It’s a no-brainer that you have to do your best to keep your Bitcoin wallet safe. Your Bitcoin wallet is where you store, send and receive BTC, and it has to be secured at all times. Not safeguarding your Bitcoin wallet is like not keeping your physical wallet safe, funds can get lost or stolen.
Cryptocurrencies are usually targeted by hackers and scammers, so you need to be cautious when using your wallet. Now, narrowing it down to Bitcoin which is the most popular and valuable coin, you need even extra caution. However, these crypto wallets don’t come with manuals on how to ensure their security.
Luckily, there are steps you can put in place to ensure that your Bitcoin wallet stays highly secure. In this article, you will find 5 tips you can follow to enhance the security of your Bitcoin wallet. Without further ado, let’s get into it.
5 Tips to Keep Your Bitcoin Wallet Safe
Keeping your Bitcoin wallet safe is not just about the wallet, it’s more about the BTC stored there. Just like if your bank account or mobile app is not safe, the money inside isn’t safe too, the same thing applies to your Bitcoin wallet.
Anybody who has access to your Bitcoin wallet automatically has access to your BTC. Therefore, you should put steps in place to enhance the security of your Bitcoin and ensure it is safe at all times. You can follow the 5 tips below to keep your Bitcoin wallet safe.
- Use a strong password for your wallet.
- Do not share your private key
- Only use a trusted internet connection.
- Do not open suspicious links.
- Back up your wallet.
Now, let’s elaborate on each of these tips.
1. Use a Strong Password
Your password is like the front gate to your Bitcoin wallet. If you are using a hot wallet, you need to be careful and intentional when picking a password.
Don’t use easily guessable things like your name, phone number or birthday. Instead, choose a strong password that only makes sense to you. If possible, combine letters, numbers and special characters to form your strong password.
Also, avoid using a password that you’ve used on other platforms. It is advisable to pick a unique password for your Bitcoin wallet.
2. Do Not Share Your Private Key
Your private key is private for a reason, you are supposed to keep it to yourself only. Do not share it with anyone no matter how much you think you can trust them. Additionally, don’t ask somebody else to make transactions from your Bitcoin wallet on your behalf.
Also, ignore all requests that ask you to share your private key online or with another person no matter the reason. Such requests are most definitely malicious and are in an attempt to hack you in the future.
3. Only Use Trusted Internet Connection
Whenever you want to access your hot wallet, make sure you are connected to a secure internet source. Avoid connecting to public networks when you want to make transactions on your Bitcoin wallet. Most public networks are vulnerable to attack and usually have security flaws.
It is advised to use only personal, home or well-known networks that you are sure are not easily exposed to external attacks.
4. Do Not Open Suspicious Links
When you are online, always check to ensure that you are on a secure website. If you are on a site that looks funny or feels strange, do not hesitate to leave and check the link of the site. There are many cloned websites out there that scammers use to collect people’s details.
In addition, do not click on links that look suspicious or come from an unknown source. Scammers usually send out phishing emails that contain malicious links, so always be on the lookout.
5. Back up Your Wallet
You need to back up your Bitcoin wallet in case you lose access to your wallet or device. Without a backup, you will be unable to regain access to your Bitcoin wallet.
There are different ways you can back up your Bitcoin wallet. Whatever way you choose, ensure you keep the backup safe. If you make a backup file of your wallet, keep it in a safe location. If you use a recovery phrase, ensure you keep it offline as that is the safest.
Frequently Asked Questions about Securing Bitcoin Wallet
1. How safe is a Bitcoin wallet?
Aside from the security measures that your crypto wallet has in place, your Bitcoin wallet is only as safe as you make it.
The safety of your Bitcoin wallet also depends on the type of wallet. Cold wallets are generally safer than hot wallets. However, they both have their pros and cons.
2. How do you keep your Bitcoin safe?
You can keep your Bitcoin safe by ensuring that your Bitcoin wallet is highly secure and protected. A secure Bitcoin wallet means your BTC is safe.
3. Can I lock my Bitcoin wallet?
Yes, you can lock your Bitcoin wallet as a security measure. There are different ways you can lock your wallet depending on the type of crypto wallet you use.
4. Can your Bitcoin wallet get hacked?
Yes, if your crypto wallet is compromised, your Bitcoin wallet can get hacked. Ignore malicious links, and phishing emails, and don’t put your wallet details online to avoid getting hacked.
5. What is the safest Bitcoin wallet?
There are many crypto wallets out there that are safe. For hardware wallets, Ledger Nano offers very secure cold storage for your coins. For hot wallets, on the other hand, Coinosh offers the best self-custodial security solutions.
To keep your Bitcoin safe, you first need to ensure that your Bitcoin wallet is secure. Follow the tips given in this article to enhance the security of your Bitcoin wallet.
Moreso, the particular crypto wallet you decide to use to keep your bitcoins is important. Ensure you use a reliable wallet like Coinosh to store and safeguard your BTC. Coinosh is not only secure but also compatible with over 100 cryptocurrencies and easy to use.