The security of cryptocurrencies and blockchain-based technologies is one of the most significant qualities they carry. However, hundreds of tales of investors and traders losing their precious crypto investments have surfaced in the last few years for a variety of causes. There are different methods criminals might adopt to steal your savings, including hacked exchanges, phishing schemes, and improper private key management. As a user of Bitcoin and other cryptocurrencies, you are effectively your own bank. It’s important to keep in mind that unlike conventional banking, you can never retrieve digital currencies once they’ve left your wallet. Insurers aren’t covering it. Because of this, it’s critical that you do all you can to ensure the protection of your cryptocurrency holdings. This article contains all the vital information you need to know regarding how to secure your crypto wallet.
THE SECURITY OF YOUR WALLET IS CRUCIAL!
The blockchain is not the source of the risk to a user’s cryptocurrency; rather, it is their wallet or exchange. At the provider level, information, including your private key, may be tracked and stored. Hackers may then get access to your account and take your money.
As the number of individuals utilizing cryptocurrencies grows, so does the competition among digital wallets. As a result, it’s becoming more important for consumers to be very careful in the wallet they use. Only use crypto wallets designed by trustworthy organizations with a long history of success in the industry.
There are several things you can take to ensure the safety of your Bitcoin and other cryptocurrencies once you’ve done that, though. The following is a list of nine things you must know and follow:
i. Use cold storage and avoid storing all your eggs in one wallet
This is not only a good investment strategy, but a good security strategy too. Whether you use cold or hot storage, you should never keep all of your cryptocurrencies in a single wallet.
Use many crypto wallets and divide your savings so that if one of them is hacked, it won’t have as big of an impact on you. Experts recommend use of cold storage equipment. Because they aren’t linked to the internet, these wallets are almost hard to hack, unless you fall for a phishing scam.
Bonus Info: Which cold storage is best for crypto?
Ledger is the most popular brand of cold storage devices you can opt for. It is an affordable, easy to use and highly secure hardware wallet that supports a continuously growing range of coins. All ledger wallets include a 24-word backup recovery phrase. The user may avail this to access their cryptocurrency if their device carrying the private key is lost or stolen. Trusted by 4 million customers worldwide, Ledger offer a wide range of devices for you to choose from, based on your needs.
ii. When using a mobile phone or computer, exercise caution
Many crypto wallets are now accompanied by mobile apps, which hackers often target. When it comes to learning how to secure your crypto wallet while using your phone/computer, there are a few things you need to keep in mind.
Using public Wi-Fi is a bad idea. A hacker may easily access a linked device. Take the time to disable your device’s automatic operating system upgrades. While it is a good idea to stay up-to-date, if a security vulnerability is identified, you may want to wait a few days before upgrading. When possible, always make use of two-factor authentication (2FA). Google Authenticator is the most popular software in this area, and the code is always updating. A code will be required for each login to your wallet or account with this additional security measure. Without physical access to the device (or the ability to hack it), it is impossible to log in to your account. You must keep the 2FA app extremely secure. Therefore, so make sure your device is password-protected. Don’t use Google Chrome or any other password-saving tool to store crypto-related credentials. Up-to-date antivirus software is a must-have for PC and mobile device security.
The purchase of another mobile device or PC only for handling cryptocurrencies is another option to consider if you’re really into trading. Remember to manage your app permissions very carefully, as an app with ill-considered permissions might make this device a target for hackers and lead to a breach.
iii. Restrict your device’s physical access
Moving your cryptocurrencies out of a gadget that requires repair is essential. Updates to software, hardware, and other components may fall under this category.
In addition, you should never leave your device unattended, and under no circumstances should you give it to anybody else.
iv. Don’t forget to back up your wallets
As a general rule of thumb, it is best to keep your wallet’s private keys offline at all times. Hackers won’t be able to get to them this way. Additionally, it’s crucial that you keep a copy of these private keys in an offline location.
It is strongly advised that you keep a copy of your keys somewhere else from your house, so that you can get to them in the event of an emergency, such as a fire, an earthquake, or anything else that might endanger your home’s safety.
If are wondering how to keep your crypto wallet secure, you might find this surprising, but the safe at your bank is an excellent option for keeping your private key. It’s important to remember that this is only a backup and that you should always have easy access to your private keys.
v. Be wary of phishing scams
As more and more individuals become engaged in the cryptocurrency world, phishing scams have become more common. This is why we found it necessary to include this point in our article regarding how to secure your crypto wallet.
The securing of your device may be compromised in various ways such as phishing domains that imitate well-known websites like Google, Facebook, and YouTube as well as by maliciously published apps to the App Store and Google Play Store.
As soon as you hand over your private key, you can expect your crypto assets to vanish in a matter of minutes or seconds. One of the most frustrating aspects of these scams is that they are often quite detailed, making it easy for even seasoned users to be duped. They often resemble the original in every way.
That’s why it’s so important to stay away from websites you don’t trust or that fall outside of your computer’s security perimeter. Verify that the applications you download are legitimate by doing a thorough double and triple-check to ensure that none of them are counterfeit.
vi. Ensure that the destination address is correct
Crypto users always remain concerned about losing their crypto forever due to an incorrectly entered address during a transfer.
This is why you should always double-check the address of each money transaction you submit. There are also malicious applications that may alter a basic “copy and paste” routine so that you end up copying an address that belongs to a hacker.
One way of ensuring secure transfers is to first make a micropayment, and then send the whole amount.
vii. Always look for the URL locks
Make sure your browser’s address bar has an SSL security symbol when using an online wallet. Look for a secure site seal. This indicates encrypted browsing. Remember to check that before proceeding with the use of your wallet.
Always make it a point to use a site that contains HTTPS instead of HTTP. An HTTPS URL will have a lock symbol next to it.
viii. Refrain from keeping huge sums of crypto on exchanges
If you’re wondering how to secure your crypto wallet, remember this. It’s never a good idea to keep the majority of your cryptocurrency on exchanges, regardless of their security and insurance.
Remember, if you lose your keys, you lose your crypto. In the event that your exchange account is hacked, you’ll lose everything you’ve put into it. We’ve already seen a number of high-profile exchanges fall prey to hackers. Additionally, law enforcement agencies investigate the platform’s operator, your cryptocurrency might be at risk.
ix. Don’t boast about your holdings
When someone threatens your life or health, you’re more than likely to hand up your private keys.
Even if you use advanced security measures like multi-signature wallets, it won’t make much of a difference to the attacker.
That’s why you should never boast about or flaunt your crypto holdings to anybody, ever! No one needs to know precisely how many bitcoins you have, if at all. You won’t be a target if you make sure to keep it hush hush.
We hope you found this article on how to secure your crypto wallet useful. For more insightful content, visit richtv.io. Also remember to follow us on Twitter, Instagram, Facebook, or Linkedin and subscribe to our channel on Youtube.
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