A Bitcoin wallet is a software program to store your coins. It’s pretty similar to the traditional bank account in many ways: it stores your bitcoin assets, is protected by a certain mechanism and allows no access to a third party. The only difference between the two is that one stores traditional currency while the other stores the digital currency that is Bitcoin.
Since Bitcoin is the most popular and valuable form of cryptocurrency, the hackers are always trying to sneak into the wallets and steal your assets. This ultimately makes it necessary for the users to keep their wallet as secure as possible.
In this article, we have discussed some killer ways to help you enhance your wallet security. Give them a solid read.
How to Secure Your Bitcoin Wallet?
Avoid Online Services:
As a bitcoin user, you will come across many services offering to store your coins online. It’s a big no-no! these services don’t provide sufficient security or insurance like a bank. Moreover, many events have been recorded in the past where these services suffered security breaches which saw their users lose millions in USD. If you are seeking the maximum security, go with the cold storage wallets.
Smaller Amounts for Daily Use:
Always carry smaller Bitcoin amounts with you. A Bitcoin wallet address is similar to having a traditional wallet. If you don’t keep a thousand bucks in your wallet, you would want to have the same approach for your bitcoin wallet address. Ask any Bitcoin expert and they will tell to carry smaller amounts for daily uses – and keep the rest in a safer environment such as a server, mobile or a computer.
Always Keep a Backup of Wallet:
Do not, I repeat, do not forget to keep a backup of your wallet. The computers we use are always vulnerable to the failure. Plus, we can’t rule out the human mistakes either. Any of this happens and your coins are gone for good. So, make sure to have a backup computer, hard drive, USB, etc. where you can access your coins in case they are lost.
Encrypting your bitcoin wallet address is another important factor to keep your coins secured. The encryption allows you to set a password on your smartphone/wallet for anyone trying to steal your coins. While setting up a password, make sure it’s strong and not based on generic words. Use random combinations of words, symbols, and letters for the maximum strength.
Always Use an Updated Version of Wallet:
Never use an outdated version and always keep your wallet updated. This is because the older versions are more vulnerable to theft and lack the stability. On the other hand, newer versions include useful features which prevent you from security risks and tackle the problems of various severity.
These are some techniques that can help you protect your Bitcoin wallet from theft, hacking and other risks. Apart from these, there is multi-signature encryption and offline wallets that you can use to protect your coins. Good luck.