9 tips to keep your wallet safe!
The cryptocurrency market is growing strongly in recent years. We can absolutely earn a high passive income from this market. But like anything valuable, cryptocurrency needs to be protected. Keeping your crypto wallet safe is not easy, especially for beginners. However there are a number of simple tips you can take to ensure you stay in control of all your cryptocurrency.
In this post, Brick will summarize 9 tips to keep cryptocurrency wallets safe and secure that an experienced holder must know.
1. Use the best and safest wallets
Using the best wallets available for storing your cryptocurrencies is the best way to secure your crypto. A secure wallet will have security features like Touch/Face ID, passphrase, PIN code, and 2-FA authentication.
2. Keep your Private Key & Recovery Phrase safe
Keeping your crypto wallet’s private key and recovery phrase safe is crucial. There are two ways to secure them. First, you should keep multiple offline copies of the private key and recovery phrase in a trust location. If you write it down on paper, consider making two copies and storing them in separate locations. Second, you must alway keep your private key and recovery phrase, never share them with anyone. This helps protect your wallet from any unauthorized access.
3. Use cold wallet to store you cryptocurrency
When choosing a wallet to store your coins, consider cold wallets over hot wallets. Cryptocurrency cold wallets enable you to store your cryptos and other digital assets securely. They don’t connect to the internet so hackers will have a hard time trying to access your private key.
4. Use two-factor Authentication (2FA)
Most online wallets support some form of two-factor or multi-factor authentication. 2-FA is very important in order to increase security. If hackers obtain your username and password, they will still need to have an extra factor to access your account.
5. Do not access unknown or suspicious links
Another way to protect your crypto wallets is by being conscious of unknown or suspicious links that could potentially harm your wallet. Malicious hackers can completely create websites with URLs which are almost similar to that of your wallet service provider. If you use an online wallet or an online service where you are required to enter the private key, make sure to verify that the website address is the authentic one.
6. Beware of public WiFi
Never use public wifi when you are using a device that has a crypto wallet on it. Most public wifi-s have many security flaws since they are hardly secured. Therefore, if you have to connect to the internet when you’re not at home, consider using your phone’s data bundles.
7. Turn off auto-updates
Crypto wallets are periodically updated to stand against the latest security threats. However, do not rush to download the new version as soon as it is available and disable auto-updates. Application bugs can potentially create massive losses for account holders. You should wait 2–3 days after an update has been released to see if any bugs appear.
8. Installing Antivirus Software
Using antivirus software eliminates the threat posed by online criminals when you’re logging into and using your online crypto wallet.
9. Keep track of latest development and scam news
Cryptocurrency market is constantly changing, so tracking and filtering cryptocurrency news is really important. So you need to constantly monitor the latest news that may affect your crypto wallet. You can read them at reliable forums or websites as Bitcoin Forum, Bitcoin Talk, Cointelegraph, etc.
Summing up
Here are the 9 tips we protect our crypto wallet against modern cybercriminals, and you can use them yourself very easily. Apart from the tips above, you also need to remember that the crypto market is always changing and security systems keep improving every day. Therefore, you should update news and ensure you adopt the best methods to keep your wallets away from unauthorized access.
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