Since the beginning of 2017, there has been craze of Crypto Currency and most popular is Bitcoin. Crypto Currency is mined using specialized hardware around the world and has driven the prices of the GPU or the video cards to all time new highs. One of the main draw back of this crypto currency is that it is decentralized and therefore no one knows who owns how much crypto currency.
Unlike central banks which print money and send them to banks, all the transactions are in the system and can be traced to some one present and if any problem arises on the network, the action can be taken against the accused but this is not the case in Crypto Currency.
Since the starting of Bitcoin or the Crypto Currency there have been many instances of users getting hacked because they stored their private key in a place where it could be guessed it easily. Other times it was easy to spoof a unconfirmed transaction and get bitcoins.
Since Bitcoin recently came to it’s high price of around $20,000 per Bitcoin, it is making more and more people interested towards itself.
We have compiled some of the steps to make sure you are not hacked and all of your coins stolen.
- Never Store all your coins in a single wallet.
- Do not use online Wallet for all your transactions.
- Do not use one Bitcoin address for more than one transaction.
- Use a Wallet created offline on a computer which is not connected to internet.
You can also make sure that you use one of the following things to make sure your coins are safe.
- Use Warp Wallet with a strong password and salt. I am recommending this because since 2015 no one has been able to break their Warp Wallet Challenge for 20 Bitcoins because they use two hashing algorithms which make it even harder to guess your Wallet or private key.
Conclusion : Crypto Currency is the future and all of us know it very well. The rise of Bitcoin is due to the fact that only 21 million bitcoins will come into circulations and more than half of them are now in circulation now, it is clear that only fixed number of bitcoins will be present.
Early adopters of bitcoin have become millionaires and billionaires, this is the reason of presence of more than 1000 alt coins and new coins being added each and every day. Some of the alt-coins after being introduced in 2013/2014 have been biting the dust while others with good fundamentals and adoption have increased in value.
So, how many of you hold Bitcoin and how many of you have invested in alt coins or ico ? We would love to know in comments.