Published on November 22nd, 2021
Millions of people have gained interest in cryptocurrencies after bitcoin’s price skyrocketed in 2017. With each passing day, the crypto exchanges have reported an increased number of users or clients.
The reason that attracts people to cryptocurrencies is easy and instantaneous payments. Users can make or receive payments easily without the need for any intermediary or card processor.
Bitcoins and other crypto coins are digital coins that live in digital wallets, which means you are your bank. It is imperative to secure your wallet against malware or hacker.
If you lose your private key, your bitcoins will be lost forever. You can go through The Official Website if you want to trade using a secure account.
Security is quite paramount in the case of digital currencies. If you are the owner of cryptocurrencies but don’t know how to secure your crypto coins, let us explore some of the best security tips that every crypto owner should consider.
Secure Your Mobile Device Or PC
Whether you use a mobile wallet or hardware wallet, you must secure your device by updating them and keeping the antivirus software updated.
Always turn on the notification or auto-update option of your mobile or computer’s security. Security vulnerability can make your mobile get hacked, and you will lose all your coins.
Use Specialized Hardware
Ideally, it is best to use specialized and dedicated hardware or USB key to move data between offline and online computers.
This will minimize the exposure of viruses and will provide ultimate security. You can use a dedicated offline computer to your offline digital wallet to reduce the risk of viruses.
Never Use Web Wallets.
Web wallets are magnets for hackers. Today, developers have developed a wide range of digital wallets, and it is better to avoid web wallets to store your digital coins. Use the wallet that aims at providing high security to users and keep your wallet encrypted.
Use Separate Wallets
Even if you choose to invest in only one cryptocurrency as an investor, there are chances that you may need multiple wallets to serve different purposes.
There are many crypto wallets available, and each offers different features, benefits, and functions. It is also crucial to know that no particular wallet will fit all your needs and preferences. Using separate wallets for different purposes will provide you more security and will eliminate the risks.
Choose A Random And Strong Password
It is the responsibility of the user to secure their coins by using the best wallet and a strong and random password to secure the wallet.
Using a strong password can be a line of defense for hackers. Never use similar passwords for multiple websites as it may be an effortless target for hackers.
Use The Feature Of Two-factor Authentication
Two-factor authentication is a layer of security that provides additional security to your wallet. You must activate the option of 2FA on all your crypto exchange accounts. It will require you to log in to exchange and enter your wallet and OTP password as a second means to confirm your authorization.
Avoid Storing Coins In Exchange
You must never store or leave your money in the crypto exchange. As soon as you buy any crypto coins, you must transfer your coins to a digital wallet as exchanges are not developed to store or secure your crypto investments.
Never Share Private Keys
Another most important thing about the digital wallet is the private keys of the wallet. These are the secret keys that must never be shared with even your close ones.
You can control and prove ownership of your wallet with private keys. Your main priority is to keep your private keys secret and store them offline.
Backing up a wallet is a great way to regain access to your digital tokens if your device is damaged, lost, or stolen. The backup process of the digital wallet is quite straightforward.
Keep Software Updated
Bitcoin wallets are software programs that stores both public and private keys. You must keep the software of your wallet updated. Keeping software updated with install all the latest and useful features and bug fixes. It would be best if you kept the option of auto-updates ON.