10 tips to protect your cryptocurrency wallet
The cryptocurrency business is growing by leaps and bounds, and many already have large amounts of money in the bank. Because of the growth, there are many people lurking who want to take advantage of you. So it is very important to protect your wallet.
Just as it has its advantages, it also has its shortcomings. Because it is a blockchain technology that is not controlled by anyone, and the anonymity of nature, hackers have a field day stealing valuable amounts of cryptocurrency, especially Bitcoin.
In today’s world where someone is spying on your online activities, as you can do almost anything on the internet with the data created by your activities and online communications. With this data created by you, prying eyes can use these digital footprints to steal, destroy or alter your credentials and use them for fraudulent activities without your knowledge, especially if you are a cryptocurrency owner and trader.
Those who trade Bitcoin are especially vulnerable to cyberattacks because digital currencies are only transferred electronically. It is therefore important to choose a secure and reliable online bitcoin wallet.
It is therefore important that you know what it takes to protect your investment. Did I scare you? Don’t worry, this article will give you the ten tips you need to protect your crypto wallet while you sleep and your investment continues to pay off for you.
1. Choose a reliable crypto wallet
A bitcoin wallet is a special electronic device that can be used to store, send, receive, and track digital currencies. There are different types of crypto wallets available online. It is advisable that you choose the one that best suits your storage and trading needs.
2. Two-factor authentication
One of the best ways to protect your wallet, is This security initiative offers you the assurance of verification before your money leaves your wallet. Two-factor verification is required before you perform account activities like logging in and withdrawing or sending funds. For this, you need your 2FA code, which alerts you immediately if someone tries to access your wallet.
3. Your Bitcoin wallet must be encrypted
This is another security measure you need to take protect your wallet. After you enable 2FA, you can also encrypt your digital wallet against possible cyber attacks. With this initiative, you can set a password and lock your coins if someone tries to access your account. This way, the hacker will be prevented from stealing your bitcoin unless he knows the password you set.
4. Back up the entire wallet regularly
If you choose to use a digital wallet, make sure that your provider allows you to back up your wallet data. This will help you access your data if a computer system or software fails. This way, you can easily recover your money and data if it is stolen or lost.
To achieve this, you should use multiple backup devices so that you can easily restore your account. You can save your data on papers or hard drives like USBs and CDs.
5. Multiple signature function
To add another layer of protection to your digital wallet, you should use the multiple signature feature, especially if you own large amounts of cryptocurrencies. This is one of the best ways to keep your funds safe.
This feature, which is supported by some crypto wallets, requires the digital signatures of multiple authorized users before you can access the wallet. This means that hackers will not be able to access your wallet and compromise your cryptocurrency funds without the consent of other users.
6. Update your software
As a trader or app user, you should make it a habit to update your software regularly. This step will keep you up to date with the latest feature improvements and security fixes for your wallet. You can easily do this by enabling automatic updates. Aside from being notified of new software updates, you’ll also know what new features have been added and you won’t be interrupted with the installation if you’re in the middle of a transaction.
To check and avoid errors affecting your data, you can wait a few days before installing the update.
7. Do not use the same password for all accounts
In this business, it is advisable to use different passwords for different accounts, especially if you have three or more online accounts.
This is because using the same password for all accounts can put you at risk.
After using different passwords for all your accounts, you should get into the habit of using strong password combinations and credentials for different accounts. The strong combinations could include a mix of upper and lower case letters, numbers and symbols to create a long and strong password that is harder to crack.
8. Never share your confidential information
You already know that you cannot share your confidential information with other people. Therefore, it is necessary that you do not share your bitcoin wallet username and password with anyone. So, you need to memorize them.
Also, never share your private key, which you need to treat the same way as your bank key. This way you can protect your hard earned money. To ensure proper protection of your private keys, keep them offline.
9. Avoid unknown or suspicious links
In this century, you need to avoid unknown and suspicious links. This is the first way cybercriminals often set their traps. They are good at getting the attention of their targets and enticing them to click on strange links that lead to unsafe websites that can steal confidential data and damage electronic devices.
10. Avoid unsecured internet connections
The best way to avoid unsecured ones is to never be connected to public Wi-Fi as hackers use them too. This is because free Wi-Fi networks are often unsecured and hackers find it the easiest way to steal users’ confidential data.
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Nothing on Cryptinus constitutes professional and/or financial advice. Always think for yourself and make sound decisions when investing. Never invest money that you can’t afford to lose.