How to keep Bitcoins safe

How to keep Bitcoins safe

Any Bitcoin owner, an early adopter or a newcomer, should know how to keep their earnings safe. Along with Bitcoin exchange hacks and coins thefts, the ethics of keeping Bitcoins secure is one of the most discussed issues within the Bitcoin community. But as the blockchain crossed its 6th year of existence, Bitcoin users become smarter in terms of saving their funds. Here are some tips to consider in case of owning Bitcoins.

Choose your Bitcoin wallet wisely

Bitcoins are stored in wallets, each of them consisting of a Bitcoin address together with a private key. There are different types of Bitcoin wallets: desktop, hardware, online, mobile etc. All of them are used to store, send and receive Bitcoins.

When choosing a wallet, think of your purposes of using Bitcoins. If you use Bitcoins every day to purchase goods and services in your city, make sure you’ve got a mobile Bitcoin wallet on your device. If you are a trader, an online wallet on a trusted Bitcoin exchange would be more applicable in your case.

Encrypt and backup your Bitcoin wallet

If you have a desktop wallet, anyone who has got access your PC can easily use your Bitcoin wallet and steal the private keys. To avoid it, you can simply encrypt your wallet. In this case, to access any of the features your wallet has, a password will be required.

After encrypting your Bitcoin wallet, backup wallet.dat file. By saving the file on a USB stick, you will keep your Bitcoins safe even if something happens to your PC. Of course, you will then need to keep an eye on the physical carrier that contains your encrypted Bitcoin wallet.

Do not keep all bitcoins in one place

Similar to traditional money, it is not recommended to keep all the savings in one place. Consider splitting your funds into parts and save them in several wallets, better in those of different types. Thus, even if you forget the private key to one of them, you won’t be short of Bitcoins at all.

Make sure that your mobile wallet contains only small amount of Bitcoins, because if you loose it somehow, your coins will be lost as well.


Elina is New York based writer and media consultant. Currently she is involved as an advisor in several ICOs. In addition to her professional interests, she loves jazz, modern art, coffee, and yoga.

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