Just like you take several precautions to safeguard your physical wallet, there are some necessitate steps you should undertake to protect your digital wallet as well. Even though these virtual wallets are highly encrypted in storing data, yet crypto wallets security remains a major concern.
Although the innovation of Blockchain Technology has made it impossible for someone to steal your cryptocurrency. But they said, “Prevention is always better than cure”. So why not implement these cryptocurrency wallet security tips to be safe than sorry.
How to Secure Cryptocurrency?
Cryptocurrencies are Safe, as they are decentralized, packed in tamper-resistant Blockchains and have anonymous digital transactions. But that doesn’t imply that your Cryptocurrencies can’t be hacked or stolen.
Based on several reports, about 9 Million Dollars are lost daily to scams.
It might be difficult to protect your digital wallet, but if done decently with progressive steps and below tips then you can definitely secure it.
Implement these Bitcoin Safety Tips to Secure your Crypto Wallet
Keep these Cryptocurrency Security tips in mind to have your wallet safe & sound.
- Be Clever in Choosing Your Cryptocurrency Holder
The web-based wallets which stores your digital currency should be versatile in nature. There are many Crypto exchanges and wallets which suffer from data breach and thus do not provide accurate security.
So be wise when selecting a wallet that can protect your privacy, identity and most importantly use those, that use encryption to protect your private keys.
Also, try separating your funds using Hot or Cold storage– one for your constant trading purpose and latter for just storing savings.
Read about different wallets here!
You can also check third party wallet apps right here!
- Backups are Essential
We all know the importance of Backups. They are must! It protects our private data against any human or computer error. In case any mishap happens, and if you have an entire backup of your wallet, you can still be able to restore all your data. Have a full backup of your crypto info on a thumb drive, encrypted, or colocation servers.
Make sure you take regular backup and use different locations and media to keep your wallet secure.
Never say goodbye to your coins, when you have several secure places to hold your backed-up data!
- Be Smart with Mobile Authentication
Accept it, you are always with your Smartphone. So, make the most out of it and use it to set up multiple factor authentication. And if you are using hardware wallets, that’s even better.
Hackers do have ways to bypass your phone number to retrieve your password. So, trying to protect your wallet with one or two factor authentication would not be enough.
Be smart like your smartphone and don’t let your telephone carrier port your line, even sign up for services with other option such as Skype numbers, Google Voice etc. rather than using your mobile number. Also disable call forwarding for extra layer of security.
- Be Strong with Passwords
Create long & complex passwords and avoid using family names, birthdays and contact numbers as your password. Though there are very limited password recovery options associated with Bitcoin, but you should keep a secured password that is minimum 20 characters, including lower/upper cases, alphabets, numbers and other characters.
- Consider Using a Dedicated Device
Lower your odds of vulnerability by using a devoted device for your cryptocurrency transactions. Have a personal PC/Smartphone or device based for all your cryptocurrency activities and operations.
- Employ Multiple Wallets
Don’t put all your eggs in one basket. Setting up Multiple wallets for your Bitcoins can be a safe idea. Diversify your risks, so storing all your prospects or resources at one place doesn’t land up to losing everything.
Not only Multiple wallets, utilize Multi-signatures addresses, for example add signatories of your spouse, or children or any other trusted member of your family to attach an extra layer of security to your investments.
Multi-signatures involve use of more than one key which means high level of your security for your crypto assets.
- Say NO to Public Wi-Fi
You must be aware of this basic precaution, that not connecting your device to Wi-Fi networks at airports, stores, hotels is a great step to protect your private online data. There are many hackers who attack through these public spaces.
So, never access your cryptocurrency accounts on a public network to keep your funds safe.
– Use Strong Antivirus Software
Securing your wallet is as similar to protecting your data on your PC. Be little paranoid in your browsing behavior. It just takes one grade for your System, tablet or any other device to get hacked.
Take Advantage of a good reputed Anti-Virus Software like Advanced System Protector for Windows & Systweak Anti-Malware for Mac, which regularly checks for any malicious thread and protects you against any Trojan, Malware, Adware and Spyware that are hiding in your system.
Layer your device with these Software for maximum security and get rid of phone-porting and phishing attacks which are the most popular cryptocurrency security risks.
Adhere to these tips & Have A Happy Crypto Wallet! 😉