Bitcoin Mining & Security, Part 2

Let’s recap the crypto security part and if you need to, see Part1.

Bitcoin security is important. Your bitcoin or any cryptocurrency has a unique address or identification or private key. Therefore, you need to realize the importance of keeping it safe. If you lose it, it’s hard to recover, so you need to secure it as much as you can.

I need to make this clear, because security should be paramount and should not be given lightly.

There are countless stories of individuals losing access to their computers (either through negligence or wrongdoing) and ultimately unable to recover their bitcoin or other cryptocurrency. This should be the equivalent of leaving your wallet vulnerable by a pickpocket or indifferent when going out.

Fortunately there is a way to double protect your assets. A secure hardware wallet will ensure that, if you are unlucky enough to lose access to your computer or tablet etc., (in any way) you have the ability to recover your bitcoin, ethereum, litecoin and so on.

The hardware wallet allows you to retrieve your cryptocurrency on any other computer, as it is a usb connection that you use to secure your transactions.

The second level of security.

Trezor is the original hardware wallet and is easily set up for your bitcoin security. There are other products available, but for the rest of this article I decided to tackle the Trezor hardware wallet first.

The main principal for Trezors bitcoin security is one of zero trust.

Using the Trezor screen, you can independently verify and physically confirm each transaction directly on your device.

It also requires a pin from you every time you log in. So make sure you are available at all times.

As a utility purpose, there are no other functions in the wallet.

Simple equals more security.

Trezor is no exception to the risk of malware or viruses, period. However, the fewer devices Trezor talks about, i.e. no Bluetooth, wifi or Qr code scanning, so the simpler the communication protocol, the more secure your bitcoin security.

Also, Trezor has no battery. If unplugged, it is gone and your coins are safe from any cyber attack.

I hope I have emphasized the importance of bitcoin security. The main issues are, zero trust and concrete security. Also make sure your backup process is as secure, ie if necessary make sure your details are accessible to someone you trust clearly.