Ever since cryptocurrency and coins came into existence, the popularity and usage of crypto wallets have shot up. While bitcoins and other forms of crypto currency have become more secure and adoption has improved, there exist certain loopholes. Investing in crypto currency can be profitable as long as you know the tricks of the trade! It is not only about picking the crypto currency but you also need to zero in on the right exchange and a suitable crypto wallet. Based on your preference and usage needs, you can choose a paper wallet, a mobile based option or hardware wallet. To ensure you stay safe from the hacking exploits and other malicious attempts, you need to adopt safe crypto wallet handling practices.
Need to keep your cryptocurrency safe
While the blockchain based crypto transactions are inherently safe, some security loopholes do exist. It is not about the way bitcoins are mined or bought but the end users need to be careful about storage. The truth is Information may be tracked as well as stored at user level. It is crucial to keep your personal key safe at all times or else the hackers can access the wallet without your authentication.
Listed below are a handful of effective tips to ensure safety of your crypto wallet and assets:
- Check the security measures and take advantage of these- The crypto wallets that you can buy these days come laden with oodles of user security features. This varies from one product to another. The safety features present in a mobile wallet may not be there in a desktop based wallet or hardware wallet. These security features are varied. For example, you can find wallets that offer encryption to store your data safely. Corion is a company that offers both crypto exchange and wallets. There are some wallets that offer separate authentication methods before a transaction can be performed.
- Separate the crypto funds and resort to using cold storage- To be on safe side from stealthy hacking exploits, do not use just one crypto wallet! You can use 2 or more wallets though it ultimately depends on your usage needs and pattern. Use one such wallet for transactions and trading and keep the other for savings. The second wallet must be kept in a safe place. It has to be a cold storage wallet with no online access. In any case, you must keep a backup of the wallet’s private keys offline.
- Access internet safely- How you connect to the web also affects the security of your wallet, eventually. For example, you can expose the wallet to hacking risks if you access a Smartphone based wallet using public wifi network. For added safety, use a reputed VPN service when you buy or trade cryptocurrency. Do not share your internet access passwords with anyone for added safety. Even for home usage, try not to share the computer or device used for logging into your crypto wallet and account with others.
- Check for phishing and scams- The risk of scams and phishing attacks are becoming commonplace in the crypto universe! These can spread through Google ads and emails and some victims have lost significant amounts too! So, ensure the emails sent from a wallet brand contain correct domain name and scan for anything dubious. Remember, once you share your private keys to a phishing agency online, it won’t take long for your funds to vanish from your account.
- Opt for manual update- While the auto update option for wallets seems safe, it can be irksome also. Application bugs may lead to losses for the account users. So, it is ideal that you wait for an update and see the reactions until a few days. After that, you can also download and install the update-based on the situation. It just takes a little more time but you can be sure of evading any mess-up.
- Go for 2 level authentications- This is not exactly a new concept but it is very useful for people who deal with crypto wallets quite a lot! Some crypto wallets allow the users to activate two-factor authentication for the devices and linked accounts. It can be done through Google authenticator app or biometric authentication. This is a step seasoned crypto currency users swear by!
- Look for the web locks- When you use a web based crypto wallet, check for the SSL security mark in the browser’s address bar. This ensures your browsing session is encrypted. The website must start with HTTPS and not HTTP. A lock sign should be there beside the site url. If this is missing, the site could be fake.
- Adopt more safety measures- You never know when your private key or account info is stolen, until the amount is removed! There are some additional steps to ensure the crypto wallet information remains safe.
You can use an email notification for the wallet and account. If anytime, you log in or perform any activity online using the wallet and account, an email notification will be sent to your registered email id. This will bring down risk of fraudulent transaction and unauthenticated access to a large extent.
You may also set an option for automated logout from the wallet after a set time. For example, you can set a time span of 10 minutes of inactivity after which the auto logout will be activated. Next time, logging in will be required for accessing the device and the linked account. This will ensure no one can access your account in your absence when you are absent for any reason.
Summing it up
The aforesaid tips can be useful in enhancing the safety of a crypto wallet that you use. However, adopting some more online security measures can also bolster the safety of your crypto wallet to an extent. You may think of using a virtual keyboard app, use a robust paid antivirus and stop sharing your device/PC with others for additional safety. Keeping the passwords complex and altering them from time to time is also highly recommended in this regard.