Do you have Bitcoin or other cryptocurrencies and often find yourself worried about their safety? Are you wondering how safe crypto wallets are? Well, you are not alone. As cryptocurrency becomes mainstream, many people are worried about its safety, especially with the numerous reported cyber-attacks. However, you can still keep your wallet safe. There are many ways you can ensure the safety of your cryptocurrency asset as you do your thing online. The following are surefire ways of upgrading and keeping your crypto wallet safe from hackers.
- Get a Cold Wallet
One way of keeping your wallet secure is by securing a cold wallet. A cold wallet is an offline wallet resembling a USB not connected to the internet. It is considered the best regarding safety because any other device cannot access it. Such wallets keep your private key safe and protected from any unauthorized access. However, you must know that a cold wallet does not have the “forgot password” feature. That means you must have your password always, or you will be locked out for good.
- Hide your Private Key
If you have a DeFi wallet, you are provided with a private key that you must use all the time to access your account. This private key is your pin, and the gate pass to your account. Ensure you never share the key with anyone, not even your family. Keep it offline and hide it the way you hide other PINs. If you have an asset vault, you can write the private key down and save it there.
- Use Multi-Factor Authentication
Multi-factor authentication is a technique designed to add extra layers of security to any stored data. The protocol involves several ways of unlocking or wallet login in. It notifies the owner and sends them a verification code through text or email. Therefore, the wallet owner must verify they want to log into their wallet before accessing. This extra verification step prevents hackers from accessing your wallet since they cannot crack two codes simultaneously.
- Use the Multi-Signature Feature
Go for a wallet with a multi-signature feature. Such wallets are safer than their counterparts. The reason is that such wallets require multiple signatures to authorize access to an account. Therefore, a hacker must get these signatures simultaneously, which is impossible, to access your wallet.
- Get Multiple Wallets
Another way you can secure your crypto wallet is by getting multiple wallets for your assets. You have probably heard the phrase about not putting your eggs in one basket. The same care applies to your digital assets. Don’t store your assets in one wallet. If a hacker manages to access your account, all your digital assets are in jeopardy, and you could lose everything you have worked so hard to earn. So, create several crypto wallets and store your digital assets in them. If the attacker has access to one, the assets in the other accounts will be safe.
Hackers look for every opportunity and loophole to access crypto wallets and take everything. Therefore, leveraging the safety measures mentioned to secure your digital assets is crucial. These tips will help protect your crypto wallet from hackers and other criminals.