Bitcoin Wallet Security Best Practice

Venzen Khaosan  21/08/2014
Knowing how to secure your bitcoins is no longer optional. Bitcoin wallets are fast becoming online criminals’ favourite obesession, whether online, at exchanges, on your PC or your mobile. Dell SecureWorks researchers estimate that over 140 malware applications exist that specifically target bitcoin wallets. Protecting your wallet against these threats requires only a handful of cautionary steps. The following guide outlines the security vulnerabilities and provides the essential know-how and preventative actions every Bitcoin wallet owner should routinely practice.

What Bitcoin Thieves Want

As documented here, most bitcoin thefts are due to poor wallet security management. The specific threats are discussed in more detail further down the page and here is a summary of the known items of interest to bitcoin thieves:

  1. Your desktop login password or device PIN
  2. Your wallet password
  3. Your private keys
  4. Your online wallet/exchange password
  5. Access to exchange/web wallet servers
  6. Vulnerable components or protocols used by online services

In the interest of general wallet security and to specifically safeguard your wallet against these forms of attack, follow the tenets outlined in the following “security best practice” checklist:

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