Bitcoin Bitcoin is a peer-to-peer payment system and digital currency. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Securing Your Wallet You should be wary of any service designed to store your money online. A Bitcoin wallet is like a wallet with cash. In general, it is a good practice to keep only small amounts of bitcoins on your computer, mobile, or server for everyday uses and to keep the remaining part of your funds in a safer environment. Backup your wallet Stored in a safe place, a backup of your wallet can protect you against computer failures and many human mistakes. It can also allow you to recover your wallet after your mobile or computer was stolen. If you keep your wallet encrypted, your bitcoins can be lost forever if you don't have a backup plan for your peers and family.