The 10 Commandments of Bitcoin

Welcome Jacob, to the guide for the Bitcoin enthusiast. You finally own some real Bitcoin. Now, let's make sure you keep it safe.

Cypherpunk
  1. 1

    Thou Shalt Protect Thy Private Keys

    Your private keys are the most critical component of your Bitcoin holdings. Never share them with anyone, never store them digitally (text, picture, video, audio) and never say them aloud.

  2. 2

    Thou Shalt Use Hardware Wallets

    Hardware wallets are physical devices designed to securely store your private keys offline. They provide an added layer of security against online threats such as hacking and malware. Unless you are even more hardcore and only use paper, use hardware wallets.

  3. 3

    Thou Shalt Back Up Thy Wallet

    Back up your wallet's seed phrase or private keys in at least one secure locations. This ensures that you can recover your funds in case of device loss, damage, or other unforeseen events.

  4. 4

    Thou Shalt Verify Addresses Before Transacting

    Always double-check (or tripple-check) the recipient's Bitcoin address before sending funds. Consider using QR codes or verifying the address on a trusted device to prevent accidental or malicious misdirections.

  5. 5

    Thou Shalt Keep Software Updated

    Ensure that your wallet software and any related applications are up to date. Updates often include important security patches that protect against vulnerabilities.

  6. 6

    Thou Shalt Practice Safe Online Behavior

    Be cautious when accessing your wallet online. Avoid using public Wi-Fi for transactions, enable two-factor authentication (2FA) where possible, and be vigilant against phishing attempts and scams.

  7. 7

    Thou Shalt Diversify Storage Methods

    Don't keep all your Bitcoin in a single wallet or location. Diversifying your storage methods can reduce risk and protect your assets in case one method is compromised. But don't overdo it. Too many or complex setups are easy to forget.

  8. 8

    Thou Shalt Educate Thyself Continuously

    Stay informed about the latest developments in the Bitcoin ecosystem, security practices, and potential threats. Continuous education helps you make informed decisions and adapt to new challenges.

  9. 9

    Thou Shalt Limit Exposure to Public Networks

    Minimize transactions and sensitive activities on public or shared networks. Use secure, private connections to reduce the risk of interception and unauthorized access.

  10. 10

    Thou Shalt Plan for Succession

    Consider creating a plan for your Bitcoin holdings in the event of unforeseen circumstances. This might include securely sharing your seed phrases with trusted individuals or using estate planning tools to ensure your assets are passed on according to your wishes.