If you’re seriously inspired by Bitcoin’s price in 2017 and considering to hold (HODL!) it for a longer time, you might want to secure it as much as you can. Below is the list of the most frequently mentioned security tips for those who want to keep their Bitcoins safe for a long time. The tips are coming from a number of reddit $ forum posts and tweets.
1) Do not store your Bitcoin on an exchange.
Even if you are accumulating BTC on an exchange by day trading other cryptocurrencies, withdraw your earnings to a more secure spot. History shows that exchanges are an extremely unreliable storage place – see examples of MtGox, Mintpal, cryptsy, bitfinex, bter. Don’t be hit when YOUR exchange suddenly gets hacked or missing.
2) Do not use web wallets for long-term storage.
Generally, the web is a risky place. The data you send to and from may be intercepted at any point, and the less you flash your private key on the web the better. Having a small web-based wallet for daily transactions is convenient but do not store your cryptocurrency savings there.
3) Use dedicated hardware for large amounts.
Having a $300 laptop used ONLY to store your Bitcoin wallet is not an overkill if you are holding a lot.
4) Use linux. Windows machines are wired with spyware and Macs are also sending too much data to big brother. Getting a fresh Live Linux distribution is easy even for non-techies. Run your system from a USB stick or your dedicated hardware and use it to create a hardware wallet to store your coins.
5) Create paper wallets for long-term holds
…but do not lose them. Make sure you create a wallet on a dedicated hardware, fresh OS, and print it using an offline printer – then laminate it or seal in a plastic bag and hide somewhere. Here’s a good paper wallet creation tutorial.
6) Use hardware wallets as an option.
Hardware wallets come with decent security out of the box, and you might want to just use one of those. Some of the largest makes are Trezor, Ledger Nano S, Coolwallet and others. This is not the ultimate solution but it’s good to comfort you – plus if you are a gadget nerd you’ll have a fun times picking yours.
All the Bitcoin security tips listed above should give you an idea how to secure your investment for long-term stability. Make sure you go the extra mile to safeguard your coin, because crypto is a space that atracts tons of really techy scumbags – leave them no chance!