It would be best if you had a cryptocurrency wallet to send Bitcoin, receive it or store it.
Along with owning a cryptocurrency wallet, you also need to ensure the safety of the wallet.
In case you are transacting larger amounts or holding the same, your wallet of any form, i.e., hardware wallet, mobile wallet, or desktop wallet, can always be attractive to fraudsters and scammers. You can use Bitcoin Supreme to check the live information of Bitcoin.
Since Bitcoin is referred to as a decentralized asset, the users, especially the beginners, get attracted to this fact and feel an unreal sense of security. But because it is a decentralized asset, it is not overlooked by any centralized authority, which means that it is the user’s full responsibility to protect and ensure the safety of their wallets.
What is the Meaning and Function of a Bitcoin Wallet?
To transact or store your Bitcoins, it is required by the user to own a Bitcoin wallet depending upon the suitability with its operating system or any other device.
The Bitcoin wallet is principally used for the storage of the private key of the user since there are no real Bitcoins to be stored.
The private key is a secured digital code that connects the user with the owner and the public key and is known only by the user.
8 Ways to Keep Your Bitcoin Wallet safe
Fortunately, there are a lot of security measures you can take to ensure the safety of your Bitcoin or any cryptocurrency…
1. Choosing hardware wallets over other forms of wallets
Out of the various forms of wallets available in the market like hardware wallets, mobile wallets, or desktop wallets, using cold storage might be the safest option in case you are concerned about cyber threats.
Overall, hardware wallets are considered the safest option for the storage of your Bitcoin.
2. Keeping your private key offline
In order to protect your private key, it is advised not to keep it online as it is safer to keep it in the real world. It is better to write your private key on a piece of paper, keeping it safe from getting deteriorated by storing it at a dry place, away from heat and sunlight.
3. Use a secure internet connection
While you are accessing your wallet, make sure your device is not connected to any public network as the public networks are more vulnerable than the private networks. Instead of using the public network, you should use the hotspot of your own mobile phone.
4. Use high quality and the latest antivirus software
Usually, all the operating systems have a fair share of malicious programs as there is an enormous exposure to various malware. Before you install your wallet on your device, make sure that you are using up-to-date antivirus software and scan the device properly.
Don’t forget to update your software from time to time to keep the device protected from the latest viruses and malware programs.
5. Never share your private key
Make it a rule to never share your private key with anybody or ask about their private key from any other user. The private key should just be kept to yourself. In case any person or a third party required you to mention your private key to them, you should always refuse the proposal.
6. Choose a strong password for your online wallet
It is advisable to use a unique password for your online wallet that might be an alphanumeric combination making sense only to you. Never use your personal information like date of birth, phone number, address or name, etc., as a password for your online wallet. And make sure the password is unique only to your wallet. Don’t use the same passwords for multiple platforms.
7. Separate wallet for day-to-day transactions
There is no limit to the number of Bitcoin addresses and wallets you can create. Therefore, if you are doing transactions on a small scale daily, it is better to maintain a separate account to carry such transactions and top up whenever you require.
In order to keep your portfolio safe, it is good to separate your most valuable transactions from the others.
8. Two-factor authentication of the wallets
An effective security measure for keeping your online wallets safe is to have two-factor authentication for the wallet. It is one of the effortless measures that you should follow at all times.