7 Ways to Improve your Bitcoin Security in South Africa
Learn how you can improve your Bitcoin security and protection with our safety tips!
Bitcoin (BTC) has come a long way since its inception back in 2009. Despite the bulls and bear markets since its introduction, BTC has arguably retained its appeal and remains a strong asset for investors to diversify into.
That being said, one of the most common questions for newcomers is how safe is Bitcoin? What are ways to improve my Bitcoin security?
Below are ways to improve the safety and security of your Bitcoins, make sure to keep these in mind when you decide to invest!
New to crypto? Start with our 101 guide.
Use a secure network connection
Securing your network connection is one of the most essential security practices you can do. This is especially true if you frequently use public wifi networks such as in an airport, coffee shops, or hotels.
When using a public network your personal credentials (including passwords, private keys, etc) are at potential risk of being compromised by malicious parties.
To enhance your data security and protection use a Virtual Private Network (VPN). A VPN will hide and mask your IP address, making it significantly harder for hackers to trace and compromise your data.
Use a secure seed phrase
Nowadays, most Bitcoin wallets will incorporate a 12-word seed phrase that will be required to authenticate the login information whenever you log in from a different device.
This seed phrase is crucial to safe keeping your crypto, make sure to physically write them down in a notebook and not just screenshot it on your phone or computer.
Use multiple wallets
As there is no limit to the number of wallets a single user can have, consider storing your Bitcoin and other crypto assets in different wallets.
You can keep a wallet for savings and another for spending, and another for staking or Web3 apps. Using one wallet for all transactions may leave your funds vulnerable.
Know your crypto wallets:
Choose a Bitcoin wallet that suits you
There are various kinds of bitcoin wallets, so ensure you choose the one that is most essential to your trading and storage needs.
Ensure that your bitcoin wallet provider is stable and reliable and reputable. You can check out any of the bitcoin wallets listed in this article and choose one that would suit you.
Backup your Bitcoin wallet
Humans and computers alike are fallible and prone to errors. Backing up your wallet helps to protect from this failure.
It gives you the chance to recover your wallet in case your device gets stolen or lost. Back up your wallet on different devices, and keep them in separate but secure locations.
Use separate passwords
If you have more than one wallet it is advisable to use different passwords for each of them. If you use the same password, it becomes easier for hackers to guess them and steal your information.
It’s imperative that you set a strong password with upper and lower case and symbols and numbers. The more unique and complex your password is, the more difficult it is for hackers to gain access to your wallet. Pro-tip is using a password manager to store your passwords, like LastPass or Dashlane.
Read more: Read our guide on password managers.
Update your software regularly
Bitcoin wallet providers often provide software updates for the wallets. This is to improve security and other features. Always remember to update your wallets to keep up with the trend.
If you have a very busy schedule, you can turn on automatic updates and the wallet would make an update whenever there is one.
Bitcoin wallets in South Africa
Now that you have an idea of ways to keep your Bitcoin safe, now it’s time to talk about proper storage for your digital assets.
Bitcoin, like any other cryptocurrency, is stored in a Bitcoin wallet. A Bitcoin wallet is a digital space where you can store bitcoins, send and receive bitcoins from all over the world (just like a bank account). There are different types of such wallets with unique features to suit your needs.
Below are some excellent options for the best bitcoin wallets in South Africa:
Trust Wallet is a digital wallet to securely store your crypto assets, NFTs, and also access a variety of Web3 applications.
You can use Trust Wallet to easily send and receive cryptocurrencies, buy and sell NFTs, and much more.
Get started: Read our guide to set up Trust Wallet.
Edge wallet is a mobile multicurrency wallet. It enables South Africans to send and receive different cryptocurrencies, including bitcoin. It is available to Android and iOS users. Transaction fees on Edge wallet depend on the amount you want to send, and network recommended charges.
Edge wallet provides users with data encryption, data backup, password recovery and two-factor authentication. It also supports several payment options and open-source code.
Further reading: Read our best picks for Bitcoin wallets in South Africa!
Luno wallet is excellent for those who want to trade with the South African Rand. It allows you to buy, sell and receive bitcoin. It is available as a mobile app for Android and iOS, or online as a website. It requires a valid ID card to utilize and may sometimes charge a fee; depending on network traffic.
This is also an app for Android and iOS devices. It operates on the Bitcoin Lightning Network, which means bitcoin transactions are really fast and cheap. It is free to use and does not require personal details, thereby ensuring full encryption for security and privacy.
Blue wallet also supports multiple wallets in one app.
This is a desktop wallet that is only available for Windows, Linux and Mac devices. It is free to use and does not ask for personal details.
Only network costs incur as Exodus wallet does not charge users for bitcoin transactions.
More on Exodus: Read our review on the Exodus wallet.
Ledger wallet is a hardware wallet for South Africans.it is a wallet that stores bitcoin offline, keeping them secure. When you connect your Ledger wallet to a computer, you can use Ledger Live to check your balance, or send and receive bitcoin. Ledger Live is available for download for mobile and desktop.
Ledger wallet lets you set a price for your transactions. The higher the price, the faster your transaction and vice versa. Ledger wallets are affordable but may be complex to use for beginners.
Looking to buy? Shop our Ledger collection of crypto wallets!
As much as bitcoin wallets provide protection from hackers, you can never be too careful in securing your wallets (like your other personal belongings).
Keep in mind that hackers are always trying to steal your information and by extension your Bitcoin credentials. So practice these steps to build a secure wallet for yourself.
Get started: Start investing in Bitcoin in South Africa!
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated May 4, 2023