Bitcoin is a beautiful technology but every invention has flaws. One of the biggest questions newcomers to the crypto industry have is: Can Bitcoin be hacked?
The Bitcoin network is extremely difficult to hack so hackers prey on scamming individuals out of their coins.
The Bitcoin network has never been hacked itself because it’s a decentralized blockchain that uses complex mathematical equations solved by miners to protect the integrity of the network.
However, hackers can steal Bitcoins from individuals by gaining access to their digital wallets.
In this article, I’ll explain some security steps and measures you can take to protect yourself.
Use 2FA Security on Your Crypto Exchanges
2FA authentication requires a one-time password or phrase to be entered to gain access to your digital wallet or crypto savings account.
Most reputable crypto exchanges such as Coinbase require 2FA on all accounts but some exchanges don’t make this mandatory. If you store your crypto on Coinbase then refer to my article on how to secure your Coinbase account.
Go into settings and make sure 2FA is enabled. You can set it up to require a passcode that’s sent to your mobile phone or email address. Another option is to install the Google Authenicator app and have your 2FA codes stored there.
Whenever you are asked for the 2FA code, simply go to Google authenicator app and enter the code.
Whitelisting is a feature used by many crypto exchanges to only allow certain addresses to receive crypto transfer. This protects your account in case someone tries to send crypto to an unauthorized address.
Use Cold Storage Vaults
Some exchanges like Coinbase have a vault feature that stores your crypto offline in cold storage. In order to access your holdings, you must confirm several emails and phone calls. After that, there will be a 2 day waiting period until the crypto transfer is confirmed.
Move Your Bitcoin Off Exchanges to Cold Wallets for Added Security
If you want to fully secure your Bitcoin then transfer your coins out of exchanges into cold storage.