Holding digital assets is easy, but to keep the crypto wallet secure needs n number of skills and tactics that the users should be aware of. Every day or the other, there is news of hacking or ransomware violations coming up, despite the fact that cryptocurrencies are backed by blockchain technology that claims to make crypto safer to use and hold, without the risk of hacking or stealing. But it is to be remembered that the blockchain technology runs on the internet that cannot produce a fully secure ecosystem for the crypto users. There are inherent internet risks associated with blockchain and cryptocurrencies that need to be taken good care of. This article deals with the crypto wallet security, as to how to secure your crypto wallet.
How to Secure Your Crypto Wallet & Accounts?
A crypto wallet is a software program that stores the private and the public keys of digital currencies, monitors their balances and interacts with other blockchain platforms. A crypto wallet manages your crypto assets, thereby keeping your funds secure. But what to do when your crypto wallet itself is at the risk of hacking and stealing. Here are some ways discussed that will help to secure your crypto wallet and accounts.
Use the best crypto wallet available
The best crypto wallets provide extra security features and that usual crypto wallets do not have, like PIN code feature, passphrase feature and even the new 2-FA authentication features. The more security features you have in your crypto wallet, the better it is.
Keep an offline backup for your private keys, Pin code and Passwords
You can enhance the security of your crypto wallet by keeping an offline backup of your private keys at any trusted location. Even if your crypto wallet is an HD wallet, store the seed or the mnemonic phrase in at least 2 or 3 of your trusted places.
This way, the hacker will not be able to access your crypto wallet with just two things. Likewise, it is also advisable to keep a backup of your PIN code, user IDs and passwords.
Use robust anti-virus and anti-malware software
Staying away from phishing websites, using robust anti-virus software and installing a strong firewall can enhance the security of your crypto wallet.
Tips to keep in mind for securing Crypto Wallet & Accounts
These tips may help you minimize the chances of losing your cryptocurrencies.
Log in via a secure HTTPS
Almost all legitimate websites have a valid HTTPS certificate. Be aware of phishing crypto exchange websites that often imitate exchanges to steal your login data.
Use cold storages
Every user should have at least two digital wallets, instead of storing all the crypto assets in a single wallet. The first one should be used for transactional purposes that may be a hot wallet, but the other one should be used to store savings and this wallet should always be a cold wallet used for long term holdings.
Never use a public wi-fi
Never use public wi-fi when you are using a device that has a crypto wallet on it. Your wallet could be at risk even if you leave your device unattended for a long time or lend it to someone else.
Users should always secure their accounts with two-factor (2FA) authentication. Instead of using SMS, users should always try to use software or hardware 2FA wherever possible.
Check your crypto addresses carefully
Check the crypto addresses before sending any payment transactions because there are myriads of malicious programs out in the market that can copy-paste a different address. So, it is advisable to send a smaller amount first, just to authenticate that the address is not fraudulent.
How to Create a Cryptocurrency Wallet and Secure your Assets?
Creating a cryptocurrency wallet is very easy. You can find various crypto wallets via web browsers like Myetherwallet.com (MEW), IMtoken, and MyTrezor, which can be downloaded on your smartphone app stores or can also be purchased online as hardware devices. Go to any of these web browsers and under the main menu, click on “New wallet,” then “create a new wallet,” with a strong password. Then you will be directed to download the Keystore file, download the paper wallet for your private key and save it carefully, and you are done.
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