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- Make Sure Your Private Key Have a Layer of Protection
- Protect Your Online Wallet from Unauthorized Access
- Have A Separate Email for Your Bitcoin Wallet
- Don’t Access Your Wallet from A Public Computer
- Use 2FA To Double Down Your Security
Reading time: ~4 minutes
Blockchain technology makes it almost impossible to break into the network, as it’s unalterable, but there are weaknesses outside of the blockchain that give rise to opportunities for theft. Malicious actors can access the blockchain in certain situations, such as during the verification process when miners review the transactions. Equally, there may be security glitches or errors during the creation of the blockchain, and cybercriminals take advantage of those vulnerabilities to orchestrate an attack. Hackers continue to attempt to steal digital tokens using whatever means possible. Bitcoin and other cryptocurrencies have become prime targets for threat actors despite being safe and invulnerable.
BTC exhibits some attributes for a currency, but the Bitcoin price is mainly defined by supply and demand. Nobody has control over having something of value stolen, yet there are ways to safeguard your coins. If you’re new to crypto, here’s what you need to do to keep your BTC safe from theft.
Make Sure Your Private Key Have a Layer of Protection
The private key to the crypto wallet is much like an ATM PIN, in the sense that it’s unique to the owner and proves that they rightfully own the account (and the existing funds). If you want to shelter your cryptocurrency holdings, the answer lies in the private key. You should be extra careful with your private keys. If someone were to steal them, they can and will spend your Bitcoins, meaning that all will be lost to you. It’s not a good idea to keep your private keys online, in the mail, or in the cloud because you risk losing them. Ensure they have a safe layer of protection.
Consider writing down your private keys so that you can restore them in case you lose access to your crypto wallet. You can use a pen with permanent ink and paper that doesn’t smudge or cause the ink to fade with time. If you don’t have a hardware wallet, think about temporarily storing your keys on an offline flash drive or HDD, which provides unparalleled security and convenience. You could write down your private keys on a notepad and store the .txt file on a flash drive, but why trust a third-party software?
Protect Your Online Wallet from Unauthorized Access
Crypto exchange wallets offer a practical way to purchase and store BTC. They tend to be custodial wallets, implying that another party controls your private key, so you trust them with your funds. If you’re not so tech-savvy, such a wallet is a good choice because you can overcome the technical challenges associated with crypto, like handling private keys and addresses. The fact is that an online wallet isn’t the safest place to store your coins. Online servers are not that hard to hack, so you might end up becoming the victim of malicious software or a fraud. Also, you can get hurt because of the actions of someone who knows the value of your digital assets.
Have A Separate Email for Your Bitcoin Wallet
Since you’re new to the crypto space, there’s nothing better you can do but set up a brand-new email and don’t use it for anything else, especially social media platforms. If you’re like others, you use your email across several platforms without realizing that it’s been leaked. It doesn’t matter if you use different passwords because it’s not going to safeguard your personal data – address, phone number, banking info, etc. If your online wallet is tied to your email, a threat actor has one or two important pieces of information necessary to steal your Bitcoin.
Don’t Access Your Wallet from A Public Computer
A hot/software wallet is a type of digital storage that you can access from your computer or phone as long as you’re connected to the Internet. It can be used to store, send, and receive Bitcoin. Obviously, you shouldn’t access your wallet from a public computer because people can gain access to your online activity. A malicious actor can sit between you and the network and trace the data without much difficulty. Simply put, the unsecured connection is a golden opportunity to introduce malware. Even if you desperately need to access your crypto wallet, refrain from entering your BTC information on a public computer used by countless others throughout the day.
Maybe you’re a regular public Wi-Fi user for making payments. It’s imperative to set up VPN software on your computer, as it will encrypt the information sent from your device through the public network. If you’re on the go, it’s best to use your mobile data because it’s encrypted, so you have peace of mind even if you put your personal information into apps. Some web browsers notify you before entering scammy websites or downloading malicious programs; for that reason, you shouldn’t ignore the warnings. Last but certainly not least, change your device’s settings so that it doesn’t automatically connect to public Wi-Fi.
Use 2FA To Double Down Your Security
2FA, two-factor authentication, adds a further layer of protection by requiring two forms of authentication to access funds and data. If a cybercriminal obtains your username and password, they still need to have an extra factor in accessing your account, like a phone message with a one-time code. To start using 2FA to access crypto services such as exchanges, set up an authentication app or service and connect it to your account. Google Authenticator is the most commonly used app, and it can be activated by simply scanning a QR code. Make sure that it’s your account you’re linking to; otherwise, you risk getting into trouble due to logging delays.
To sum up, Bitcoins can be stolen in various ways, so you can never be too careful. The popularity of cryptocurrency is rising, but so is the risk of theft and other crimes, and anyone can be subject to malicious attacks. When making an investment in digital assets, there are certain rules that need to be followed to keep the acquired assets safe. From securing your private keys to using 2FA, there’s no shortage of solutions to keeping your coins safe.
Thank you for reading!