Crypto School

7 Tips for Securing Your Crypto Wallet

Cryptocurrencies & Digital Security

The subject of safety and security of personal and financial data has long since been a matter of discussion among the general public. Things have only gone more complex since the release of the first digital currency Bitcoin and all the subsequent Altcoins. Governments and end users are torn between the rights of the individual and the imposition of proper preventative measures.

Since most cryptocurrency exchanges are based on the idea of free transactions that can be carried out without the services of a middleman and in complete anonymity, the topic of securing user earnings is always open.

Different digital currency exchanges provide varying levels of security. Some, like Ripple and Cardano, focus more on transfer speed and establishing a balance between what users and official regulatory institutions want. Others, like Monero, wish to protect their clients from any unauthorized third parties’ access.

But users should know that it is their sole responsibility of keeping the crypto wallets safe. Many do not know how exactly to do this. This is why we’ve compiled a short guide with 7 useful tips on how to do this fruitfully.

Did You Know?

Cryptocurrency wallets or e-Wallets for short are virtual storage spaces intended for the sending, receiving, and safekeeping of different Altcoins. They are mainly divided into hot and cold storage wallets. Digital platforms usually constitute the first and hardware – the second. There are also public and private keys, required for one to access these virtual monetary funds. Public keys are utilized by users who wish to transfer a given sum to one’s crypto wallet, while private keys are applied for the purpose of verifying that the one is sending a certain amount to another.

Tip #1: Open a Wallet With Increased SSL Measures!

There are many crypto software companies that develop e-Wallets which use a double encryption for securing the private keys. There is a free sharing principle among such firms, meaning that one of them will share their technology with the rest so that all of them can ensure maximum security. Some even give users a small commission for joining their platform. It is not always in a monetary form, they could be some tokens of appreciation.

Tip #2: Have More Than One Crypto Wallet!

An old English saying goes that one should never keep all of his eggs in one basket. The same is true for nearly everything in life. Users should open at least two separate cryptocurrency wallets. One should be utilized for storage, while the other should be intended for the purpose of sending and receiving Altcoins.

Some experts even advise individuals to have more than three different e-Wallets, depending on how much cryptocurrencies they have and what is their exact type. This is the best way to keep the one with the higher value protected. But one never knows what will happen tomorrow which implies that it is best to use double encryption for all of them.

Tip #3: Be Careful About the Networks You Use!

Users cannot be too cautious. Hackers are everywhere and wi-fi networks are one of the easiest to decode. Not to say that they are not the only public networks that most use daily. It is best to never open the crypto mining wallet when not completely sure of the reliability of the device or connection.

Tip #4: Turn Off the Crypto Notification Apps!

Most utilize much different application in order to monitor the current market cap of the digital exchange they are interested in. There are also lots of news websites that people like to get information from. But it would be wise for one to turn off the automatic notifications for all of the crypto trading or scrypt mining websites or apps that he or she visits. It is quite easy for an outsider to gain private keys from them.

Tip #5: Always Opt for the Two-Factor Identification!

Users should learn which crypto wallets offer the two-factor identification(2FA) and store their digital savings in one of them. There are two separate ways in which it functions. The first is with a 6-digit authentication code which is basically revised and altered every couple of minutes. It is unique to the end user.

The second way is by adding a bionic identification like a fingerprint or retina augmentation. It does not matter which of the 2FA types one applies. Both of them are secure enough to ensure maximum comfort and peace of mind for the end client.

Tip #6: Never Forget to Double & Recap the Address!

Everybody knows that the Internet can be full of scams. The same is even more valid for the digital currency exchange sphere. There are malicious automated programs that swap the address just a second before one clicks the send button. It is crucial to always double-check the receiving address right before one transfers a given Altcoin amount to another user.

Tip #7: Use SSL Encryption for the Browser!

An SSL stamp present in the address window of the web browser means that the wallet is completely safe. The abbreviation represents a security site seal. It suggests that all of the browsing history remains hidden to third parties.

Users can make sure that their crypto wallet is encrypted according to the SSL protocols by looking at the URL. It should begin with an HTTPS, not with the usual HTTP, and there will be a lock sign at the beginning of the address window.

Keep in Mind:

It is best for users to have a non-public email when engaging in cryptocurrency trading or crypto mining operations. Experts recommend that they even have separate ones for the different Altcoin exchanges that they operate with. Having a hard to decode password is also crucial.

Keeping the Crypto Wallet Safe – Mission Possible!

The digital currency trading sphere has captivated the attention of nearly the whole world in the last year and a half. There are also lots of scammers who are just looking for the next fish to reel in with their hook. But it is not impossible to avoid and escape them.

Users who wish to keep their e-Wallets and cryptocurrency earnings safe can favorably do so by implementing a couple of the above-mentioned useful tips. There is nothing hard. They only take a couple of minutes to apply. Passwords, however, must be changed every couple of months as they get broken more smoothly.

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