Bitcoin is a digital currency that can be used to buy and sell goods and services online. It’s also a very popular choice for those who aren’t comfortable with traditional banking systems.
Bitcoin has become a lot more mainstream in recent years, but it’s still not as widely accepted as fiat currencies like the dollar. That means that if you’re going to use this cryptocurrency, you need to take steps to ensure its safety by opting for the best bitcoin wallet in Australia.
Here are four tips to help keep your Bitcoins safe:
1. Keep your private keys secret
The most important thing you can do to keep your bitcoins safe is to keep your private key secret. If someone steals your private key, they can take all of your bitcoins, so it’s critical that you don’t lose it or let anyone else get access to it.
Ideally, you’ll have multiple backups of your private key in different physical locations (such as a bank vault or safety deposit box). You should also encrypt any digital copies of your private key with a password you can remember but no one else would guess.
2. Backup all of your wallets regularly
It’s important that you should backup all of your wallets regularly so that if something bad happens (like if your computer dies), then you’ll still have access to all of the coins in those wallets (or at least enough of them so that they’re worth recovering). This is especially true if you’re using an exchange or any other third-party service where they control the keys and could potentially disappear with all of your coins at any time without warning!
3. Don’t advertise that you own bitcoins
If someone knows that you own bitcoins and you’re not actively spending them, it could be a red flag for hackers or thieves looking for an easy target.
Use multi-factor authentication for all accounts where possible (especially online wallets).
If someone steals your password, they can access all of your money in that account. If they steal two-factor authentication information, they still need access to a phone or computer with a second factor before they can access any money.
Don’t use an online wallet unless it’s an exchange that has been around for years and has never been hacked (like Coinbase).
Online wallets are convenient because they’re accessible from anywhere with an internet connection — but they’re much less secure than storing bitcoins on a computer or offline (such as on paper). This is because hackers often target online wallets because they contain so much money at once and are easily accessed by millions of people every day.
4. Store your bitcoins on local wallets only
Don’t use exchanges or online wallets to store your bitcoins unless it’s necessary. Exchanges have been hacked and online wallets have been compromised repeatedly over the years, exposing users to identity theft, fraud and theft of their hard-earned coins.
Back up your wallet regularly and encrypt it if possible. If you lose access to your private keys, then you’ve lost access to your bitcoins forever; there is no way to reverse this process even with advanced technology such as quantum computing! Remember that just because someone has physical possession of your device doesn’t mean they have access to its contents — users can set passwords on their devices that require authentication before being able to unlock them (or even boot them up).