Bitcoin

Under the Data Protection Day in 2020: Protect your bitcoins

Every year, on the 28th of January, moved on to securing your data and your privacy at all times. It is also the Data Protection Day.

Under The Data Protection Day

On the 26th of april 2006, the Council of Europe on the 28th of January was declared as the Data Protection Day, which is outside of Europe, and to this day, Privacy Day, called. It is the intention to use it for business and individuals to be more awareness about the potential risks associated with the data.
That is what came to data breaches at Citrix, is very timely, because the lessons continue to be the best, as they have an impact in practice. The Dutch media are all over here in.

Bitcoin is not anonymous

Therefore, we would like to use this day to get rid of confusion about bitcoin, and the privacy in the world. A lot of people seem to think that bitcoin is completely anonymous (and, therefore, it is only to be used by criminals). This, indeed, seems to be the case. If you are in the blockchain to find there isn’t a single name. However, the bitcoin network is completely anonymous. Each recipient address is you can play it back on the blockchain.
A bitcoin receiving address is like a personal bank account. This address begins with a 1, 3 or bc1, and is a concatenation of a random string of letters and numbers. You don’t know who is behind that address is.

You can change your address

But a person always have the same address? Then you’ll know exactly when someone’s bitcoin you can send and receive. Also, do you know what is in his or her account balance is. A bitcoin receiving address is not an alias.
And that’s an important nuance. Bitcoin gives you a full anonymity. However, you can have your anonymity on the network is increasing. Many bitcoin wallets will change, for example, is automatically the address after each transaction. This makes it more difficult for your activity to be tracked. Tip: if you get more bitcoin for the same wallet and send, then enter a different ship to address on.

Make sure you use a hardware-wallet:

Another tip is to bill of exchange with your online wallet and can put in for a hardware wallet.
This is the safest and most secure way to keep your bitcoin in store. A hardware wallet will ensure that your access to your bitcoins offline, and it remains encrypted. In that way, only you will have access to your own bitcoins.
A lot of people are holding their bitcoins at a cryptocurrency exchange, or online wallet. This is just a little less safe. An exchange is a central political party. That is, the exchange of being hacked? Then you will have a great chance that your bitcoins will be lost. In an e-wallet, are in addition to the private keys to your bitcoins are stored online. This will also be an increased risk of losing any of your bitcoins. With a hardware wallet, it is therefore a more intelligent choice.

Write down your code on paper

Whether you’re using an e-wallet or a hardware wallet, it’s always a good idea to back up the sentence in writing. For anyone born in and after 1994, which can be done by using a pen with ink on a white sheet of paper. As a backup, meaning it is a random string of between 12 and 24 words. In some cases, this is also known as the seed phrase is mentioned.
Do not create an image of a back-up sentence, and then store it all in a document, if a malicious person has yet to you get bitcoins is to come once you have access to your phone or computer.
The last tip for today is that you can make use of multiple dictionaries, to back up the statements. This is a new development, and Shamir, Backup was called.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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