How to secure your cryptocurrency wallet
The number of cryptocurrency users is growing larger. Masses of people are accepting Bitcoin and other major cryptocurrencies. The use of Bitcoin, Ethereum, Ripple has cut down the cost for the consumers. You can even buy products from Amazon, Microsoft and IBM using Bitcoin. Unless the tech gains has spotted a bright future for the crypto industry, they would have never included this digital asset as a standard form of payment in their platforms. The transactions are processed in a highly secure medium and hackers are going to have a tough time. Hold on, are you thinking that you won’t become the next target of the hackers by using Bitcoin? If so, you are wrong. You are the one who is responsible for ensuring the safety of your cryptocurrency wallet.
Let’s explore some of the easy steps which we can follow to ensure the safety of our cryptocurrency. Go through this article and this 3-minute read can secure financial freedom.
Never share the password
Each Bitcoin or cryptocurrency wallet is well equipped with advanced password protection. The users have to give the password before they make any sort of transaction. So, if anyone gets the password to your wallet, they can take all the money in a matter of seconds. It’s not like your ATM pin card which you can share for emergency purposes. Try not to share Bitcoin or any cryptocurrency wallet passwords, even with your family members. They might be the reliable bit you never know whether the hackers are watching your social contacts to get access to your big fat wallet. Remember, the secret always stays hidden. So, the password should be your secret.
Use two-factor authentication
Some of the advanced companies have initiated a 2FA or two-factor authentication method in the Bitcoin wallet. Every time you want to exchange Bitcoin, you are required to pass this test. Usually, you get a unique code in your cell phone or email address. The users have to rely on that unique code to complete the transactions. It’s more like a one-time password. If the 2FA method is enabled in your wallet, the hackers will experience a very unpleasant moment while trying to get access to your fund. Even after managing your complex password, they have gain access to the cellphone is a very tough task to do. For this reason, the specialist of bigX always encourages to enable two-factor authentication to give your wallet additional security.
Use cold storage
Did you know you might lose your entire money due to hardware failure? If you lose the address of your wallet you might not be able to recover the fund. For this reason, professional investors often use the cold storage medium to store their important crypto addresses. It means writing down the wallet address on paper. But there is a big problem when you write down the financial details on paper, you have to ensure the safety of your cold storage or else you will become vulnerable to hackers. Learn more about the cold storage to ensure the safety of your fund and cryptocurrency wallet.
Always avoid public network
In this modern world, people never think it is risky to get connected to public networks. This is the place where hackers wait to find their target. In most cases the public network allow hackers to exploit the weak spot in your device. If they can do this successfully, you might lose all the money in your bitcoin wallet. So, to ensure the safety of your fund, you have to rely on the secured internet connection. If it becomes hard, you can switch to a mobile data connection and use your Wi-Fi hotspot. But no matter what, you shouldn’t rely on the public network.