10 ways to protect your cryptocurrency
Crypto is a revolutionary trend, and everyone wants a slice of the cake. Before sending and receiving transactions, you must first download a user-friendly Bitcoin wallet. There are several ways to ensure your money’s safety; here are 10 tips to consider:
Enable two-factor authentication (2FA)
Secure your wallet with 2FA. The job of 2FA is to ask for more verifications before it can process any activities such as signing in or receiving/sending crypto. You will immediately receive notifications when someone attempts to sign in, so you know your wallet is secure.
Encrypt your Bitcoin wallet
Encrypt your Bitcoin wallet to ward off potential attacks. This allows you to lock your coins in case of an intrusion. Without knowing your password, the hacker will not be able to steal your Bitcoin.
Backing up your wallet in hard drives, USBs or CDs is essential as you will still be able to access your confidential data in case of a system failure or network outage. If you lose some data, these backups will help you retrieve that too. Consider having multiple backup devices.
Confirm the receiver’s address
Ensure that you are sending Bitcoin to the right person. You can confirm the recipient’s address by:
- Verifying that it begins with a 1.
- It only contains numbers and letters.
- No special characters or spaces in between or at the end.
Some user-friendly Bitcoin wallets allow you to confirm the recipient’s address; many do not.
Enable multiple signatures
This feature works best for multiple users who share the same account to transfer and receive large amounts of Bitcoin. Before you can access the wallet and carry out any activities, the other users must give their approval too. These signatures ensure that no confidential information gets compromised.
Secure your private key
Private keys are equivalent to your bank account’s PIN. Having access to this key equals having access to your hard-earned money. Keeping your private keys offline is one of the best ways to secure your crypto assets. Do this by:
- Using cold storage devices.
- Writing it down in a book.
Use a secure connection
Never attempt to access your Bitcoin wallet over unsecured networks such as public Wi-FI. Consider waiting till you reach a safe place with secured internet or use a VPN instead.
Do not click on shady links
Avoid clicking on any extraordinarily inviting links. These links give hackers access to your crypto wallet and other sensitive information too.
Beware of scams
The internet is packed with scams involving Bitcoin. Ensure to read up on reviews before using any service. Do remember to avoid any such business that asks for your password!
Regularly update your software
Lastly, update your software regularly. Every update brings with it certain security fixes and improvements. Turning on automatic updates can be beneficial as it will update you on the latest features.
Use these recommended practices to create the most secure, user-friendly Bitcoin wallet possible since hackers are constantly looking for methods to steal your data. Use your wallet’s advanced security features if you have not already to ensure your cryptocurrency holdings’ security, dependability, and accessibility!