The discussion of Bitcoin and security is nothing new, in fact, this issue has been debated since the beginning.
The only place Bitcoin clearly outperforms its fiduciary counterparts is to provide security against the control of currency manipulation by hegemonic institutions such as central banks and governments.
Also, the most basic feature of Bitcoin is its blockchain, which must not be manipulated or altered. Bitcoin's Proof of Work (PoW) system and transaction verification use SHA-256 encryption, which is one of the highest standards in use today.
While this is a big plus for Bitcoin, unfortunately, it's not the only security issue any currency needs to solve.
As purses and payment adjustments that process Bitcoin are very subject to cybernetics and hackers.
Mt.Gox is probably the most famous hacking incident that happened in the Bitcoin exchange. According to reports, more than 750,000 BTC disappeared from their exchange.
Other important exchanges like Bitfinex, Binance, Poloniex, Bitstamp were hacked and a total of 146,097 BTC were stolen.
Recently, a large-scale Twitter hack, the biggest of its kind, attacked the Twitter accounts of celebrities like Elon Musk, Jeff Bezos, Bill Gates, Kim Kardashian, etc. at BTC within 2 hours of the problem.
Such incidents beg the question: can they be taken down to protect someone's Bitcoin?
Fortunately, there are steps you can take to protect your Bitcoin and protect yourself from potential hackers and access methods.
use hardware wallet
Currently, there are many types of Bitcoin wallets to choose from. They are divided into two categories, "hot" and "cold",
Hot wallet:
Bitcoin wallets that are online and connected to the Internet are called "hot" wallets. These wallets are generally the least secure because they are the most vulnerable to hacker attacks. They can be on a cell phone or desktop.
Cold wallet:
Offline wallets that are not connected to the Internet are called cold wallets.
Most hardware product portfolios, such as Trezor and Ledger, fall into this category. They are considered one of the safest ways to store Bitcoin. As they are not connected to the Internet, hackers cannot easily access your private keys and steal your bitcoins.
If you're looking for security, it's best to use a hardware portfolio.
Never put your Bitcoin in a bag
If history has taught us anything, it's never been storing Bitcoins in a wallet.
Since exchanges are the main target of most hackers, it is always recommended to only use exchanges for exchange and not storage. After completing the necessary transactions, delete your Bitcoin and any other cryptocurrencies and save them in your personal wallet.
Store your private keys / seed wallet offline and never share them
There is a very common saying in the Bitcoin world:
Be it your key or your bitcoin
This basically means that if you don't have a private key, you won't have Bitcoin. Proof of ownership of Bitcoin is in your wallet / address private key, so ensuring its security is of utmost importance.
Make sure your private key is securely stored offline. This is the safest way to protect your wallet from hackers.
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