Security has always been an important topic in regards to Bitcoin. Believe it or not, employing average security measures would protect users from most mishaps that occur.
Bitcoin transactions are irreversible once initiated. This is why scammers want to get your bitcoin so badly, as transactions are final if they succeed. Adopting precautionary measures is crucial to protecting not only your assets, but other aspects such as your identity.
Here are the basics when looking to adopt best security practices.
Don’t tell people you’re heavily into Bitcoin
The more that people know you have significant amounts of money stored somewhere, the more risk you face of a “$5 wrench attack”, or something similar. This can be a serious threat, with many documented cases of people not being careful.
Hardware wallets have several security features that are meant to protect from attacks, including staying disconnected from a computer and requiring a PIN for access. The most popular hardware wallets are Coldcard, Ledger, and Trezor, and we recommend to always buy directly from the manufacturer.
Burner wallets, or wallets that diverge from your real wallets (where most of your funds might be stored), usually have a small amount of funds available in the event that you are forced to turn over your funds to a malicious party.
Using a VPN obfuscates important public information about your internet connection such as your data. You can use a VPN to Protect your IP so people can't track you to your physical location or as a user across various services.
It is important to make sure you are visiting the correct site address, as a common phishing technique is creating websites that closely resemble ones that contain financial information. Bookmark the official website to avoid this mistake.
Having a password manager allows you to forget what your passwords are. You can make them arbitrarily complex while still being able to use them with the click of a button. Consider a solution like Bitwarden or 1Password.
Two-factor authentication provides an additional security layer to protect your funds and email addresses associated to accounts. There are several different time-based one-time password authenticators such as Google Authenticator, for an additional level of security.
If an attractive woman messages you about sending your Bitcoin, ignore him.