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Keeping Your Bitcoin Investment Safe

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One of the many benefits of investing in Bitcoin is that when you purchase or sell them the transaction is almost instantaneous and secure. However, we live in times where cyber threats are real and there are instances of people not securing the Bitcoin wallets and losing their investment entirely. It is essential that if you are going to invest in cryptocurrencies such as Bitcoin that you protect your investment and keep your wallet secure.

Keep Small Amounts In Your Wallet

Just as with a normal wallet you do not keep all your money in there, you should also keep only enough Bitcoins in your wallet for everyday use. You will want to ensure that you only keep small amounts of currency in your wallet on your computer, server or even mobile device, and store the remaining Bitcoin in a safer environment. You should also choose a trusted and reputable place to make transactions such as the Bitcoin exchange Melbourne investors trust like Bitcoin Dealers.

Make A Back-Up Of Your Wallet

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You should also make sure that you create a back-up of your wallet in case your computer fails, or someone deletes files by mistake. Doing so will allow you to recover your wallet if your computer or phone stops working or is stolen. However, when creating the back-up, you will want to encrypt the data to ensure that it is secure and cannot be accessed by a third party.

Encrypt Your Wallet

As well as encrypting the back-up of your wallet, you may also wish to consider encrypting your wallet as well, which will help to keep it safe and secure. You can do this easily if you are using a smartphone for transactions and adding a password will help to stop thieves from accessing your cryptocurrency. It is important to note that this will not stop keylogging hardware or software from finding out your password, so you need to be vigilant when browsing online.

Stay Secure Online

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You will also want to stay safe when your computer or smartphone is online and ensure that all software is up to date, including any antivirus or antispyware programs that you use. Be careful of the sizes that you browse and make sure that you regularly run scans and check your device to make sure that it has not been compromised or infected.

You can get plenty of excellent advice and information on making your Bitcoin wallet more secure through articles you can find online.

Use An Escrow Service When Buying Or Selling

Another way that you can help to stay safe online when you are buying or selling when using Bitcoin is to use an escrow service. It is especially a good idea if you do not know the person with which you are dealing. When making a purchase, the Bitcoin is sent to the escrow service, and the seller is then informed and can dispatch the order to you. Once the purchase has been received, the buyer informs the escrow service and the funds are then released to the seller.

Bitcoin can be an excellent investment, but it is essential that you protect your investment carefully to ensure that you do not lose everything.