Last updated on April 10th, 2023 at 07:37 am
Securing your cryptocurrency wallet from authorized access from others should be a top priority to stay protected just as the adoption of cryptocurrencies continues to grow around the world.
The global adoption of crypto also means we will be dealing with tons of scams and fraudulent activities, especially the growing attacks on cryptocurrency exchanges around the world.
In this challenging time, how can you keep your bitcoin wallet safe? In this guide, we’ve highlighted some of the security tips to keep your crypto funds from an unauthorised access
All bitcoin operators have a variety of safeguards in place, but you also need to take personal security measures seriously.
Table of Contents
Use strong passwords
Considering the value of bitcoin worldwide it’s advised to use strong passwords, not easy-to-guess passwords. Combining characters with numbers, using lower and upper case, special signs like a question mark and others make a strong password.
While bitcoin operators have safety measures in place you must also take steps in shielding yourself from any outside attacks.
What’s considered a strong password? According to the blockchain, a strong password is one that contains letters, numbers, and symbols, and must be at least 16 characters long. Sometimes that can be hard to remember, so consider using a passphrase that’s unique and personal.
Example of easy to guess password:
SmithGold (when your name is Smith Gold)
Example of a strong password:
Consider using a strong password for your bitcoin wallet.
Secure email linked to your bitcoin wallet
Closely related to your bitcoin wallet password is the email linked to your account. Make sure that your verified email address is secured because through your email an intruder could request for a password reset link.
If your verified email isn’t secured, it can pose an additional security risk to your wallet. Just as you use a strong password in your wallet account make sure you also use a strong password in your email.
If you feel that your password has been compromised contact the support centre, to reset it right away.
To store your password on your phone or not?
Automatically storing your password on your smartphone or device would make it easier for you to gain access to your Bitcoin wallet anywhere without having to crack your brain.
It saves you the stress of having to type your password every time you want to carry out transactions on your dashboard.
However, the disadvantage of this is that if your device is lost or stolen, that can put your wallet at risk of unauthorized access by a third party.
Solution: In a situation whereby you find yourself in this kind of situation, please make sure you contact the support centre of your operator right away to temporarily block your account till you are able to reset your wallet password.
Set up two-factor authentication
Setting up two-factor authentication (also known as 2FA or two-step verification) is a great way to beef up the security of your account.
This still boils down to your choice of a two-step verification method, but it’s advisable to use a smartphone authentication application such as Google Authenticator over SMS text messages.
We’re recommending Google authentication over SMS because of the delay is SMS delivery by some network carriers.
“Using a method like Google Authenticator alleviates those concerns by generating codes securely and instantly across multiple devices, without being associated with a specific phone number,” says blochain.com
Aside from that you can still access your wallet by completing a 2FA reset if your mobile device is ever misplaced.
Complete all security levels
To make sure your wallet becomes a fortress, some of the reputable bitcoin exchangers now use three levels of security steps, make sure you complete all of them. It’s for your safety, so don’t skip any of the steps.
Use the exchanger security centre often
If your exchanger has a security centre make sure you visit the centre often to keep yourself updated about the newest security measures put in place.
If you’re in doubt or you suspect any questionable transactions in your account, don’t hesitate to visit the security centre right away to submit complaints and get guidance on how to further protect your wallet account.
Store your Bitcoin wallet credentials safely
Your wallet ID and password are what you need to login to your wallet, sharing them with anyone is a major security risk, so keep them hidden safely exclusively for you. Online security experts have advised that it’s safer to change the password every 3-6 months.
Clear browsing data after using a device that isn’t yours
It isn’t advisable to use a phone that isn’t yours to access your cryptocurrency wallet. But in a situation that it’s unavoidable when you use a device that isn’t yours to login to your account, don’t store your password there.
After performing your task clear your browsing history, cache and password, depending on your preferred browser.
How to clear browsing history and password in Chrome
Go to the options menu by the top right-hand corner of chrome, place your cursor on history, then click on settings.
By the left-hand side, click on history, and click on clear browsing data, on top of the new page tick what you want the browser to clear and look down to click on clear browsing data. That’s all.
How to clear browsing history and password in Mozilla Firefox
By the top of the Firefox browser where you have file, edit, view, history, bookmarks, tools, and help, click on HISTORY.
From the drop-down menu, click on CLEAR RECENT HISTORY. That’s all.
Securing your cryptocurrency wallet is very important as more trading platforms are coming up every day across the world, as such stay protected when trading and storing cryptocurrencies.
Are there any other bitcoin wallet security tips we missed in this post? Share your thoughts in order to keep the bitcoin world secure.