10 Strategies for Keeping Your Cryptocurrency Wallet Safe
Cryptocurrency is on the rise, and it has been for quite some time.
14:43 12 January 2021
There are over 5,000 coins currently available for use with more being created every year. The growing popularity has led to security issues for some cryptocurrency users due to criminals taking advantage of the system. Thankfully, there are plenty of ways to keep your digital coin wallet safe from thieves.
- Choose the Best Wallet
A hardware wallet will keep your digital coins secure. It's important to choose one that has an excellent reputation to ensure that the company has a positive track record. Ledger and Trezor offer advanced systems for storing cryptocurrency and protecting it from hackers.
- Use a Secure Internet Connection
Private networks are ideal for accessing your cryptocurrency wallet. A public wifi network lacks the extra layers of security necessary for protection and is susceptible to breaches. For additional security, use a verified private network, such as NordVPN.
- Utilize Antivirus Software
An up-to-date antivirus software on your computer or mobile device will provide an additional level of safety. It will also notify you of any suspicious activity, giving you the time and the tools needed to prevent malware from infecting your device.
- Trade With a Reputable Exchange
A reputable cryptocurrency exchange such as OKEX offers a secure platform to buy and sell cryptocurrency. Reputable exchanges with a positive track record are known for having the most reliable security software required to stop cyber attacks.
- Check the Bitcoin Address
Before making a transaction, ensure that the recipient's address is correct. Malware programs can interfere when you copy and paste an address, providing the opportunity for alteration. If they change it, they can cause you to send money to their address instead of the intended recipient.
- Create a Strong, Unique Password for Your Digital Wallet
When creating a password, avoid using personal information such as birth dates and phone numbers. It's not very difficult for criminals to obtain public information about you, so it's best to never use that information in your passwords.
- Do Not Share Your Private Key
Your private key should be, well, private. Sharing that key with another person will put you at risk of an unauthorized user accessing your account.
- Backup Your Digital Wallet
A digital wallet backup is an essential method of securing your cryptocurrency. Should you ever lose your phone or computer, the backup file will allow you to regain access to your money on another device.
- Use Two-Factor Authentication
Many digital wallets include the two-factor authentication feature. It's best to turn that on for maximum security.
- Do Not Access Suspicious Web Links
Criminals can clone entire websites and influence people to input private information. Be cautious of emails and links as well, scammers can gain access to your money by convincing you that they are legit.
The popularity of cryptocurrency has attracted people of all types, including criminals. Yet, it is still a safe currency system as long as you take the necessary precautions to protect your funds. Ensure that you are doing everything you can to keep your money safe to prevent any detrimental security issues.