HotBit, a crypto exchange suffered a major hack comprising the data of about 2 million users. The site is shut down for maintenance for 2 weeks and reports no money is lost.

Please know that you are responsible for your BTC and please keep it safe.

Never Store your Bitcoin on Exchanges

If history has taught us anything it is that you should never store your bitcoin on an exchange.

Given exchanges are the prime target of most hackers it is always advised to use exchanges only for making the trade but never for storing. Once the desired trade is made, withdraw your bitcoin and any other crypto and keep it in your personal wallet.

Use Hardware Wallet

Most hardware wallets such as Trezor and Ledger are considered one of the safest ways to store your bitcoin. Since they are not connected to the internet hackers cannot easily access your private keys and steal your bitcoin.

Store your Private Keys/Wallet Seed Offline and Never Share Them

There is a very common saying in the bitcoin world:

Not your Keys, Not your Bitcoin

This basically means that if you do not own the private keys you don’t own that bitcoin. The proof of ownership with Bitcoin lies in the private keys of your wallet/address, thus keeping it safe is of utmost importance.

Keep Backup

While storing your private keys/Seed for your wallet, it is always a good idea to keep a backup.

If by any chance you lose access to your wallet and your private keys, this backup is the only way you can recover your bitcoin.

Use separate wallets for daily use and savings

While storing bitcoin, it is never a good idea to store all your bitcoin in one place, especially when they are meant for ‘various purposes’.

What this means is that, if you have bitcoin for several different purposes such as, daily use, savings, trading, it is never advised to store them together in one address.

Never click or access unverified bitcoin links

This goes without saying but, avoid clicking any unverified links claiming to be investment opportunities, bitcoin giveaways, or anything similar asking for your private keys or asking you to send bitcoin.

If you are unsure about what the particular bitcoin-related message is about it is always better to leave it alone.

Source: Blockonomics – Bitcoin & Security: How to keep your BTC Secure

submitted by /u/primalfabric

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