Published Jul, 19 2024

Bitcoin Security in 2024: Best Practices

It's 2024, and Bitcoin is as popular as it has ever been. As a result, Bitcoin security is more important than ever. Cybercriminals are constantly evolving and finding new ways to get around even the best security. That means it is essential to employ the best and most secure practices available. Following the practices listed […]
Bitcoin Security 2024: Best Practices

It's 2024, and Bitcoin is as popular as it has ever been. As a result, Bitcoin security is more important than ever. Cybercriminals are constantly evolving and finding new ways to get around even the best security. That means it is essential to employ the best and most secure practices available. Following the practices listed below will help you protect your Bitcoin effectively.

Use a Hardware Wallet for Bitcoin Security

Using a hardware wallet is a great way to keep your Bitcoin safe. Unlike their software counterparts, hardware wallets store your private keys offline. You'll often find that these devices look like USB sticks. They usually require manual confirmation of your Bitcoin transactions, which adds an extra layer of protection. When you use a hardware wallet, you're significantly reducing the potential of online theft, which increases your Bitcoin security.

Enable Two-Factor Authentication (2FA)

Two-factor authentication, also known as 2FA (more on this at Investopedia), adds an additional layer of Bitcoin security. With 2FA enabled, the account you're attempting to access requires a second type of verification, which could be a text message or a code from a specific authentication app.

If an unauthorized user does manage to get your password, they'll still need the second factor to authenticate and gain access to your account or wallet. Remember, if an app asks if you want to enable 2FA, do so.

Regularly Update Software to Ensure Bitcoin Security

Another way to protect your Bitcoin is through the habit of regularly updating your software, especially if you're using an online wallet. There are regular updates to fix vulnerabilities in software, operating systems, and wallets, so if possible, enable automatic updates to ensure you have the latest version available.

If you choose not to participate in automatic updates, be sure you're regularly checking your software to prevent your system from exposure to unlawful activity.

Be Aware of Scams

There's no denying that scams in the crypto world are becoming increasingly present, and it's important to remain vigilant about your Bitcoin security.

To combat scams, always ensure the authenticity of any website you use and confirm your information whenever you send or receive Bitcoin. Be wary of any unexpected offers or promises that come your way from someone you're unfamiliar with and never send Bitcoin to a wallet not your own. Understand and educate yourself on common scams and common ways unauthorized users gain access to your Bitcoin.

Avoid Public WiFi

Even though public wifi networks are convenient, they're also potential security risks. Those looking to gain access to your Bitcoin can use public networks to do so. While the best advice is to avoid public wifi networks completely, sometimes that's not possible.

If you have to use a public network, use a virtual private network (VPN) to encrypt your session. A VPN adds another layer of security that hides your IP address while encrypting your information, making it more difficult for hackers to access your data.

Secure Your Bitcoin

As you can see, there are plenty of actions you can take to safeguard your Bitcoin security. Staying on the lookout for scams, using 2FA, and ensuring your software is up to date are all great ways to protect your Bitcoin. Stay aware of what's going on in the industry so you can remain vigilant in protecting your Bitcoin.

Now that you know more about Bitcoin security, what's stopping you from adding Bitcoin to your wallet? It's not convenience, because there are thousands of Bitcoin Depot ATMs throughout the US, Puerto Rico, and Canada. All you have to do is find the one nearest you and buy some of that sweet Bitcoin. Just be sure to be safe when you do!