An Easy Guide On Keeping Your Bitcoin Wallet Safe

Who must have read, heard, or have known about someone who was a victim of a Bitcoin scam or who has got their wallets hacked? This is a big issue as Bitcoin is becoming a product that most of the masses now use. Hackers are now using all types of social tactics to hack your accounts. In this article, we will see how you can keep your Bitcoin wallet safe.

The threat to your cryptocurrencies is primarily via digital currency wallets (digital wallets) or exchange operators. A crypto wallet does not keep your digital coins, but it keeps a private key, which enables you to trade digital currencies online. This private key of the wallet is your digital identity to the digital currency market and anyone who receives access to this can perform fake transactions or can even steal your crypto coins. Cybercriminals use refined techniques to compromise crypto wallets and steal or transfer crypto assets without the knowledge of the user. Securing your wallet is crucial when it comes to protecting your cryptocurrency against cyber threats.

Social Engineering

To keep your Bitcoin wallet safe, it is important for you to know the tactics that hackers use to attack your accounts. This is a method that is used by hackers who manipulate people into giving out the details of their accounts. The types of data they are after can differ but normally they trick people to offer their financial account details or passwords to get access and empty the accounts of the victims.

It is important that we take care of the data that we share on the internet. Here are some ways that are being used by the fraudsters to gain access to your accounts. Understand and identify the ways when required.

Emails are sent to the account holders to phish for their details, for instance, asking the user to login to some portal by entering the password.

If a malicious player is successful in hacking or socially engineering the email and password of a person, then they can create havoc with that account. People often use the same password for various services and that is the easiest way for any hacker to gain access to all your accounts.

The messages by hackers will try to get you in varied ways.

  • Curiosity
  • Asking for help
  • Email from trusted source stating that there is an issue with your account

Baiting Scenarios

Hackers use attractive messages or headlines that generally contain downloads or links that will infect your system with malware. It will take due advantage of human emotion whether it is pressing for urgency or asking for help.

They may try to contact you seemingly for a service that is used by you. For instance, important messages from your bank asking you to verify and log in for some transaction. The email that will be sent will be branded and will look just like the service provider. The victim may not even notice at first look that it isn’t an authentic contact. The email addresses that are used by them are similar but will have a letter swapped for instance. So if the phishing attack would be coming from someone impersonating a legit company. The email might look similar to this – support@*companyname*.com

How Can You Keep Your Bitcoin Wallet Safe?

Here are some points that you will need to keep in your mind to keep your Bitcoin wallet safe:

  • Use Authy or Google Authenticator instead of 2FA through text
  • Use 2 factor authentication with Authenticator for all your accounts that you handle online like your email operators or any other account where your personal data is accessible
  • Use varied passwords and login details for various accounts

Other than that, there are special steps that you need to take when it comes to digital currency as this space is highly prone to attackers. So as stated earlier, to keep your Bitcoin wallet safe, you should concentrate more on your crypto wallets and exchanges. Let us see how to secure your crypto wallet. 

Use a cold wallet

This is a remedy that everyone talks about and to keep your Bitcoin wallet safe this is thought as an effective measure, that is to keep all your cryptos in cold or hardware wallets. Since hardware wallets are not directly connected to the internet, there is a small chance that the hackers will get access to your personal data. So it is always advisable to use a hardware wallet when storing your cryptos.  One of the best bitcoin hardware wallets is the Trezor wallet

Use Secure Internet

When you are mankind, any crypto transactions or trading any digital currency like Bitcoin, always use a secure internet and avoid any kind of public wifi as they are more prone to hacking. When you use a public wifi, there is a track of all your activities that you do on that network. So avoid using any sort of public wifi while doing highly secure jobs online.

Maintain Multiple Wallets

Since there is no limitation on the number of wallets that you can hold, you can use multiple wallets to keep your crypto. Say you use one wallet for all your transactions and the rest you divide in various wallets. With this, you can save your cryptos from getting hacked or encountering any kind of breaches. Use all the best crypto wallets 2021. Other than that there are many crypto wallet apps as well which you can use.

 Secure Your Personal Device

Ensure all your personal devices are up-to-date and you have a good antivirus and firewall installed on all your devices. If not then it becomes easy for the hackers to target the vulnerabilities and may attack your device.

Wrapping Up

The digital currency is evolving constantly and it is our sole responsibility to keep our Bitcoin wallet safe. We should update ourselves with the latest security trends and ensure to save our accounts from getting hacked. The best thing that we can do is use a cold wallet that is not exposed to the internet and so is less prone to hacking. You can use wazieX wallet which is the best multi cryptocurrency wallet.  Now you may wonder is exodus wallet safe, the answer is, it is safe and you can use this hardware wallet without any issue.

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