How to keep your bitcoin safe? Top tips to avoid being hacked, City & Business, Finance

CRYPTO hacking and cyber theft are a rising threat for the users of bitcoin and other cryptocurrencies. Here are top tips to make sure that your digital tokens are secure.

Hundreds of thousands of dollars te cryptocurrency were stolen last week when 660,000 BlackWallet accounts fell victim to an unexpected cyber attack.

The hackers behind the theft got away with approximately $400,000 worth of Stellar Lumen (XLM) coins after they took control of BlackWallet&rsquo,s servers.

Ter December, Seoul-based Youbit exchange ter South Korea, filed for bankruptcy after a perverse cyber attack stole a fifth of its clients crypto holdings.

And most infamous of all is the bitcoin exchange Mt. Got which wasgoed coerced to verkeersopstopping for bankruptcy after being crippled by a series of cyber attacks inbetween 2011 and 2014.

Related articles

With thesis cryptocurrency attacks te mind, it would seem spil however it may be difficult to keep your bitcoin safe.

But BadBitcoin, a self-appointed group of crypto enthusiasts exposing bitcoin scams and fraudulent exchanges, argue that keeping your bitcoin safe is actually &ldquo,very, very effortless&rdquo,.

BadBitcoin’s project leader ViK, who asked for anonymity to due to concern for his safety, has collective some of his top tips with

The very first step is to secure a bitcoin wallet, whether it is a physical hardware device or an online one. This serves spil your den facto bitcoin handelsbank account and us your very first line of defence.

Bitcoin safety: Spil the popularity of crypto tokens grows, so does the threat of cyber theft

Hardware wallets are little devices, often indistinguishable from USB drives, which act spil physical stores for your tokens. Many models often come paired with built ter LCD screens to keep you informed about their tokens.

ViK said: &ldquo,Hardware wallets are enormously safe and popular. The Ledger Nano has just sold its millions unit and the Trezor Hardware Wallet many times that.

&ldquo,Opendime is a low cost hardware wallet that is often used spil a way to physically give bitcoin or litecoin to a recipient. You buy Opendime ter packs of three.&rdquo,

Hardware wallets come paired with a private key &ndash, a password-like line of code that decrypts your wallet and grants you access to its contents.

Without it, ViK said your bitcoin are inaccessible.

Bitcoin wallets are essential to keeping your tokens secure &ndash, you can buy physical ones like thesis

You will also receive a public key which acts spil your wallet address. It is an essential part of making and receiving transactions.

Hardware wallets are utterly safe and popular. The Ledger Nano has just sold its millions unit and the Trezor Hardware Wallet many times that

He explained: &ldquo,It works like escrow. You glibly send bitcoin broadcasting your public key, but your private key is the only way to unlock the opbergruimte with any bitcoin received and stored te it.

&ldquo,Ter actuality, your bitcoin never moves anywhere, or everzwijn leaves the blockchain. You effectively transfer ownership of it.

&ldquo,Inaccessible bitcoin is still on the blockchain and is auditable.&rdquo,

If you would rather opt out of hardware wallets due to the risk of losing one, then ViK advises you look into secure online ones such spil Blockchain.informatie.

Economic experts share Bitcoin opinions

Is Bitcoin’s bubble about to burst?

JPMorgan Pursue head Jamie Dimon is one of Bitcoin’s harshest critics [Getty Pics]

He said: &ldquo,An online wallet like Blockchain.informatie is a safe wallet, where you have your private key, and if you lose it, they cannot get your bitcoin back either.

&ldquo,Other online wallets are not so safe. One wij came across today, Bitaddress.informatie, sends a copy of your private key, generated when you create a wallet, to themselves.

“They own any bitcoin you place te that wallet.&rdquo,

But all of this will be irrelevant if you do not keep your wallet&rsquo,s private key safe and secure.

You can always transfer your wallet to a hardware or software one, but if you everzwijn lose your key, then your bitcoin are spil good spil gone.

Never share your wallet’s private key or you could lose all of your digital money

There are several ways te which you can do this, ranging from keeping your key&rsquo,s on a lump of paper ter your actually wallet or having it engraved on a keychain. However ViK said that some wallet owners get very creative with their keys.

He said: &ldquo,Some store this private key engraved on stengel or on paper te a safe, and even encrypted into music files or graphic files. I have even seen a tattoo.&rdquo,

Another method of keeping your bitcoin safe involves running desktop wallets on your computers, but thesis run the risk of falling prey to rekentuig viruses.

One final chunk of advise is to never keep your bitcoin stored on a crypto exchange. When you purchase your tokens from an exchange, it might be tempting to leave them there just for convenience.

But given the number of hackers targeting exchanges shows, this is never a safe option because you are effectively relying on the exchange&rsquo,s security measures to remain failsafe.

Instantly transferring your tokens to your wallet also ensures that you have rechtstreeks ownership overheen them, rather than having them held by the exchange on an &ldquo,I owe you&rdquo, onderstel.

Related movie: ProfitPump for Bittrex