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How can I protect my bitcoin?

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Forum Personal Finance Forum Money: Miscellaneous How can I protect my bitcoin?

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BenutzernameMoneyland User Questions
Status Member
Registriert seit1/27/17
Beiträge2142

July 10, 2017, 1:54:46 PM

I plan to buy some bitcoin in hopes of selling later when the price goes up. What steps should I take to protect my bitcoin after I buy it?

BenutzernameMoneyguru von moneyland.ch
OrtSchweiz
Status Expert
Registriert seit8/4/15
Beiträge4079

July 10, 2017, 2:28:39 PM

Hi there,

If you have a large amount of bitcoin, consider storing it on a fully-offline computer or device to protect it from cyberthieves. If you plan to use bitcoin for purchases, hold small amounts in the bitcoin wallet you carry around with you (the phone app, for example). That way, if you lose your wallet or make an accidental transaction, you do not lose large amounts.

You will also want to make a backup of your wallet to avoid losing it if your computer or device is damaged. If you plan to buy large amounts of bitcoin, consider purchasing a hardware-based bitcoin wallet.

Storing your bitcoin keys offline and separately from your wallet will help prevent your keys being found and used to access your wallet. A safe or a safe deposit box can help protect your bitcoings from theft or damage.

Best regards from Moneyguru