Securing your Cryptocurrency assets
The digital world is a vulnerable place exposed to malware and cyber hacks. To safeguard your bitcoins, a secure bitcoin wallet is required. The convenient the process of securing the wallet the more risk you might face. The third-party hackers should not be able to access your keys which are crucial to access your funds.
Keep your private key confidential
In the physical world, you never let others know your bank credentials. As much you are conscious of keeping your bank details to yourself; you must do the same with your private keys. The professional cyber hackers might get hands-on with your keys by pretending to be a popular cryptocurrency personality in the digital assets platform. If you keep your private keys confidential to yourself and possibly offline; these scammers won’t be able to access your funds.
Always have several wallets for a different purpose
If you are a user of large bitcoin funds it is recommended to separate your funds and store them in different wallets. This will help in security optimization. This will protect you from the potential risk of hackers gaining all your bitcoins at a time. The funds divided will not only be organized it will save you from the potential risk of hackers getting their hands on your cryptocurrency assets all at once! Therefore segregate your funds as per their functions; for say - one for saving, the other for spending, the third for collecting tokens, and the fourth for investment purposes,s and so on.
Opt for Bitcoin cold storage
The bitcoin wallets are categorized into two basic types – hot and cold. The hot wallets are online wallets that safeguard your private and public keys through passwords and pins. This is preferred by the users who deal in frequent transactions as it can be spontaneously accessed and a very convenient approach. With convenience comes risk; since the wallet is connected online the keys are vulnerable to hackers and scammers.
The Bitcoin cold wallets are safer options. These are offline platforms which might be software, a hardware device, an application in the smartphone which can be plugged into the computer while you want to deal with a transaction using your bitcoins. The plus point is the keys are stored offline. These are secure options to save your cryptocurrency assets as the hackers even cannot come close to your keys as the credentials are offline.
Research beforehand before purchasing a wallet
Before you get yourself a bitcoin wallet; indulge yourself in detailed research of the platform the wallet is being provided and the analysis of the authenticity of the wallet itself. At times the scammers come up with fake wallets in the known platforms to get access to your keys and details. Avoid these sorts of traps by critically analyzing and doing detailed research before you get your hands on your desired bitcoin wallet.
Install a strong antivirus program on your device
Malware is often used on webpages by cyber hackers which you might be unaware of to steal your bitcoin credentials. Earlier in 2020, an antivirus program named ‘Clipper’ was used to get hands-on with the user's crypto assets by replacing the address they wanted to send the bitcoins with the scammer's address! This program was found on the well-known platform – Google Playstore. This way the scammers would receive the bitcoins instead of the address you wanted to send! Therefore critical research is advised to be done before getting a bitcoin wallet for you.
Note down important information
Always have a backup for your bitcoin credentials or keys so that even if you lose your wallet. There is no option to get your information back when you accidentally lose your device. So to avoid such mishaps it is recommended you store your information in an old fashioned manner. Write it down in your notebook or a paper or get yourself a printout. This can save you if you accidentally happen to lose your bitcoin wallet. Always store this written information in a confidential manner that will only be known to you. It is always smart to have such backups to protect yourself from such mishaps.
Today cryptocurrencies are becoming popular with the advancement of technology. Not only the business world but even investors consider cryptocurrencies as a great investment opportunity. With ever-changing technological uncertainty and vulnerability cryptocurrency storage should be given more attention.Choose the cold wallet as per the functionality and convenience. Digital assets need to be stored in bitcoin wallets. And cold wallets are the best bitcoin wallet present in the digital marketplace.
Your valuable feedback is always welcomed and we appreciate you staying in touch with us about our services and products. If you folks have ever gone through the experience of keeping your BTC holdings, we would appreciate having your personal comments on it in our comments section.
Gilbert Story Cyber security expert