Bitcoin safety

  1. If your wallet’s stolen, act fast.  If your Bitcoin wallet has been stolen, the thief will need to move the Bitcoin currency out of it. The only way to get away without losing your money is if you “spend” the Bitcoins (purchase something or import them to a new wallet) before the thief does.
  2. Keep your PC clean.  There are numerous malware families today that either perform Bitcoin mining or directly steal the contents of victims’ Bitcoin wallets, or both. Keep your computer clean of viruses and malware and keep your system, applications and anti-virus up-to-date.
  3. Encrypt your wallet.  Bitcoin provides a way to encrypt wallets, and this would make it much more difficult for the attacker to get his hands on the Bitcoins.
  4. Don’t keep all your Bitcoin in one wallet.  If a wallet has been compromised, it is wise to create a new wallet and transfer the full balance of bitcoins to addresses contained only in the newly created wallet.
  5. Don’t store large amounts online.  Web Wallets are like a regular wallet that you carry cash in and not meant to keep large amounts in.
  6. Don’t store a large amount of bitcoins on your Smart Phone.  There is the possibility of loss if your mobile device is hacked or lost. It is not advisable to 
  7. Keep your Bitcoin in “cold storage” or on paper.  When generated securely and stored on paper, or other offline storage media, a paper wallet decreases the chances of your bitcoins being stolen by hackers, or computer viruses.