Cryptocurrencies have been popular for quite a few years now. Cryptocurrencies are a great medium of exchange globally that has reached the skies. Bitcoin is the most popular cryptocurrency that is thriving each month. Satoshi Nakamoto founded Bitcoin in 2009, the world’s oldest and 2nd-largest cryptocurrency to reach $70.45 billion worldwide.
The greatest reason for Bitcoin’s success is not just its incredible security and data transparency but also its online trading flexibility. Bitcoin is accepted at more trading sites than other cryptocurrencies, with more than 40 million users globally. Unfortunately, as a result, it welcomes fraudsters to hack the funds of amateurs who don’t pay heed to the security aspect and are victimized by Bitcoin scams.
For those who don’t know what a Bitcoin wallet is, let’s go into detail.
Bitcoin wallets permit users to trade, loan, and record the amount of Bitcoin and other cryptos in their portfolio. Hence, you need a safe and secure crypto wallet to do trading in Bitcoin. The best thing about Bitcoin is that it is a decentralized wallet, not controlled by any central authority, and thus it can get prone to cyberattacks.
Hence, if you are looking for ways to protect your bitcoin wallet from fraudsters, you have landed on the right page.
Top 8 Ways To Secure Your Bitcoin Wallet
Below are the top ways to keep your bitcoin wallet secure from being hacked.
1. Encode Your Bitcoin Wallet
Another way to protect your bitcoin wallet is by encryption. For encoding your wallet, you need to set a unique passcode to lock your cryptos when cybercriminals try to hack your wallet.
2. Enable A Multi-Sig Feature
If you are using Bitcoins for a long time and are buying and selling large amounts of money, it is recommended to activate a multi-signature feature. This feature is helpful when there are various signatures connected to your account. It asks for 2 or more private keys to sign and verify a bitcoin transaction. This feature makes your wallet safer, especially for business use.
3. Bitcoin Wallet Backup
The backup feature enables you to access the data when you have nothing left in the system due to a malware attack. Some crypto wallets have a default data backup solution. Moreover, you can find the “export private keys” tab in your wallet menu depending on the Bitcoin Storage location. If you have created an encrypted backup file, you will have to save this exported backup on a device (hard drive) or a safe place.
4. Hardware Wallets
To trade bitcoins, several bitcoin wallet options are available. Hardware wallets offer the most secure way to save bitcoin with an offline security layer. Hot wallets are always connected to the internet and, as a result, are prone to malware attacks, whereas hardware wallets are resistant to malware attacks as they are hardware devices connected to computers through USB ports, adding an additional layer of security from outside threats. A few popular bitcoin wallet apps are Coinkite ColdCard, Ledger Nano S, etc.
5. Don’t Use Common Passwords For All Accounts
Password strength is another critical aspect to keep your Bitcoin wallet safe. You might be using a common password for your social media accounts, but it’s not a safe thing to do for Bitcoin Wallet. It’s better to create robust and separate password combos for your different accounts.
The crypto wallet password must be an alphanumeric blend of characters, with lowercase & uppercase numbers and special symbols ($,&,@,*). Moreover, your password must be kept confidential and not shared with anyone, no matter what.
6. Incorporate 2-Factor Authorization
2-factor verification is an additional layer of security you can incorporate to secure your bitcoin wallet. While creating a Bitcoin wallet, you are asked to create your unique passcode and get your identifier. These are the only 2 in-built access codes required to access your wallet.
Implemented two-factor authentication to your Bitcoin wallet will add a 3rd security layer to log in to your wallet effectively. A one-time password will be produced for every time you log in.
7. Avoid Using A Pre-made Wallet
Do you want to risk your wallet? Blockchain fraudsters easily guess the private key and hack the funds. It’s a thing fraudsters use for selling pre-made wallets on various eCommerce platforms such as Amazon or eBay. These pre-generated wallets are designed by scammers who save a copy of the recovery key and are waiting for you to deposit money.
8. Employ A Genuine Antivirus Software
Antivirus software is the best thing to implement for securing your bitcoin wallets against malicious threats. Hence, it is suggested to employ good malware software to protect your wallet from fraudsters and unwanted cyber threats. Therefore, if you are indulged in bitcoin trading, it is essential to perform a proper device scan before downloading your wallet.
The Bottom Line
Don’t waste your time and energy after, when you can use that time and energy before, by taking precautions to secure your bitcoin wallet from cybercriminals or scammers. Don’t give them an opportunity to hack your wallet, instead employ advanced security measures in place that would not give them a chance to do so.
If you are still wondering whether a bitcoin wallet is secure or not and are confused about where to store your bitcoin wallet, keep in mind the ways mentioned above to keep your wallet safe.
As much as the internet has provided us with ease and convenience, it can also be dangerous if we are reckless and negligent towards our online safety. Imagine all your hard-earned money being hacked just because you were ignorant in the past. Frustrating right? Therefore, we have brought into light these fantastic ways to protect your bitcoin wallet. Contact blockchain developers for bitcoin wallet app development for your business.
