How To Secure Your Bitcoin Password?

Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. Like in real life, your crypto wallet must be secured. But if you lost the bitcoin password, it means that you lost your money forever.

Lost Bitcoin password is one of the main ways to remove Bitcoin from circulation. For example, a programmer who discarded a hard drive containing 7,500 BTC. The founder of Canadian cryptocurrency exchange QuadrigaCX died, he also took with him the private keys to around $190 million worth of various cryptocurrencies, including close to 1,000 BTC. It's reported that around 20% of currently minted Bitcoin are gone forever, and can never be resumed. 

So always remember that it is your responsibility to adopt good practices in order to protect your money. So how to secure your bitcoin password?

Backup your wallet

You should make sure you never forget the Bitcoin password or your funds will be permanently lost. Unlike your bank, there are very limited password recovery options with Bitcoin. In fact, you should be able to remember your Bitcoin password even after many years without using it.  

So Write down your bitcoin password and stored in a safe place, a backup of your wallet can protect you against computer failures and many human mistakes. It can also allow you to recover your wallet after your mobile or computer was stolen if you keep your wallet encrypted. You can also use different medias like papers, USB, and others.

Take good use of tools

A password manager is a computer program that helps you store Bitcoin passwords. It may come as a browser extension, a separate program, or an app on your phone. Some bitcoin password managers host your encrypted password in the cloud, while others store them only locally.

Password managers are not only more secure but also more convenient. With a password manager you don’t have to remember hundreds of passwords. Instead, you only need to remember a single password to open the password manager.

As the Bitcoin price passed 40,000 US dollars, many predict that the bull run just started. So take good care of your Bitcoin password, and let’s go to the moon together.