Bitcoin is one of the rapidly growing cryptos on the market today. However, others such as Ethereum, Bitcoin Cash, and Ripple, to mention a few, are also growing in trading value by the day. As a result, theft of digital coins is becoming very common despite the security measures put in place by the companies that manage crypto transactions.
Bitcoin, for instance, is advancing the blockchain every day to keep hackers and other malicious people at bay. According to experts in digital currencies, a lot of theft occurs in exchanges where the users’ wallets are more exposed. If you wish to secure your crypto wallet more, we have some insightful information for you.
Use Reputable Exchange Websites
There is no doubt that exchange websites are commonly used transaction platforms. They maintain their security to protect their users from crypto theft. This is why they are targeted by thieves especially if their firewall and other security systems are shaky.
For this reason, you should only rely on reputable and well-known crypto exchange platforms. Often, they have a good reputation, which you can confirm through research on the web, social media platforms, or advice from friends who have used it before.
Secure Your Device
Since you will be using your device to access your wallet whether it is a hardware, desktop, or cloud-based wallet, you have to make sure that it is secure. If you have a computer with the Windows operating system, it is highly recommended to use a paid firewall and antivirus protection.
If there is another way to secure your device like limiting access through a strong password, ensure that this is done. Lastly, you can even keep your device, such as a laptop or mobile device, to yourself.
Secure Your Internet Connection
Adding another layer of security is very crucial to keep hackers away. If your internet connection is secure, you are likely to protect your wallet. First, ensure that your Wi-Fi is private through the use of a password and that all guests are regulated.
But the best security for your network is to use a reliable VPN when logging in to any crypto exchange platform or when managing your crypto wallet. VPNs are all over these days, and it is not a must that you pay since there are many free ones.
Have Multiple Wallets
Maintaining a Bitcoin wallet or any other crypto wallet securely is a sensitive affair, and you need to be on top of it. Since there is no limit on the number of wallets you can have at a time, you might want to consider multiple wallets and splitting your digital coins among them.
If there is infiltration, the chances of losing all your money are reduced. For instance, you might want to have two for Bitcoin, one for Ethereum, and one for each of the other cryptos in which you have invested.
Use Cloud-Based Wallets
Hardware, desktop, and paper crypto wallets are risky since you can lose your money in one go when someone accesses your device. This is on top of other risks of being hacked when you conduct transactions online.
Cloud-based crypto wallets are better because they can be accessed from anywhere, and the database where your wallet is stored is usually secured by a third party. When you observe all the above security protocols, you are likely to maintain your online crypto wallets’ security.
The Takeaway
One of the biggest concerns is that your crypto wallet would be hacked, resulting in the loss of all your money. Losing a wallet by accidentally deleting it is also a big loss. However, there are several ways of keeping it safe, and the ones discussed above are the best. Take note and start using them today.
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