Are your bitcoin's safe? 5 minute read might save you a fortune !

in #bitcoin3 years ago (edited)

Crypto holder and Youtuber Ian Balina got hacked yesterday during his live stream. He checked his portfolio, showed it to audience and he reloaded. When he reloaded he was signed out from his wallet and when he tried to enter the private key it was not matching when he realized he was hacked.


Source

One of this sub-reddit mentioned that he had saved his private key in email. This maybe the reason why he got hacked. And in cases like this, you won't have any chances of getting your funds back. Literally the hacker stole 2 million dollar worth of coins from him.

So how can you make your coins secure ?

There are a bunch of ways to do so;

  • Write your private key
    Don't be lazy, write your private key on a paper and keep it in safe place. Photocopy your written paper or printed paper and make at least 5 copies of it. Put the paper in safest location possible. If you are a person with a super mind, remember it.

  • Buy a hardware wallet
    Buying a hardware wallet is the safest and the best way to store your cryptocurrency. It will cost you around $100 but can save a lot. But we know buying it from Nepal is hard, so you can follow other mentioned idea.

  • Download ethos wallet when released
    Ethos app will help you store your crypto by making a universal wallet. Basically what you need to do is download ethos wallet, you will get a very simple 12 words (like cat, internet) and you can write it or memorize the word. That will be your master password. Remember it and you can access your coins wherever you go.

  • Never store in an exchange
    If you are storing your bitcoin on an exchange then it is like you are storing it in a bank. Exchanges are centralized (except for some) and may shut down. Bittrex is facing a lot of issues with verification process, bitfenix was once hacked and there are many other issue. So, exchange your crypto and save it in an offline wallet. If you have to store it online then coinbase might be a little bit safer than other.

Thank you for reading, hope your coins will never be stolen. Or just put everything on steemit !

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Ethos is set to be a very interesting project. I'm looking into it myself right now. Thank you for sharing this valuable content

my good friend