Fredrik Grothe-Eberhardt

CEO of WeMoveCoins.

A wallet’s a wallet
You would always keep your physical wallet safe, making sure that it’s securely tucked away in your inner or back pocket. The same goes for your digital wallet. Below, we’ve listed some of the common security concerns when using a Bitcoin wallet.

Be careful using online services
You should always be careful when using services designed to store your bitcoins online. Several exchanges and web wallets have suffered from security breaches in the past, because they didn’t provide the user with enough insurance and security. That’s why we advise against using online services to store your bitcoins. We also recommend you use two-factor-authentication, which keeps your bitcoins safer by asking for a second dynamic code when you log in.  

Only store small amounts
If you’re not the type to walk around with thousands of Euros or Dollars in cash in your leather wallet, it’s probably a good idea to exhibit the same amount of caution when storing bitcoins in your digital wallet. We recommend you use a more secure system for storing the majority of your bitcoins.

Backup your wallet
If you backup your wallet and keeps it in a safe place, you’re better protected from computer failures and human errors. It also allows you to restore your wallet, if your phone or computer breaks or is stolen.

Encrypt your wallet
Encrypting your wallet or your smartphone allows you to create a password for anyone trying to withdraw funds from your wallet. It’s very important that you never forget your password, as you will permanently loss access to your funds if you do so. Consequently, it’s a good idea to write down your password on a piece of paper and keep it in a safe place.

Choose a strong password
A strong and secure password must contain both letters, numbers, punctuation and a minimum of 16 signs. The most secure passwords are those generated by programs designed for that exact purpose.

Offline wallet is safest
An offline wallet is also known as cold storage. It’s the safest way to store your bitcoins, because you save your bitcoins on a unit that is not connected to the internet.