How to Make Your Bitcoin Bulletproof
I love Bitcoin. The look of it. The taste of it. The smell of it. The texture.
I’m not saying Bitcoin was made for online poker, but it wouldn’t surprise me if Satoshi had a wicked check-raise and was tired of declined credit cards.
The privacy, the speed of payouts, the lack of government control. Bitcoin fits poker better than a hoodie, sunglasses, and poor blood circulation.
But, man, Bitcoin can be unforgiving.
One wrong move, or even worse, not making all the right moves, and your cryptocurrency drains from your wallet faster than a water balloon on a bed of nails.
Thieves are licking their chops for your Bitcoin as we speak. Bitcoin attracts cybercriminal dreck in droves because there’s nothing you can do once they steal it. There are no Bitcoin police.
You’re the only one who can protect your Bitcoin
As a Bitcoin holder, you’re the lock, key, and armed security guard of your own personal bank vault. You can choose to build Fort Knox around your crypto hodlings, or you can leave the front door open.
I love how many folks have been getting into Bitcoin either for investing, playing online poker at sites that accept it, or just a better way of buying and selling on the internet. Unfortunately, new Bitcoin users are also the most susceptible to theft.
There are a ton of great guides online from both the mainstream media and the cryptosphere about how to get Bitcoin and put it in a decent Bitcoin wallet. There’s less available about how to protect your Bitcoin. Even fewer sources tell you everything you need to know in one place.
That’s why I created this Bitcoin infographic on how to protect your crypto and keep it in your wallet where it belongs. I wanted to make a single reference that listed every important security measure every Bitcoin holder should keep in mind.
Bitcoin thieves get creative on the methods, but they’re trying to accomplish one of three things:
- Hacking your web wallet or Bitcoin exchange account
- Installing malware on your device to steal it from your hot wallet
- Tricking you into sending them your Bitcoin
Unfortunately, a lot of Bitcoin guides put out by the mainstream media recommend the one-two punch of getting a wallet from blockchain.info and buying Bitcoin from Coinbase. That’s the dangerous combo a lot of American poker players settle for.
Although that will work, both services are extremely susceptible to Bitcoin theft without the proper safeguards.
Cybercriminals use phishing attacks set up by genuine-looking emails, keyloggers, fake Bitcoin wallets, holding your files hostage, or straight social engineering to get into your online Bitcoin accounts.
Criminals love Bitcoin because the upside is higher than stealing your credit cards and risk of getting caught is almost non-existent.
The threats to your Bitcoin are almost enough to send you running back to your centralized fiat, but there are some simple steps you can take to become nearly un-hackable. I’ve tried to include it all in this infographic.
The 3 keys to protecting your cryptocurrency
If you only take 3 things away from this to better protect your Bitcoin from getting stolen, I want them to be:
- Invest in a Bitcoin hardware wallet
- If you can’t, only use trusted software wallets that allow you to set a password
- Don’t use a web wallet or exchange without code-based two-factor authentication
That’s the cheat-sheet version of my recommended Bitcoin protection methods, which will keep you almost bulletproof.
None of us are perfect. We all make mistakes. Heck, I almost put the milk back in the cabinet just a few hours ago. It was easy enough to move it back into the refrigerator.
The problem with making mistakes with Bitcoin is that your cabinet becomes a one-way vortex.
If you lose your Bitcoin, there’s no going back, so let’s make you not have to.
Here’s to making your wallet impenetrable house of horrors for would-be hackers.
How to embed this Bitcoin infographic on your site
As long as you use the following code, feel free to repost this Bitcoin infographic on your own website and help give your visitors an easy reference to protect their cryptocurrency.
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A lifelong poker player who moved online in 2004, Josh founded Beat The Fish in 2005 to help online poker players make more-informed decisions on where to play and how to win once they got there. He hopes to counter the rampant dishonesty in online gaming media with objective reviews and relevant features. Tech nostalgic. Cryptocurrency missionary. Fondly remembers the soup avatar at Doyle’s Room.