We are all living in a tech-savvy world. The security of data is very complex nowadays as there are reports every now and then of a ransomware violation or a hacking taking place. The desire for having the best security in place is the need of the hour for every consumer. One of the best options that you can think of to enjoy 100% safety and security while doing online transactions is the blockchain technology and the use of cryptocurrencies to make these transactions. Security is the main promise of the blockchain technology, and the crypto-wallets ensure that the hackers are not in any position to hack their customer’s wallets. Blockchain operates through a distributed ledger and network that creates a chain.
It is important to understand that the bitcoin wallets need to be given the necessary precautions, like you do when using your regular wallet. As it is a virtual wallet, protecting it would seem a bit difficult, but it can definitely be secured.
How to secure a bitcoin wallet?
The following are some of the tips you can follow to secure your bitcoin wallet:
Have small amounts of bitcoins in the wallet.
If you are using a physical wallet, you will know not to store all the currency in the wallet. As the wallet bulges, it can become easy targets for robbers and thieves. Hence, it is advisable that you carry only a small amount of cash in your physical wallet. In order to safeguard the bitcoins in your bitcoin wallet, it is not a bad idea to keep only a limited number of bitcoins in a bitcoin wallet. If you have more bitcoins, then you can always think of storing them in different online bitcoin wallets so that you do not have to suffer a major loss in case of a hack.
Use two-factor authorization.
It is in the best interest of the bitcoin wallet user to activate the two-factor authentication (2FA) option, provide the wallet offers it. It is always safe to use two-factor option instead of the normal username and password option. The two-factor authentication can be done using the Google Authenticator app that uses a 6-digit code that changes every minute. Another option is to add a biometric identification option like fingerprint or eye contact. These days, all kinds of things can be bought using bitcoin, even consumer products like Amazon gift cards.
Be wary of phishing.
The phishing scams through the mail or through Google Ad words is very common these days. It is important that the user has a close eye on the domain name for the emails received from the wallet companies. You should check if the spelling of the domain name is spelled correctly. Also, the Bitcoin wallet users should never look for websites by clicking on the Google ads. If you happen to send your private key to a phishing website, then you can forget the Bitcoins available in the wallet.
Backing up the bitcoin wallet.
It is not a bad idea to back up the Bitcoin wallet and have it stored in a safe place. This will help you to easily protect your valuable Bitcoin data from computer failures or be prepared for the human mistakes. It is also a very safe way to recover your Bitcoin wallet after the computer or your mobile has been stolen. For this, you need to keep your wallet encrypted. It is very important that you choose many secure locations for wallet backup and do not opt for a single point backup. Using other media devices like USB, CDs, papers, etc., is also not a bad idea. If, at all, you are making Bitcoin wallet backups, ensure that you carry out regular backups to ensure that you get access to all the recent Bitcoin addresses you have created for doing a transaction.
Always update bitcoin software.
It is very important to always have the updated version of the Bitcoin wallet on your computers or mobile phones in order to safeguard the wallet from hackers. By doing so, your Bitcoin wallet and the coins will enjoy more stability and security. It is also important to update all the software on the phone or the computer to keep the Bitcoin wallet safe and secure.
Cold storage of the wallet.
One of the best options to keep your BTC wallet safe from the prying eyes of the hackers is to keep it in cold storage. This means that you should take your wallet to an offline mode. The bitcoin private keys will be stored offline and, hence, tracking it will be very difficult. Only leave a small amount of Bitcoin money in the spending wallet.