Like your physical wallet your Bitcoin wallet will need to be protected and have security measures in place. Being made from software it’s easy for the wallet to fall prey to malicious entities, breaches and hacking attempts.
Fortunately there are ways on how you can implement additional security fixes to keep your cryptocurrency wallet safe.
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Add Encryption Technology
Encrypting your wallet can mean adding a password aside from the usual security measures. Sometimes this can mean the difference between a hacker stealing all your hard-earned profits and giving up because you’ve added a strong encryption on your wallet.
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Enable Two Factor Authentication
2FA, or two factor authentication is becoming a standard in security measures. Tech giants such as Google, Yahoo and others have them in place. Game companies and apps have also adopted them.
Basically, 2FA will prompt verification on a device only you have, which means only you can allow a Bitcoin transaction to happen and get alerts whenever somebody is trying to access your digital wallet.
Schedule Regular Backups
Treat your wallet as a device that needs frequent backing up. This will come in as a lifesaver in the event your computer suffers a crash, or when the trading platform goes down. What’s more, you’ll be able to get back your address, private key and Bitcoin if it gets lost or stolen.
You can turn to paper wallets, a hard drive or flash drive or similar items when backing up your digital wallet.
Transact Only on a Trusted Internet Connection
Buying or selling goods and services on a public internet connection is a bad idea, since you won’t know if there’s someone who’s trying to hack the devices connected to the network.
That said, you can secure your Bitcoin wallet simply by avoiding these access points and waiting until you get home to do a transaction. Do it on a home wi-fi or turn on the data on your smartphone for the best (and safe) results.
Change the Password Every Now and Then
Do you regularly change the password on your digital wallet? You should. Not only does this improve your wallet’s security but it keeps hackers on their toes trying to break into your wallet.
If you have multiple accounts, do not have a single password that works on all of them. Use different login details on different accounts to make it more difficult for unauthorized people to get inside your Bitcoin wallet. Also, do not by any circumstance share or post your Bitcoin wallet password to any person.
Regularly Check for Software Updates
Last but not least, don’t prolong wallet software updates- install them as soon as there’s one available. These updates will usually fix vulnerabilities or add an extra layer of security for its holders. What’s more, you’re less likely to be interrupted in the middle of a huge transaction just because there’s a pop-up saying your Bitcoin wallet needs to be updated.
