Bitcoin is a cryptocurrency that has been growing more and more every single day for years and that means that more and more users are deciding to invest in it daily. And while bitcoins are a great way for you to invest, the fact that you have complete control over it means that you are responsible for everything that happens to your money as well as your privacy. To help ensure that you are doing the best you can when it comes to securing your account and taking care of your money, here are a few practices and steps that you can take if you are from Canada.
One of the most important steps that you need to take when working with bitcoins is to get a wallet that you will use in order to store them. Services like Circle and Coinbase will offer you a wallet, but really by choosing them you are giving them complete control over your private keys, and this is a mistake. To protect yourself, you need to look for a wallet that allows you to have complete control of every private key because this is really the only way for you to have complete control over your money and not have to rely on anyone else for security.
Another great thing that you can do in order to protect your bitcoin is to use more than one wallet. If you are someone that has large amounts of coins and also someone that uses this currency regularly in everyday life, then it is a great idea for you to actually have multiple wallets that will serve you for different purposes. Since the hardware wallet is known to be the most secure, it would be a great idea to keep the majority of your coins on there and find a mobile wallet that can integrate with the hardware one. This means that you will have enough coins to use on the go, while all of the rest of them are safely stored somewhere else.
Something that people don’t always think about is how important backups actually are. And when it comes to a wallet that is storing your bitcoins, which is essentially your money, you should always make sure to have more than one backup. This is important in case of any water damage or fire to the wallet and it will be the only way for you to get all of that information back. If you are someone that has a paper wallet, you should make sure to laminate it or have it written in metal, since it obviously can’t be backed up so you need to take other measures to protect it.
As you can see, protecting yourself and your money doesn’t take a lot of hard work, it just takes some dedication and thinking of things that you may normally ignore. Keep these steps in mind and make sure that you have the most secure bitcoin account possible and ensure that no loses will come to you.