Six easy steps for securing your Bitcoin wallet.

If you do not know what a Bitcoin  is or you do but chronic skepticism has discouraged you from buying into it, well, I have no words for you. This article is for those wise enough to buy into a system with a market capitalization of over 12 billion US dollars with an average daily transaction of over 200 million dollars. Millions of people around the world are making millions trading Bitcoins, and companies are closing deals using Bitcoins as media of exchange. What more ?

(adsbygoogle = window.adsbygoogle || []).push({});

 A little story before I proceed. In 2009, I lent a friend $100 dollars. He repaid me six months later with the money paid in bits. That same year, 1 Bitcoin was worth far less than a dollar. Lets assume I bought some Bitcoins with that money at the rate of $1 to 1 Bitcoin. That would have given me 100 Bitcoins right? Fast-forward to today, 3rd Dec, 2016 that 1 Bitcoin is equal to $751, the value of my investment in Nigerian Naira would have been over 40 million! Mind you, $100 was worth 12,500 in 2009. If you are still doubting, continue, you are not alone.
To start buying and selling Bitcoins, you need a block chain account. Sign up here after that, you need to secure your Bitcoin wallet from cyber criminals who are constantly preying on Bitcoin owners with vulnerable security settings. To secure your Bitcoin wallet, please make sure you accomplish all six tasks explained below.
Once you have successfully logged into your wallet, click on setting and you will see the six tasks you need to perform to secure your wallet.
E-mail verification: here, you are required to enter an email address that blockchain can send a link for verification each time there is a login attempt on your wallet. Lets say you try to login into your wallet, Blockchain will send a link to this email, and since you are the owner of this email, all you need to do is login to this email and click on the link to prove that you are are the owner of the wallet you are trying to access. To set it up, click on it and enter the email address you will like to use for your wallet verification, a link will be sent to the email, go to your email and verify it. that is all.

Phrase backed: This is highly important for recovering your wallet in case you forget your password. You will be asked to enter a total of twelve words each assigned a number from 1 – 12. You are required to print out the page that will be displayed to you and keep it safe. In event that you need to recover your wallet for any reason, goto and enter the words that the system will ask of you. Remember that each word corresponds to a number. So if you are asked to enter word number 1, you are to enter the word corresponding to that number. To enable this feature, simply click on it and follow the steps that follow.
Hint stored: Here, you are required to enter a hint that will help you in remembering your wallet password in case you forget it. My advice on this is never you enter phrases that easily give away your passwords. DO NOT us things like “my mummy’s village and her date of birth”. As anyone who knows your mum’s village and her date of birth can get around this.
Mobile linked: This is required for SMS notification of activities on your wallet. You will receive SMSs for any login attempt made on your wallet. To enable it, click on it and enter the phone number you would like to associate with your wallet. A code will be sent to the number, enter the code in the space provided on the system for confirmation and activation.
2-Step Enabled: the importance of this phase can not be over emphasized. Whenever a login attempt is made on your wallet, the email verification phase will come first, upon successful verification of your email, you will be required to enter the authentication code that would have been sent to your phone or a code generated using Google authenticator. You are to set up your 2-step authentication to use either SMS or Google authenticator. I will recommend going with the SMS option, that way you will be able to access your account as long as your line is active irrespective of kind of the phone you are using.

Tor Blocked: Setting up this feature will cause the system to prevent anyone using IP addresses known to be part of Tor anonymous network from accessing your wallet. The Tor browser is a very powerful tool used by cyber criminals because of its anonymous features. It protects these these criminals by changing their source addresses to addresses from a pool of selected addresses. This makes an attack from say Italy appear as though it was carried out in Russia. When Tor blocked feature is enabled, the system will block users whose source IP addresses fall into this pool of addresses from accessing your wallet.
In summary, the Bitcoin business is a big business designed for those smart enough to see the dynamics of the new age. The future of money is crypto currency and Bitcoin is your best choice. With the success recorded in trading Bitcoins, securing your wallet is now an important issue that can not be ignored.
Spread the love

7 thoughts on “Six easy steps for securing your Bitcoin wallet.”

Leave a Comment