Common ways to secure your Bitcoin / Cryptocurrency Wallet
A Bitcoin wallet compares to a bank account. It’s where you store your digital coins. What’s more, you use it to send and receive Bitcoins. Therefore, your Bitcoin wallet should be as secure as your bank account. That means you shouldn’t disclose private keys to anybody like you wouldn’t share your ATM PIN with other people.
Recently, criminals have targeted Bitcoin wallets with cyber attacks. But both Bitcoin and crypto wallets can provide high-security levels if people use them correctly. This article explains practical ways to secure your Bitcoin wallet.
Be Careful When Using Online Services
Bitcoin users should be careful with services for storing funds online. Over the past years, online wallets and crypto exchanges have suffered security breaches. What’s more, some of these services don’t have adequate security and insurance like traditional banks.
Therefore, Bitcoin users should be careful with the online services they use. For instance, if you decide to use a crypto exchange like bitiq.org, check the security measures it has in place to protect your Bitcoins. The same case should apply to Bitcoin wallets. If possible, use two-factor authentication to store, transfer, or receive Bitcoins when using an online service.
Keep Private Keys Offline
Maintaining an internet connection all the time exposes your crypto wallet to hackers. Therefore, keep the private key offline whenever possible. For instance, you can write down the private key on paper instead of storing it in your electronic device. Nevertheless, keep the piece of paper on which you write it in a safe, dry place away from direct sunlight and heat. That way, you can prevent the deterioration of your writing.
Access Your Wallet via a Secure Internet Connection
Avoid accessing your Bitcoin wallet via public networks because they have security flaws and are more vulnerable. If you must use the Bitcoin wallet on a laptop, use your smartphone’s hotspot. Ideally, try avoiding public networks when accessing your Bitcoin wallet.
Perhaps, the best approach is to use well-known or home networks that don’t have security flaws or vulnerabilities.
Use Up-to-Date Antivirus Software
Using Windows exposes you to different malware types. However, every operating system has malicious programs. Therefore, check for updates and reliable antivirus software that you can install on your device. In most cases, cyber attackers use malware and viruses to access electronic devices and tamper with them. Therefore, scan your device for malware and virus before installing your Bitcoin wallet. Also, update your device with the latest antivirus and anti-malware programs regularly.
Backup Your Bitcoin Wallet
Wallet backup can protect you if your computer fails or human mistakes lead to losses of private keys. You can quickly recover it if somebody steals your computer or mobile device when you have a wallet backup.
You can back up the entire wallet if the application allows. A wallet can have several hidden keys. If you use online backups, encrypt them to enhance security. Also, store the backups in several locations.
Guides: Backup core wallet | Backup Electrum wallet | Backup Ledger device
Create a Strong Password for Online Wallet
If you opt for online wallets, create strong passwords for each. Don’t use birth dates, phone numbers, favorite movies, or names as your wallet passwords. Instead, use alphanumeric combinations that make sense. Most people re-use similar passwords for several online services. To ensure the safety of your crypto wallets, use unique passwords for each of them.
You’re responsible for the safety of every Bitcoin wallet you own. And the crypto space is constantly changing, with improved security systems emerging every day. Therefore, take your time to learn about different crypto wallets and the best safety precautions to take to protect your crypto assets.
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