In the present digital world, when everything is transforming to digital, why not the currencies?. This notion led to the invention of Bitcoins and other cryptocurrencies. There are more than 2000+ cryptocurrencies that exist in the crypto market place. But till now Bitcoin ranks first in all trading platforms and marketplace. Bitcoin is the first crypto coin to develop under blockchain technology.
Currently, many people are whispering about Bitcoins and their impacts on marketplaces. Most of the trading platforms have Bitcoins as their priority for their users. Also, for crypto pairing they prefer Bitcoin. You can earn more profits by trading the Bitcoins in prominent crypto exchange platforms like Binance, Coinbase, and Litecoins.
So business people, startups, and investors invested their money on Bitcoins. If you are investing your money now, you can earn profits in a short period. But some people don’t know about Bitcoin and its importance in this digital world. Also, startups and investors don’t know how to keep their Bitcoins safe and secure. Because the rising price of Bitcoin attracts anonymous hackers to steal the users’ funds. Also, they target beginners who don’t know the basics of Bitcoin security.
What Bitcoin is?
As I already mentioned in this blog, Bitcoin is the first cryptocurrency developed using the. blockchain technology. Bitcoin is shortly known as BTC. It came into existence in January 2009 with the reward of 50BTC. Bitcoin was first found by Satoshi Nakamoto. At the starting stage of the Bitcoin launch, the price of a single Bitcoin is below $1 but the current price of Bitcoin equals more than $9000.
(image source: the street)
Bitcoin made a terrific boom in the crypto trading platforms and markets. So it became the most prominent digital currency worldwide. Until the existence of Bitcoin in the market, it will be at the top in the market place and high in liquidity. Even if the market is down, Bitcoin has its constant growth.
Bitcoin halving is happening in May 2020 and its third Bitcoin halves with 6.25 BTC rewards. Already two halvings covered with the rewards of 25BTC and 12.5BTC. This created great impacts on Bitcoin prices. The crypto community team expects third Bitcoin halving will again create a new historical peak in the crypto industry.
Now, let us have a look at the best ways to secure your cryptocurrency
The majority of Bitcoin holders will use the Bitcoin wallet to store their Bitcoins in a safe and secure way. When you have a plan to invest in Bitcoin, you should open an account in the crypto-exchange platform. You cannot invest by opening an account; you need to save your Bitcoins in the safest place. At that point in time, you will get introduced to a system called a Bitcoin wallet.
Most people used different types of Bitcoin wallets to secure their Bitcoins. Now let us see each type of wallet and how it secures Bitcoin.
Hot Wallets function with the help of the internet. This acts as the online storage. The transactions can be done online. It uses a Private key and Public Key for transactions. There are some drawbacks to using hot wallets. As said earlier, it functions with the internet, so there could be a chance of threats and vulnerabilities.
Cold Wallets functions without the internet. Most of the business giants prefer cold wallets over hot wallets. Because the cold wallets are very secure when compared to the hold wallet. The reason is, a cold wallet does not require the internet to function. So there will be no threat and vulnerability from hackers. So you can store your Bitcoins in a secure way.
Also, wallets are available in different platforms like;
- Mobile wallet
- Desktop Wallet
- Web Wallet
- Hardware Wallet
- Paper Wallet
It is a software application that can be installed on either a personal computer or laptop. This wallet performs peer-to-peer transactions with the help of the internet. This desktop wallet supports cross-function platforms like Windows, Mac, Linux operating systems. As a prerequisite, you must install Anti-virus, Anti-malware software that has high resistance against threats.
Web Wallet needs the internet to access the wallet. It has the same functionalities, unlike other electronic wallets. You can add-on some security features like two-step verifications, auto-generation of authentic security code to your registered email id or mobile number. The user interface of your web wallet will be very intuitive and user friendly. Web wallets support all browsers like Chrome, Firefox, Internet Explorer, Opera, etc..
This type of wallet is in the form of a pen drive, calculator, hard disk which has USB connectivity. so that you can connect your wallet to the supported devices. This is an offline wallet where the money is stored in offline storage. This type of wallet provides high-end security to your account as well as Bitcoins and other cryptocurrencies. So you can use this type of wallet also to secure your Bitcoins.
Paper Wallet is an offline storage wallet. This type of wallet is in the form of a sheet more like a cash certificate. This credential has the details about your Public key and Private key that are encrypted in the QR code. This is one of the high-security wallets where business people and investors prefer this kind of wallet which is safe.
But these types of wallets are not handy for the day to day Bitcoin payments. Paper wallets are cold storage and they are more secure to store cryptos. Because it is not a digital component and can not be hacked remotely. But you must delete the digital copy of the wallet after printing it. So no one can hack your wallet information.
Enable Two-factor Authentication(2FA)
Most of the online and digital platforms have a two-factor authentication feature for security. It protects your account with an extra passcode or an OTP password. It links the account to your phone, mobile app, or email address. Even though any anonymous hacker obtains your username and password they will need extra passcode to access your account.
Don’t use your mobile number for 2FA
We already know that most of the platform provides two-factor authentication for high-end security. But all the 2FA methods are not secure. If you enable SMS passcode, then hackers may hack your phone and intercept your passcode. If you are providing a mobile number for protecting your account. Then it’s best to use a secret sim card number for the passcode.
Own a Cryptocurrency Exchange
Many investors are praising Bitcoin exchange, for the massive amount of profit they yielded through their Bitcoin exchange. Having witnessed their real-time success from the crypto exchange. They started recommending to many budding investors and also to investors’ community. A Bitcoin exchange is a trading platform where several users will buy and sell Bitcoins and other currencies.
This platform allows you to trade Bitcoins instantly in a secure manner. Also, you can integrate a Bitcoin wallet and customize it according to your business needs by using the Bitcoin exchange software. It is the finest online platform where you can store Bitcoins in a safe and secure manner.
But without proper security entities, you can not store your Bitcoins in a secure way. I highly recommend you to enable some of the top-notch security features. They are
- HTTPS authentication
- Anti Denial-of-Service (Anti-DoS)
- Data encryption
- Two-factor authentication
- SQL injection prevention
- Jail login
- Server-Side Request Forgery Protection (SSRF)
- Cross-Site-Request Forgery Protection (CSRF)
But you need to select the finest crypto exchange solution provider for your own Bitcoin exchange development. One such finest Bitcoin exchange solution provider is the Coinsclone.
How Coinsclone Stand out from other Crypto Exchange Solution Provider
Coinsclone is an outstanding crypto exchange solution provider across the world. We have successfully delivered 60+ crypto exchange softwares to our international clients. We provide the premium white label exchange software with desirable trading features and top-notch security systems. Also, we provide lifetime technical and 24×7 customer support for the product to our customers. One can easily launch their own Bitcoin trading platform within a few days by using the prime Bitcoin exchange software.
Coinsclone has more than 100+ happy customers across the globe. Do you want to be one of them? It is a pleasure to shake hands with you for starting a Bitcoin exchange business.