Like paper money and coins cryptocurrencies It must be kept in a purse for security purposes. The difference is that crypto wallets are completely digital. Unlike fiat wallets, which can be leather wallets and digital wallets.
cryptocurrency wallet This can come in 3 forms: a hardware wallet that can be carried. There are two types of wallets for these assets: wallets that can be used for cryptocurrencies. One crypto currency and a wallet that can be used for multiple cryptocurrencies at once
But just like any wallet, this crypto wallet can also be in danger. whether stolen, damaged or due to other issues. Here’s how to create a free and secure crypto wallet.
1. Choose a Crypto Wallet with 2FA
One of the digital wallet threats for both cryptocurrencies and fiat money is the threat of hacking. Two-factor authentication (2FA) is the most widely used security method to overcome this. That way, users aren’t just asked to send their passwords. But still need to send OTP (One Time Password) which will be sent to your registered email or mobile number.
2FA is essential in maximizing the level of security of your personal data. So that the data is not hacked or if someone knows your crypto wallet password, they must also send an OTP so that no one can access the wallet.
in general, Famous Bitcoin Wallets Like Electrum and Ledger, there are already 2FA features to ensure the security of crypto storage.
2. Make sure you remember the seed phrase.
When transacting crypto, you use two keys or “keys”. The first key is the public key or wallet address which is the key that can be shared with other people transacting with you while the second is the “key”. private key or keys proving ownership of the associated cryptographic assets. Therefore, the private key must be strictly protected. The problem is that this private key is in the form of a series of numbers that are difficult for people to remember.
But crypto wallets often give users a default phrase when that user first opens their account. This initial phrase is a group of unrelated words but is somewhat easier to remember than a set of numbers.
The seed phrase acts as the master key. which if other people know these words They have direct access to the private key of your crypto wallet. and use all the money you have
The seed phrase is also useful for re-accessing your crypto wallet account if there is damage to your wallet or lost device. your lost You can access the application again using the default phrase generated during registration.
So, just like the private key The initial phrase needs to be maintained as well. Some traders even engrave the crypto wallet seed phrase on a plaque or store it in a safe place for safekeeping.
3. Make sure there are multiple signatures.
If you use cryptocurrency as your company property or your family’s shared property. Make sure that the crypto wallet you are using has a multi-signature feature.
By using this feature Your coworkers or partners will not be able to use money arbitrarily without your knowledge. and vice versa You can’t even use your money recklessly without them knowing. But the advantage is if your gadget is hacked or lost. No one will be able to transact without your partner’s knowledge.
4. Avoid accessing potentially infected sites.
It may be that you remember the seed phrase. Use a multi-signature application. But your crypto wallet is empty. This can happen if the gadget you use to access your wallet application or crypto website is infected to disrupt your security.
So, make sure you access your crypto wallet using a virus-free device. Although you can use different devices for crypto transactions or use Hardware crypto wallet such as Trezor, Ledger, and SecureX because they are hardware. therefore less chance of hacking
5. Use Crypto Wallets From Trusted Developers
In addition to the popularity of cryptocurrencies, more and more parties are offering services related to this business. This includes crypto wallet services. Unfortunately, not all parties have good credibility.
Before choosing a crypto wallet, make sure you check the following:
- Trusted wallet development company
- Reviews of this application both on PlayStore and in various crypto communities.
- Security Features Offered
- Regulations and laws on application This is because this is the regulatory body you should contact if there is anything unwanted related to the application.
Of course it’s very disappointing, is it true if your 1 bitcoin worth more than 300 million loses because you picked the wrong crypto wallet?
6. Avoid Activities That May Lose Your Crypto Wallet
In addition to avoiding access to websites that may threaten the security of your crypto wallet. You should avoid activities that could lead to the loss of your cryptocurrency wallet, such as:
Put your hardware wallet where it shouldn’t be. There was once a case involving a man who lost his crypto wallet at a final disposal site (TPA).
Do not store seed phrases in a safe place. It is better to keep the seed phrase outside of your computer or mobile phone. so that when both devices are infected You still have access to the seed phrase again. Don’t forget where these important keywords are placed.
Uploading crypto wallet data to social media Be it for show off or for any other purpose, make sure you don’t post anything about your crypto wallet on social media or other internet platforms.
The security of a crypto wallet is the same as the security of crypto assets without a secure wallet. Hundreds of millions of your bitcoins are likely to be lost without a trace, so keep your wallet safe with caution.
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