The internet is a dangerous place – if you’re not careful. People with bad intentions will find ways to access your account. The best way to keep people from accessing your information is by being vigilant and building good browsing habits. Below are recommended ways to protect you from identity theft:
1. Use a strong password
It’s tempting to use the same password over and over again. We all have multiple accounts in different websites, and it’s hard to keep track. But the first step to keeping other people from accessing your Coins.ph account is by making a good password. If your password is “password” or “12345” or even “qwerty”, it’ll take someone with the right tools a mere 0.29 milliseconds to crack it.
A good password is:
- Lengthy – Aim to have at least 10 characters in your password. Contrary to what you see in pseudo-tech movies, in reality, the longer the password, the longer it takes to figure out.
- Complex – Use upper-case and lower-case letters. An upper-case “A” is different from a lower-case “A”. A good combination of upper-case and lower-case passwords significantly increases the time an intruder will take to access your account. Use special characters such as “#” or “?” in your passwords as well.
- Randomized – Be as random as possible. Avoid using real words as your password.
Want to see how your password fares? Visit Random-Ize to see how strong your password is. If you’re not comfortable that someone may take only less than a week to figure out your password, it’s time to change it.
Use a Password Manager
If you don’t want to memorize your passwords, you can use a password manager (trust us, we don’t like memorizing too). You can try using LastPass. It’s a very powerful and secure password manager. You can store your passwords here and it will remember them for you. It’s also very easy to learn. Just download the software on your browser, create an account, and start storing your passwords.
2. Enable two-factor authentication (2FA)
Two-factor authentication, or 2FA is another security protocol that provides an added layer of security to your account, making it very secure. In a nutshell, after you enter your password, you’ll be asked to provide a randomly generated code before you access your Coins.ph account. The code refreshes every few seconds, so it’s very difficult for someone to guess it given the time.
For this, you’ll need to use a special app like Authy or Google Authenticator. Your Coins.ph account can be equipped for 2FA.
How to enable Two-Factor Authentication (2FA) in your coins.ph account
These apps generate a 6-digit code for verification that are valid for only 30 seconds.
3. Do not store all of your Bitcoin in a single address
Don't put all your eggs in one basket!
While you can only have one Bitcoin wallet address on coins.ph, there's no limit to the number of wallets a person can have, so it's wise to spread out your Bitcoin in small amounts across various wallet providers. This way, in case the security of one of them gets breached, your losses will be kept to a minimum.
It's good practice to create a new wallet address whenever you ask someone to send you Bitcoin, and then to immediately transfer the Bitcoin out of that address into another undisclosed address (meaning you are the only one who knows that address).
You can start with at least three addresses:
- a "public" wallet address for receiving Bitcoin (what you give to someone sending you Bitcoin)
- another public wallet address for sending Bitcoin (from where you transfer out Bitcoin to another person's wallet)
- one "secret" address for keeping your savings--create new savings wallets as the amount of Bitcoin you own increases
For more tips on keeping your Bitcoin wallet secure, we highly suggest reading this CoinDesk article on security tips for beginners.
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