If you own some cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, etc., then you must have a crypto wallet.
If you own a crypto wallet and want to stay safe from hackers here, we have some tips for you to keep your crypto wallet safe.
You know cryptocurrencies and to store them, you need to have a crypto wallet. Without a wallet, you cannot store cryptocurrencies. Since cryptocurrencies are more valuable to you than the chance of being hacked is also more.
Before learning how to keep crypto wallets safe? You must understand what are crypto wallets and types of crypto wallets.
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What is Crypto Wallet?
A crypto wallet is a place to keep your cryptocurrencies safe and easy to access. It also keeps your private keys so that only you can access your wallet. You can hold any cryptocurrency here, such as Bitcoin, Ethereum, Dogecoin, etc.
It can be physical or digital media used to store cryptocurrencies. It uses public or private keys for encrypted transactions.
Crypto wallets also allow users to send and receive cryptocurrencies and can be used for transactional purposes. Crypto wallets are as simple as UPI wallets.
Types of Crypto Wallet
Online Wallet (Hot Crypto Wallet)
Offline Wallet (Cold Crypto Wallet)
Paper Wallet
Cold and Hot Wallet
You choose a crypto wallet according to your needs. Some wallets are used for transactional purposes and some are used for long-term offline storage of cryptocurrencies. Some people use crypto wallets to make purchases or transactions on a daily basis, and some use it to keep cryptocurrencies for long-term.
Hot Wallet
Hot crypto wallets are those that are connected to the internet and available online. You can easily get your online crypto wallet. These popular crypto wallets are used for shopping, investing and trading purposes.
These wallets have some limitations, so these wallets are protected from external threads. The limitation of hot wallets is that you can only keep a certain value of cryptocurrency. Just like you can only hold the cetrain value of Bitcoin in your wallet.
These types of crypto wallets are very venerable and are easy targets for hackers.
Clod Wallet
Cold crypto wallets are those wallets that are not connected to the internet, they are offline crypto wallets. These types of crypto wallets can be pen drives, hard drives, or paper records.
These wallets are completely offline and can be made online by connecting them to the internet. The chances of being hacked are very small, but these wallets can be lost or stolen. Access via password is possible.
By transferring to a cold wallet, you keep your coins safe. Your computer hard drive or USB drive can be a cold crypto wallet.
Paper Wallet
A paper wallet is almost a ofline wallet. This type of crypto wallet is also not connected to the internet. You can store your private and public keys in writing in your paper. You can easily store these papers in a safe place in your home, office and bank locker.
How to Keep Your Crypto Wallet Safe?
As the cryptocurrency market has grown exponentially, the traces of hacking have also grown rapidly. Therefore, you need to protect your precious cryptocurrency by securing your crypto wallet and private keys.
You can lose your cryptocurrency due to theft, loss of private keys and hacking by third parties.
These are the tips you can use to keep your crypto wallet safe:
Use Two Factor Authentication
Two-factor authentication is the most popular way to secure any digital wallet and account. By applying two-factor authentication, you can protect your wallet.
Use a Secure Internet Connection
A secure internet connection plays an important role in security. An unsecured internet connection makes you more vulnerable to hacking. Use a secure VPN while browsing. Do not use any unsecured public WiFi hotspots.
Use a Cold Crypto Wallet
These types of wallets are the safest place to store cryptocurrencies. They are less at risk of damage. Therefore, you should use a cold crypto wallet that is not connected to the internet.
Prevent Your Personal Device By Being Hacked
Just by understanding the security guidelines, you can prevent your personal device from being hacked. Use antivirus software. Scan your device frequently. Keep backups.
Don’t Open Any Unknown Link for Transaction
Please pay attention to the online safety guidelines. Be sure to check before clicking on the link. Never open any unknown link to trade. These links may steal my private key.
Change Your Password Regularly
Change your password frequently to make your password more secure. Your private key is very important to both you and the hacker. Because the transaction can only be done with the private key. To protect your private key, password protect it and write it down on paper for your reference. Always keep your private key offline.
Take Back Up of your Crypto Wallet
Backups are a good habit that enables you to have a copy of your data and valuable assets. In the event of hardware failure or software failure, you can restore your data or encrypted wallet from backups. You can store backup wallets in multiple locations so that you can retrieve your wallet in case of any loss.
Do not Share Your private Key with Any One
Sharing your private key with anyone will cost you financially. Never share your private key with anyone online. Protect your private key with a password.
Keep Your Software Upto Date
Constantly updating your software prevents you from being hacked by third parties. You should keep your software up to date. Software upgrades and updates provide you with the latest security patches and more. Older versions of software are easy targets for hackers.
Conclusion
Your hard-earned cryptocurrencies are your assets, so you need to protect them by simply securing your crypto wallet. With today’s increase in cybercrime, it is imperative that you stay safe online. I hope you now know how to keep your crypto wallet safe?
