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Bitcoin is a powerful financial settlement system because of a strong and secure blockchain technology-based foundation. But as it is said – A chain is only strong as its weakest link.
You as a user also contribute to Bitcoin’s overall strength and security. But if you are not careful about the proper storage of your BTC funds, your bitcoins could become someone else’s.
Only with adequate safety and security of your bitcoin wallet, you can truly be in control of your money. Here’s how you can keep your BTC wallet safe.
Practice Online Security Religiously
Bitcoins are secured by an SHA-256 hash algorithm but that doesn’t mean that they can’t be stolen because of how you store them. Just like your social media accounts, PC and bank accounts, your BTC wallets are prone to hacking/phishing attempts.
Hackers, scammers and other cybercriminals try different methods to convince you to give up your bitcoins. Sometimes they pose as one of your acquaintances or someone you trust.
Then they convince you to share your BTC funds. Sometimes they lure you into a trap by making you download so-called genuine applications. Else they just pick up your email, cell phone numbers, and other pieces of information right from the internet.
You must be aware of the tricks employed by these online robbers. At WazirX, we do everything we can to keep your crypto funds safe, but here are a few things that we recommend for you:
- Create strong passwords for your account(s). This is the most important step. Create strong passwords that include numbers, characters, capital letters, and symbols.
- Do NOT share your passwords, do not share your OTPs and do not save them in your email accounts.
- Check the official URL and the lock symbol while accessing the exchange website.
- Don’t fall for scammers in Telegram groups or any other website. Anyone asking for funds, passwords, or OTP online is probably a scammer.
- Never share your private keys or account information on mail, chat, or any social media sites.
- Use 2-factor authentication (2FA)
Using 2-Factor Authentication is probably the most important thing to do. If you haven’t enabled 2FA, your crypto is at risk.
Backup Your Bitcoin Wallet
You must always remember to encrypt your bitcoin wallet and create a backup of the seed/recovery phrase and store it in a safe place. This will help you recover your funds in an event of theft of your computer/smartphone.
Also, it is important to keep in mind that single storage points are bad for security. You should not store your bitcoin wallet backup in a single location. Consider using different storage options like USB keys, papers, and CDs.
If you are a daily bitcoin trader, you need to backup your wallet on a regular basis. This will ensure that all your recent change addresses and all new BTC addresses that you created are included in your backup.
Enable Offline Transaction Signing For Your Offline BTC Wallet
Offline wallets or cold wallets provide optimum security for stored BTC funds. But using a cold/offline wallet in addition to backups and encryption can level up things. Here’s how:
Imagine two computers sharing some parts of the same offline bitcoin wallet that you have. Disconnect the first one from any internet based networks.
Designate it as the computer that ‘actually’ has your wallet and has authority to sign transactions. Connect the second computer to the internet. It must only have a watching wallet with the access to create only unsigned transactions. Now:
- Create a new bitcoin transaction on your online computer and save it on a USB drive
- Sign the transaction with your offline computer
- Send the signed transaction with your online computer
As your online computer cannot sign transactions, it cannot be used to withdraw any bitcoin funds if it is compromised. Bitcoin wallet security just got leveled up good!
Update Your Wallet
It seems inconsequential but apparently isn’t. Updating your bitcoin wallet software on a periodic basis can go a long way in ensuring the safety and security of your stored BTC funds.
Also in this case of a computer and smartphone-based bitcoin wallet (like the official WazirX exchange wallet), it is also important to keep all other applications and software updated. To ensure a safe environment for your BTC wallet.
Consider Activating Multisig Feature
Bitcoin is probably the only asset that allows a multiple transaction approval feature. This means that BTC transactions can happen only if more than one individuals sign them.
Suppose you have a significant bitcoin stash that is known to other members of your family/organization. Through the multi-signature feature, you all can have access to the wallet/storage with the exception of allowing a withdrawal only if the majority of members sign the transaction.
Utilize a Separate Wallet For Daily Trades
We emphasized the need to back up your bitcoin wallet regularly in case you engage in daily BTC trades. However, it is better if you just use a separate wallet altogether for the same.
You can trade with one wallet(s) and HODL the rest of your BTC on another.
How to Buy Bitcoins (BTC) With INR in India?
To buy bitcoin through WazirX, you need to register on the platform first, then finish a super quick KYC process and finally deposit funds for the purchase. Here’s how it goes:
Step 1: Account Creation
- Download the WazirX app or visit the website. Then hit the Sign Up button
- Fill in your email address (one that you use frequently), and your desired password
- Click on the Terms of Service checkbox, but go through it once before checking
- Then press the Sign Up button
- You will be sent a verification email after hitting the sign-up button. If you have received it, click on Verify Email to complete the process.. If you haven’t, check your spam folder. Or hit Resend Here. On successful verification, you should see this message:
Securing Your Account
For security purposes, we highly recommend enabling 2-factor authentication (2FA). You can do so by downloading the Google Authenticator app and connecting it to your account.
The last stage in the account set up process is KYC verification. Select your country from the list:
Then verify your KYC and finish the process. After that, you are all set to buy BTC with INR from WazirX!
Step 2: Depositing Funds
You can deposit INR funds from your bank account to your WazirX account via UPI/IMPS/NEFT/RTGS.
Just submit details like bank name, account number, IFSC code, etc of the bank account with which you wish to transact, and then you are good to go.
In case the INR deposit is rejected, check out the WazirX support page for such issues.
Depositing cryptocurrencies into your WazirX account, either from your wallet or another exchange is an effortless process. It’s also free – with no fees charged on any deposit!
Start by obtaining your deposit address from your WazirX wallet. Then, share this address on the ‘Send Address’ section of your other wallet for transferring your cryptocurrencies.
For more details, check out the WazirX Support page on depositing cryptocurrencies.
Step 3: Buy Bitcoin with Indian Rupees
With all the necessary steps covered, you are now ready to buy bitcoin with your deposited funds. Here’s the process:
Log on to the WazirX app or website to view the latest BTC/INR prices.
On the app, press the BTC/INR price ticker. After that, scroll down a bit, and you will find the BUY/SELL button amongst the ‘Charts’, ‘Orders’, ‘Trades’, and ‘My Orders’ options at the bottom.
Enter the INR amount with which you want to buy bitcoin. Note that this amount should be less than or equal to the INR funds deposited in your WazirX account.
Hit BUY, and wait for the order to execute.
Once the transaction is executed, you should find the bitcoin bought added to your WazirX wallet.
Also you can download the app and Start Trading Now!
Android App – Bitcoin Exchange
iOS App – WazirX
Frequently Asked Questions
Bitcoin is decentralized digital money that may be bought, sold, and exchanged without an intermediary such as a bank. Bitcoin is based on a blockchain that is considered to be a distributed digital ledger. As the name suggests, blockchain is a linked database made up of blocks that store information about each transaction, such as the date and time, total amount, buyer and seller, and a unique identifier for each exchange. Entries are linked in chronological order to form a digital blockchain
Bitcoin may be converted to cash in various ways, including crypto exchanges, Bitcoin ATMs, Bitcoin Debit Cards, and Peer to Peer Transactions. You may do this by using Bitcoin exchanges like WazirX. You may also sell Bitcoin for cash faster and more anonymously through a peer-to-peer marketplace.
Bitcoin is the first application of the concept of "cryptocurrency," first articulated in 1998 on the cypherpunks mailing list by Wei Dai, who proposed a new form of money that relies on cryptography rather than a central authority to manage its creation and transactions. Satoshi Nakamoto published the initial Bitcoin specification and proof of concept on the cryptography mailing list in 2009. Satoshi exited the project in late 2010, with little information about himself available. Since then, the community has evolved, with numerous people working on Bitcoin. Satoshi's anonymity has sparked unfounded fears, many of which may be traced back to a misunderstanding of Bitcoin's open-source nature.
Bitcoin is a decentralized digital currency that may be purchased, traded, and traded without intermediary like a bank. Bitcoin is built on the blockchain, which is a distributed digital ledger. Wei Dai suggested a new kind of money that relies on cryptography rather than a central authority to oversee its production and transactions on the cypherpunks mailing list in 1998. Bitcoin was the first application of that notion. In 2009, Satoshi Nakamoto sent out the first Bitcoin specification and proof of concept to a cryptography mailing group.
Bitcoin is a digital currency that was initially released in January 2009. It is based on ideas offered by Satoshi Nakamoto, a mysterious and pseudonymous figure, in a whitepaper. The name of the person or individuals who invented technology has not been revealed. Bitcoin promises lower transaction fees than other online payment systems, and unlike government-issued currencies, it is decentralized.
Some investors are afraid of the risks or devastation, but others are very eager to pursue the possibility of profit from a Bitcoin investment. A Bitcoin investment is similar to stock investing, except it can be more volatile.
Bitcoin mining isn't free, but it can be tried on a budget. Bitcoin mining is an essential part of the blockchain ledger's upkeep and development and the act of issuing new Bitcoins. It is accomplished by the use of cutting-edge computers that tackle complicated computational arithmetic problems. The effort of auditor miners is rewarded. They're in charge of ensuring that Bitcoin transactions go off without a fuss and that they're legal.
Firstly, Go to the WazirX website and sign up. Then, a verification mail will be sent to you. The link sent via verification mail would be available only for a few seconds so make sure you click on the link sent to you as soon as possible, and it will verify your email address successfully. The next step is to set up security, so select the most suitable option for you. After you have set up the security, you will get a choice to either proceed further with or without completing the KYC procedure. After that, you will be directed to the Funds and Transfer page, where you could start depositing Bitcoins to your wallet. You can also deposit INR and then use it to buy Bitcoin for your WazirX Bitcoin wallet.
There are 18,730,931.25 Bitcoins in circulation as of June 2021. The total number of Bitcoins that would ever be there is just 21 million. On average, 144 blocks are mined every day, with 6.25 Bitcoins per block. The average number of new Bitcoins mined every day is 900, calculated by multiplying 144 by 6.25.
Bitcoin is a type of cryptocurrency that was first introduced in January 2009. It is invented based on the key concepts and notions presented in a whitepaper by Satoshi Nakamoto, a mysterious and pseudonymous figure. The name of the individual or people who invented technology is yet unknown. Bitcoin promises reduced transaction fees than existing online payment methods, and a decentralized authority controls it, unlike government-issued currencies.