Strategies for Reducing Security Risks
The cybersecurity industry is locked in a constant arms race with hackers and other cyber-criminals, whose sophistication and operational scope increase by the week. In this environment, there’s no such thing as a complete guarantee of security – particularly when money is involved.
However, prudent Bitcoin users employ these common-sense strategies to reduce their exposure to theft and general security breaches:
Securing Private Keys. Savvy Bitcoin users store copies of their private keys offline, either in physical storage media or even on paper printouts, rather than in online locations that can easily be accessed by hackers. Since you have to provide your private key during a Bitcoin transaction, storing your key offline isn’t completely foolproof – but it’s preferable to leaving it in a static online location all the time.
Using Highly Secure Bitcoin Wallets. Even if you’re not an advanced computer programmer capable of evaluating wallet code or technical security protocols directly, do your best to research a particular wallet service’s track record. Speak with current users or read online reviews, if possible. Think twice about using services that have been hacked in the past and have yet to publicly state that they’ve made security enhancements.
Researching Bitcoin Exchanges and Other Services. To avoid getting caught up in a Ponzi scheme or simply being robbed blind by a seemingly legitimate Bitcoin exchange, do your own due diligence before transferring or storing Bitcoin units with a new platform. Treat any promises that sound too good to be true (such as rapid or outsize returns on your funds) as red flags – and avoid working with platforms that make them.
Avoiding the Dark Web. Like real-world black markets, the dark web is an unsavory and sometimes dangerous place. Avoiding marketplaces like the now-defunct Silk Road and its successors is an easy way to avoid needless exposure to security risks. Additionally, avoid using Bitcoin for “gray market” activity that, while possibly legal in your jurisdiction, might be illegal or frowned upon in others – such as sports betting. It may be impossible to recover your funds after a heist that targets a gray market platform found to be operating illegally, even if you’re not criminally liable.
Source- http://www.moneycrashers.com/bitcoin-history-how-it-works-pros-cons/
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