Yes, we all make mistakes because nobody is perfect. But certain errors can cost you more money than others. One of those expensive errors is not keeping your BNB wallet safe. Imagine losing your funds because of a silly mistake, tragic, right?
Owning cryptocurrency can be exciting but it has its own set of challenges. One of the challenges is making sure your digital assets are safe at all times. To protect your BNB as a cryptocurrency holder, there are a few mistakes you should avoid.
In this article, I explore five common mistakes to avoid with your BNB wallet. I also offer insightful tips on managing your wallet thereby assuring the security of your cryptocurrency. Let’s dive right in!
Mistakes to Avoid With Binance Coin (BNB) Wallet
There are many common mistakes people make when using their BNB wallets that can be easily avoided. Knowing these mistakes and how to steer clear of them can help you keep your Binance coins safe.
Below are 5 common mistakes you should avoid making when using your BNB wallet:
- Sharing your private key
- Using custodial wallets
- Using weak passwords
- Not having a secure backup
- Using public Wi-Fi
1. Sharing Your Private Key
You should not share your private key with anyone, it is private for a reason. Your private key is like the license to your wallet, it gives anyone that has it access to your funds.
Sharing this key with anyone, even friends or family, is like giving them a spare key to your house filled with valuables. Remember, your private key is for your eyes only. Keep it confidential, store it securely, and never share it with anyone, under any circumstances.
2. Using Custodial Wallets
Custodial wallets are convenient, but they come with a hidden cost – control. When you use a custodial wallet, you essentially hand over your BNB to your wallet provider. While this may seem appealing for its simplicity, it also means you give up control over your funds.
In the unfortunate event that the wallet is hacked or security is breached, your BNB could be at risk. For true security and peace of mind, consider using a non-custodial wallet like Coinosh that gives you full control over your assets.
3. Using Weak Passwords
Your password is like the front door to your wallet. If it is not properly secure, unauthorized people can come in and out as they like.
As a result of this, you need to use a strong password for your BNB wallet. Don’t use something easy to guess, like your birthday or your pet’s name. If you are using a PIN, try to avoid numbers associated with your personal information.
To truly safeguard your BNB, choose a strong password that includes a combination of upper and lowercase letters, numbers, and symbols. Consider using password managers to generate and store your passwords securely so you don’t forget them.
4. Not Having a Secure Backup
Anything can happen at any time to anyone and anything, that’s why you have to stay prepared. Anything could happen to your BNB wallet and your device could get lost or stolen. You may even forget your password.
To ensure your BNB remains accessible even in such scenarios, always create a secure backup of your wallet. Your backup might be in the form of a recovery phrase or a backup file.
When you have a secure backup of your wallet, you can restore it and the funds inside to your new device. Coinosh provides you with a 12-word recovery phrase when you create your BNB wallet.
5. Using Public Wi-Fi
Public Wi-Fi networks are convenient and can save costs, but they’re also a target for hackers. There are certain things you shouldn’t do online when using public Wi-Fi. Connecting to public Wi-Fi while using your BNB wallet can make it susceptible to hackers.
Instead, use a secure and private internet connection whenever you want to access your wallet. This will significantly reduce the risk of hackers intercepting your data and gaining access to your valuable BNB.
Tips for Using Your BNB Wallet
Below are some additional tips to help you effectively manage your BNB wallet:
- Do Your Research: Before deciding on a BNB wallet to trust your coins with, research its reputation and security. Don’t settle for just any app; choose a trusted option like Coinosh which has strong security features.
- Be Careful of Malicious Links: Be wary of suspicious emails, messages, and websites aiming to steal your BNB. Verify links before you click on them to avoid getting hacked.
- Use Two-Factor Authentication (2FA): You can make your BNB wallet safer by enabling 2FA. Besides your password, you’ll need a code from your phone to log in to your wallet. This makes it much harder for anyone to access your BNB.
- Regularly Update Your App: Update your crypto wallet app when there are new updates. Updates are often released to fix bugs and improve security. Keeping your app updated will help you benefit from security upgrades.
Conclusion
Using your BNB wallet seems simple enough, but staying safe requires a bit of attention. By keeping the common mistakes discussed in mind, you can be more proactive about keeping your BNB safe.
You’re not only keeping your funds safe by avoiding these mistakes, you’re also ensuring you have a smooth experience with your BNB wallet. This will in turn give you peace of mind.