

 

There are wallets hosted by a third party called hosted wallets and these are usually hosted by companies. Web wallets are very easy to use but a significant disadvantage that comes with using web wallets is the fact that they cannot assure a secure platform. Plenty of hackers target said web wallets and therefore, should be avoided. Plenty of hackers target said web wallets and therefore, should be avoided. If a situation where you have to use one without fail arises, you need to pick a company that gives a high level of security.

bitcoin

 

3.     Hot/Cold Wallets

 

Wallets that are connected to the internet and hence, stay online are called hot wallets whereas ones that are stored in USB or even in hard drives are called cold wallets. As far as safety is concerned, it is better to store Bitcoins in an offline or cold wallet since hackers tend to concentrate more on hot wallets more. It is best to employ this method if you have a business that is run off of a website. A safety deposit box can also be used to store the offline wallet with only a small amount that is usable stored in the online wallet.

 

4.     Hardware

 

It is best to use a USB key dedicated to the transfer of data from the online computer to an offline one. Doing so will help you protect against viruses better. It is also better to avoid using the offline computer for any other application other than storing your wallet.