To control and manage your bitcoin, your e- money in any games, or apps which is your resource, and your asset, it’s transparent that you will need a crypto wallet. Crypto wallet is an integral part of all blockchain games, or blockchain web-apps as it’s necessary for all users’ transactions. Not only that it also contributes to building a new type of business in the IT area, and helps to create a new era of digital money. However, there are still some doubts about its security and safety. Therefore, here in this article we, EBIZWORLD ’ll show you some guidelines to keep your crypto wallet safe and sound.
Don’t Put All Eggs in One Wallet: Also, Use Cold Storage
Not only is this a great practice when it comes to investing, but also when it comes to security. You should never put your entire cryptocurrency stack in a single wallet, even if you’re using hot or cold storage. The best way to go about it is to use multiple cryptocurrency wallets and distribute your savings in a way that won’t affect you so much if one of them is compromised. The usage of cold storage devices is strongly recommended. These wallets are not connected to the internet and, as such, are almost impossible to hack unless you fall victim to a phishing scam.
Be Careful With Your Mobile Device and PC
A lot of the cryptocurrency wallets also come with a mobile application, and that’s one of the things that hackers tend to exploit. When it comes to managing the security of your mobile-based wallets, there are three things of significant importance:
Never use public Wi-Fi. Hackers can breach the devices connected.
Turn off your auto-updates for both applications and the device operating system (OS). Make sure you stay up to date, however, in case a security breach is discovered – you better allow some time before updating.
Always use a 2-Factor Authenticator (2FA) when applicable. This is a timely changing code, and the most popular app in this field is Google Authenticator. This second layer of security will require a code for every login to your wallet or account. It ensures that without physical access to your device (or hacking it), it will be impossible to log in.
Password-protect your device, so in case it’s stolen, your apps, and especially the 2FA app, will be out of reach.
Never auto-save crypto-related passwords when offered by Google Chrome and any other password-saving tools.
Protect your PC and phone with an up-to-date antivirus tool.
One more thing you can consider if you’re heavily into trading is purchasing another mobile device or PC that you will use only for cryptocurrency purposes. This device should be clean of any applications, as any app with ill-considered permissions can become a target point for hackers and a potential breach.
Backup Your Wallets
As a main rule, you should always store your wallet’s private keys offline. This way, they can’t be accessed by hackers. It’s also paramount to have backups of these private keys – also stored offline. Besides, It’s highly recommended that you store a backup of your keys outside of your home as well – this way, you will have access to them in case of an incident such as a fire, earthquake, or whatever else might jeopardize the integrity of your home. Although this might sound surprising, a recommended place to store your private key would be your bank’s safe. Of course, this should only be a backup – you should always have access to your private keys at your convenience.
Beware of Phishing Scams
Phishing scams are growing in popularity over the past couple of years as more and more people get involved in the cryptocurrency field. There are many ways someone can compromise the security of your device, including through faux Google, Facebook, and YouTube ads, fake applications wrongly uploaded to the App Store and the Google Play Store, phishing domains that mimic popular and existing websites, and so forth. Once you send your private key to a phishing scam website, you can rest assured that your cryptocurrency holdings will be gone within minutes, if not seconds. The worst thing is that these are usually very elaborate, and even people with experience might fall for them as the details are sometimes so hard to spot. They usually look exactly like the original. That’s why it’s critical to never visit websites you don’t trust or fall out of the scope of your computer’s protection. Double- and triple-check the applications that you download and be 100% sure that they are the official ones and not fake.
Double-Check the Destination Address
One of the challenges that cryptocurrency users face is that if they get the address wrong, the funds might be lost indefinitely with no way of recovering them. This is why you should always triple-check the address that you send any payment transaction. There are also malicious programs that can edit a simple “copy and paste” procedure, so you end up pasting a different address that belongs to the bad actor. A common way to guarantee the safety of your transfer is to first send a micropayment and then send the entire amount.
Keep Your Holdings Private
There’s a common saying in the cryptocurrency field about the old-fashioned $5 wrench attack. What this means is that someone can threaten your health or your life with a wrench that costs $5 from most stores and get you to give him your private keys. While you can use technologies such as multi-signature wallets and so forth, the attacker won’t really care in most cases. This is why it is absolutely paramount to never brag and flaunt your cryptocurrency holdings to anyone. Nobody needs to know exactly how many bitcoins you own or that you own any at all. Keep it to yourself, and there’s no way you will get targeted for that.