Bitcoin wallet password lost / Dogecoin hashrate wallet

Just like paper money,you also need to store your bitcoins in a wallet; the difference,however,is that the latter is stored digitally. In any Bitcoin transactions,you need to have a wallet and a security address (your password). Your bitcoin wallet is where you keep your private keys when you need to access your funds. And just like a traditional wallet,your bitcoin wallet comes in different forms and designed for different types of devices—for desktop,mobile,and web.

It is important to secure your Bitcoin wallet because it is where you keep funds,and in this digital age,everything that’s online is prone to an attack.

Always Be Careful When Dealing with Online Services

Digital wallets and transactions look like your online bank account. However,as an owner,you should carefully choose which “bank” to store your bitcoin. Currently,they don’t provide enough insurance and security for your BTC,so it’s important to have security features like a two-factor authentication process to secure your account.

Don’t Spend It All at Once

Your digital wallet works like your wallet with cash—and you don’t want to have thousands of dollars in it all at once,right? Generally,it is better to distribute your bitcoin in different places (mobile,computer,etc.) for everyday uses and to keep the bigger chunk in a safer environment.

Have a Backup

It is a must to always have a backup that is stored in a safe place so that when computer failures and human errors occur,it will be saved. This is also a good way to recover your wallet after your mobile device or computer was stolen.

Encrypt Your Wallet

Encryption is one of the safest ways to secure your online wallet. Encrypting your mobile or computer will make it at last safe for a definite time frame while you try to recover your wallet if it gets stolen. This is your protection against thieves but not against keylogging hardware or software.

In encrypting your wallet,make sure that you will not forget your password or else your funds will be permanently lost. In your bitcoin wallet,there are limited options as to how to recover your password; in fact,it should be your practice to remember your password even after how many years.