How is Cryptocurrency Wallet Secured?
We keep cryptocurrencies in the wallets to ensure the security of them. But how safe are these wallets?
Although cryptocurrency wallets do not hide your real coins, they are actually entrance doors of this money. Cryptocurrency sending – receiving transactions are provided by a private and public key combination. If you lose these keys or combination, you lose your cryptocurrency.
How do you keep your cryptocurrency safe?
Use The Best Standard Practices
The wallets are actually made to be safe for your cryptocurrency. Cryptocurrency wallets cannot be completely broken most of the time, but security breach appears in the result of problems based on the user or his/her device. Therefore, make sure you use the best standard security practices while accessing a desktop wallet.
Suggestions for securing your implementations:
- Always use strong usernames and passwords.
Download (and keep them up-to-date) protection and anti-malware software.
- Set up a secure firewall.
- Never install software developed by companies you do not trust.
- Use only verified and reliable wallets.
- Update your wallet software as soon as possible.
- Check with your public address again when giving it to users who send you money.
- Check twice the general address of your receiver when sending money.
- If you are accessing an online wallet, make sure the address is secure (https: //).
- Never access online wallets through public Wi-Fi.
If you are using a desktop, smartphone or online wallet, and are following these best practices, your cryptocurrency will stay safe.
What can be done about Hardware and Paper Wallets?
While hardware and paper wallets have a high level of security because of their structure, they still require software in the digital environment. Therefore, you must use the following methods.
Keep a backup
Most people are backing up their vacation photos, texts, documents and games these days. Holding a backup of your wallet is no different. Most desktop wallets allow you to define a backup folder after installation. Every time you do, you should always back up a copy of the backup folder on a USB drive in case anything happens on your computer. This will allow you to save your wallet since it includes your private key.
Backups should always be done in an offline environment. Keeping your wallet’s backup on the cloud can cause the backup service provider to be attacked.
In addition, when your wallet provides you with a mnemonic key (as discussed in the previous sections), you must keep a copy of the key in question (or two or three copies).
Finally, make sure you keep a copy of your username and passwords in a safe place immediately after your last visit to your wallet. You should use a password that is strong enough to remember regularly.
Always use the best wallets
It is enough to have only one username and password to access these wallets. Other wallets have two-factor authentication or require a PIN code to access. Two-factor authentication requires a normal username and password as well as another authentication method. The more security walls there are, the more security the wallet provides. It’s hard to get your money fast, but it’s better for you to take these steps for security.