One of the most fundamental things you should keep in mind while entering the cryptocurrency world is finding a good Bitcoin wallet. The bitcoin wallet will be the place you will store your electronic coins; therefore, you need to be highly secure. Unfortunately, many individuals worldwide have been victims of cyber-attacks and have lost thousands of dollars in Bitcoins.
To help you avoid making the mistakes these individuals have made and keep you from ever meeting their fate, some valuable tips to keep your Bitcoin wallet safe have been given below.
The tips to help you protect your Cryptocurrency Wallet
• Get your cryptocurrency wallet from a trusted source
It would be best if you only got cryptocurrencies from trusted websites. It doesn’t matter whether you are getting a cold wallet or a hot wallet; only a reputable source should be on your list of considerations.
You can also check out this https://bitcointrader2.com/ of a trusted Bitcoin exchange to see if it offers a free Bitcoin wallet to new users. This free wallet can be a good starting place for you before finding the perfect cryptocurrency wallet for yourself. This means that even the exchange you joined should also be a trusted one.
So, you can understand that a lot of research from your end is required to figure out trusted Bitcoin exchanges and wallet companies.
• Make sure that you enable at least two-factor authentication to access the contents of your wallet.
The least you can do to secure yourself from any theft, so your Bitcoin wallet enables two-factor authentication. If a wallet offers multi-level authentication, then obviously, it ranks higher in any preference list. The added layer of security provides more significant barriers that need to be breached to access your funds.
Thus, it will act as a deterrent against unscrupulous individuals who will quickly realize that your wallet is not worth the hassle. Generally, these two-factor authentication wallets send you an OTP every time someone tries to get into your wallet. Therefore, the moment you receive a code, you will automatically realize if someone is trying to hack into your funds.
• Add encryption to your electronic wallet.
Two-factor or multi-factor authentication is an excellent way to protect your wallet. However, it is still not completely unbreachable. For this reason, you need to add another line of defense against professional cyber attackers. Encrypting your Bitcoin wallet is a solution that will allow you to set a password for your coins whenever an attack on the wallet is understood.
Even if one gets into the electronic wallet, nobody will transfer the Bitcoins to their accounts without breaking through the encryption whose password will be only known to you.
• Use both hot and cold wallets.
Using both a Hot and cold wallet is a great way to keep your Bitcoins safe. A significant amount of your Bitcoin should be kept in your cold wallet. Only the amount you require for Bitcoin trading and other investment purposes should be done with the help of the soft storage one. Keeping multiple soft storage wallets is another excellent way to keep your electronic money safe.
• Unique password for every bitcoin wallet.
The same password for every Bitcoin wallet is a big No-No. However, if you are forgetful about your password, using a password manager or keeping a note of them in a private diary is a good option.
• Never share the details of your private key.
You will never share your ATM pin with someone, so why should you share your private key. It is the same forwards as it keeps your money safe to access whenever you require it. In addition, keeping your private key is an excellent way to keep your electronic funds safe from hackers.
Bitcoins are highly coveted, and that is why there is a massive problem regarding cyber-attacks on Bitcoin wallets. Do not be a victim yourself, as it can be highly devastating. Just follow the tips and be proactive regarding the safety of your Bitcoins.