How to Protect Bitcoin Online Wallet

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Bitcoin Currency Icons Set

Increasing number of attacks on digital currencies, especially Bitcoin, has led the coin holders to a state of dilemma. In normal cases, it is the Bitcoin wallets that turn out to be the key targets of the hackers. So it is indeed important for users to install the mechanisms to avoid such intrusions of grave consequences.

If you have an account on myWallet, the most commonly used Bitcoin wallet provided by Blockchain.info, the simple steps detailed below could save you many tears in the future. Do not forget that the value of your Bitcoin is directly proportional to the incentive to steal, and that stolen Bitcoins are virtually unrecoverable, just like the cash.

Incidentally, blockchain.info is not the only online service wallet available today, but it is certainly the most popular one. And at this point it can be said that it has withstood the test of time very well. Now if the only thing that enables your access to myWallet is a password. Unless you add a second factor of authentication, all you need is a thief that steals your password (by using a keylogger for instance).

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The Google Authenticator is one of the options that is provided as myWallet second factor authentication. We chose this application because anyone with a smartphone can download it instantly for free, and also because it is easy to use.

Before proceeding, it is perhaps worth remembering that no method is foolproof. But you know the saying: “To emerge unscathed, you do not have to outrun the lion, but faster than the guy running next to you.”

1) Choose a password of at least 12 characters, preferably with uppercase, lowercase, numbers and other symbols, and that does not include words. (The same approach should apply in choosing the password with which you access your email account).

2) Enter the address of an email account that you control, and, if possible, which you access with a second factor authentication (does not have to be an address you regularly use or reveal your identity): Account settings -> Personal -> Email.

3) Prove you’re the owner of that email address: (Account settings -> Personal -> Email) -> Verify.

4) Enter an alias for your account. This alias allows you easy access to your account, even if it is the code that identifies: (Account settings -> Personal -> Email) -> Alias.

5) Enables automatic backups send encrypted email: Account settings -> General -> Automatic Email Backups.

6) Enter a passphrase, which could one day serve to clear the second factor of authentication (for example if you lose your mobile), then write it down and save it: Account settings -> Security -> Secret Phrase.

7) Download the Google Authenticator on your mobile.

8) links the Google Authenticator to your account myWallet: Account settings -> Security -> Two Factor Authentication (select Google Authenticator) -> Open the Google Authenticator on your mobile – -> a QR code appears> select the option Scan code – > Scan the code -> Enter in the box at the foot of the QR code, 6-digit number that provides you the Google Authenticator (this changes every 30 seconds).

9) From now, to login to your account you will have to enter your password and then the 6 figures you provide the Google Authenticator (this changes every 30 seconds).

Beware of the pickpockets.

To contact the writer of this article: Yashu Gola at yashu@forexminute.com

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