Explained: How to Secure Your Crypto Wallet
Home >> Blog >> How to Secure Your Crypto Wallet. How to Secure Your Crypto Wallet You should choose your crypto wallet carefully. Although hot wallets are simple to use and don’t require you to invest in dedicated hardware devices, they are susceptible to theft or hacking online. Trending StoriesIf your cryptocurrency purchases are substantial, a hardware wallet will offer greater security and safety than online wallets. Two-factor authentication (2FA), is a must for crypto wallets. It is too risky to not use 2FA for your crypto wallets. You can expect to lose your passwords at some point due to the number of hacking cases. It is best to create a complex password and keep it safe. Also, make sure you change it regularly. Given the number of hacking cases, you can expect your credentials to be hacked at some point. It is safer to store passwords in a password manager than in your browser. It is much safer to write down your password than to use any software. You should change your password at least every six months. Also, read: Best Risk Management Strategies to Reduce Risks in Crypto Market. Keep your seed phrase in a safe placeA seed phrase, also known as a recovery phrase, is a set of words that functions as a master password, allowing you to recover your crypto assets even if you forget your password, or lose your phone or hardware device.Unfortunately, there is no “forgot password” option. You will lose your wallet access if your seed phrase is lost or misplaced. Keep the seed phrase safe and offline. Simply write the seed phrase on a piece paper and keep it safe. Backup your wallet regularly. What if your device is lost or stolen? If you don’t back up your wallet regularly, your digital assets could be lost forever. This digital key is kept outside your device. Multiply your backup devices to make it easy to recover your account.6 Multi-signature is a feature. Multi-signature wallets require authorization via multiple keys. This means that several users must sign to authorize a transaction. This feature is enabled by some cryptocurrency wallet providers. It prevents unauthorised users accessing your wallet without the required digital signatures. If your wallet doesn’t have this option, you should check. Your private key must remain confidential. Consider your private key as your bank PIN. This key is essential to protect your assets and wallet. You have two options: either write them down on paper or put them in cold storage. Phishing is a targeted attack where an attacker pretends to be a legitimate entity to obtain your sensitive data. You’d be amazed at how many people fall for it. Avoid phishing by never logging in to your cryptocurrency exchange until you are certain you are on the right website. Do not respond to emails, chats, or texts that ask for personal information. Don’t respond to emails, chats, or texts asking for personal information. Here’s the GuideAbout author
The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Recent blogs
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