Thursday, October 6, 2022

How To Keep Your Crypto Wallet Safe

Practice These Security Tips Today

How to Keep Your Crypto Wallet Safe

Hackers are always waiting for opportunities to steal your data, so be on guard against potential attacks through these best practices to build the most secure Bitcoin wallet. The safety, reliability, and accessibility of your crypto funds are critical, so be sure to utilize your walletâs robust security features if you havenât yet!

If youâre still looking for a reliable Bitcoin wallet, you can get it for free at Paxful! Just create an account and youâll instantly receive a crypto wallet that will give you access to over 300 ways to buy and sell BTC, Tether , and Ethereum tokens.

Just a friendly reminder: Paxful will never ask for your login details. Keep these tips in mind and stay vigilant against potential cyber-attacks. Stay safe!

How Are Cybercriminals Using Crypto As A Scamming Tool

Fueled by the craze around Bitcoin, the value of cryptocurrencies increased by almost 400 per cent between October 2020 and April 2021. The growing value of cryptocurrencies also saw an increase in email compromise attacks by 192 per cent between October 2020 and May 2021, reported Barracuda.

It is worth noting that the digital format of cryptocurrencies makes them decentralised in nature and without any regulations, and thus the currency has become a safer choice for cybercriminals. Hackers use Bitcoin to get paid in extortion attacks where they claim to have a compromising video or information that will be released to the public if the victim does not pay.

Cyber hackers now target and personalise fake emails to get victims to purchase Bitcoin, donate them to fake charities, or even pay a fake vendor invoice using cryptocurrency.

How To Keep Your Crypto Safe

BeginnerJan 14, 2021 · 4 min read

Key Takeaways:
Self-custody is a defining feature of crypto ownership, and requires owners to manage their assets by keeping them in a wallet A crypto wallet is an interface that allows you to interact with the blockchain network and the assets you hold on it A number of crypto wallet options exist, each with pros and cons in terms of security, ownership and convenience Here, we discuss the pros and cons of different wallets, so you can decide which one is best for you.

How to keep your crypto safe? If you have come to ask yourself this question, then congrats youre getting the crypto spirit! Here we discuss what crypto wallets are, how they work and which ones are better in terms of security and ownership.

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Three Kinds Of Software Wallets

A cryptocurrency wallet’s primary function is to store the public and private keys you need to conduct a transaction on the blockchain. Many also offer features such as integrated currency swapping. There are three main kinds of software wallets — desktop, online and mobile — and each offers a different combination of convenience and security.

Desktop wallets are software you install on your computer. They give you lots of control over your assets but, if connected to the internet, remain vulnerable. A malware infection, the remote takeover of your computer or — even if you’re not online — a hard-drive failure could be a catastrophe.

Read: Blockchain Decoded on CNET

Online wallets are hosted on a website. This makes them convenient because they’re accessible from any internet-connected device. The downside: Your private keys are known to the website owner and, from a technical perspective, there’s not much to stop them from simply taking your coins.

Mobile app wallets are optimized for retail transactions — that is, paying for stuff with bitcoin or another cryptocurrency. But because your encryption keys are stored on your phone, you lose your coins if you lose your device. You thought it was a bummer to leave your phone in a taxi? Imagine how bad it will be if it has thousands of dollars of cryptocurrency locked on it.

Back Up Your Digital Wallet

How To Keep Your Crypto Wallet Safe?  crypto Opinions ...

A backup will allow you to access your wallet in case you lose your device or your device fails. Choose either a different or a safe location for your backup. In case your device is stolen, you can restore access to your wallet with the backup file. As a precautionary measure, you can move the funds to another wallet.

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What Is A Bitcoin Wallet And How Does It Work

If you want to receive, store, or send Bitcoins, the first thing you need to do is get a Bitcoinwalletbest suited to your operating system or device. Technically speaking, there are no actual Bitcoins stored in a wallet, since Bitcoin is a network with lists of immutable transactions. Instead, a wallet stores a private key a secure digital code known only to the owner.

This private key is the connection between you, the owner, and a public key, or a series of public keys .

Below, we take a look at the action you should take to keep you Bitcoinwallet, and your funds, protected.

What Is A Cryptocurrency Wallet

If you are a real cryptocurrency beginner, then all this fancy and techy sounding jargon could be a little confusing. In short, a cryptocurrency wallet is pretty much the same concept as a physical wallet the only difference is the cash it contains is digital, and you cant put it in your pocket in the same way.

A cryptocurrency wallet is a digital wallet that keeps your digital/alternative/cryptocurrencies safe and secure. It is password protected so only you can access it and there are different types available depending on your needs and requirements.

From cold storage to a desktop, mobile, hardware, and software options there is a cryptocurrency wallet to suit you.

Although we have used the word store to describe the function of a crypto-wallet, we better explain that it doesnt store your money there.

Instead, it provides you with a private key which is stored in the wallet and shows the ownership of a public key .

In other words, your wallet stores your private and public keys and allows you to access your funds, as well as provides a personal ledger of transactions for your information and records.

But a cryptocurrency wallet doesnt just store your money safely it allows to you send and receive as well. Either via email, QR code, or through sharing a hash- you can transfer your cash to colleagues, friends, vendors, suppliers, or service providers- as long as they accept the cryptocurrency that you are using.

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Looking For The Best Way To Safeguard Your Crypto Here’s A Guide To The Different Types Of Cryptocurrency Storage

When you own cryptocurrency, one of the most important things to consider is how to store it. Cryptocurrency doesn’t have the same types of protection as money in a bank account or investments made through a broker. As the owner, crypto storage is your responsibility.

If you lose access to your crypto, it’s most likely gone. This is a very common issue that has been happening since Bitcoin first launched. It’s estimated that 3.7 million Bitcoin have been lost forever.

You have several different options to store cryptocurrency, including hardware devices, applications, and even a simple piece of paper. Once you know more about each storage method, you can choose the wallet that will keep your crypto safe.

Factor

Another party, such as a crypto exchange, stores your cryptocurrency.

Hardware that stores crypto offline.

Application that stores crypto online.

Physical storage of private crypto keys.

Benefits

Simplest option and most convenient.

Highest level of security.

Convenience and ease of use.

Free way to store crypto offline.

Drawbacks

Security risk of leaving crypto in another party’s possession.

Cost of device and inconvenience.

Security risk of storing crypto online.

Inconvenience and risk of losing wallet.

Average cost

How Does The Seed Phrase Keep Blockchain Wallets Safe

Trust Wallet Guide on How to Keep Your Crypto Safe

The way the seed phrase works is somewhat complex, however, we will try to simplify it here. When you register for a new crypto wallet, the wallet software creates a list of randomly selected words from a dictionary. And when you think about it, a Standard English dictionary has 2048 words. If 12 words are selected from it randomly, that means you can have 2048^12, which is a lot of possible combinations. In addition to this, the phrase is generated with the phrase with BIP39 which has a 132 bit of security. And with each word assigned a number, if you were to twist the second seed phrase for the first seed phrase, it would read an error. This leaves the seed phrase completely impractical to guess, thus keeping your blockchain wallets safe.

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Use These Chrome Extensions Not To Get Phished

Since we wrote this post on August 2017, many phishing scams have emerged to steal private keys and/or hardware wallet pin codes from users trying to use services like MyEtherWallet.

To avoid getting phished, download EAL and MetaMask. These two Chrome extensions will help you avoid accidentally entering websites that try to steal your data while you are using your hardware wallet.

Example Scenario: You want to use MyEtherWallet with your Trezor or Ledger Nano S, which can be accessed by going to while your hardware wallet is plugged to your computer. There are many sites that try to emulate the same user interface of MyEtherWallet to get you to accidentally reveal your pin and private keys:

These Chrome extensions help you avoid these malicious websites.

How To Hold Cryptocurrency Safely

Presented by

Welcome to the third guide in a series of four that have been written and produced in partnership with Ledger. These guides will lay out the things you should consider as you enter the world of cryptocurrency investing including how to buy and store your crypto and, importantly, how to safely take action today.

This guide will focus on how to hold your cryptocurrency safely including the best storage solutions and a checklist to avoid common pitfalls. If you missed the first and second parts of this series, check them out below.

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Do Not Access Unknown Or Suspicious Links

Be careful with your online activity and always check the link of the site youre on if something feels strange. Internet scammers can clone entire websites and use almost identical URL addresses to the authentic ones. If you use an online wallet or a similar service where you are required to enter the private key, make sure to verify that the website address is the authentic one.

Also look out for Bitcoin scam emails. These are growing in popularity and often ask you to visit a specific website or enter your details.

Choose Complex Unique Passwords With 2fa To Access Each Wallet

How does the Descargar Ledger Wallet keep your crypto ...

Hackers use various tricks or techniques to crack your wallet passwords or keys. So, you have to make sure that you use a very complex and unique password for your wallet login credentials.

Here are some tips for choosing the right password for each wallet.

  • Never use your personal or general information in a password such as your name, area name, your school name, your college name, etc. Because people sometimes use the basic trick of guessing passwords and believe me sometimes it works. Say bye to typical passwords
  • Your password should be between 15-30 characters
  • Password must include a mixture of alphanumeric and special characters

2FA simply means two factors authentication. It means you will have to authenticate your identity twice so it would be difficult for a hacker to penetrate your wallet. 2 factors authentication adds identity verification process. For example, you have a set password and an additional security question. So when you will log in next time, it wont let you access your wallet by just the password rather it will let you access once you answer the security question as well.

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Secure Your Pc Or Laptop With Top Notch Antivirus Softwares

Securing your PC or laptop with updated antivirus software is very important for cryptocurrency transactions. Why it is considered to be a good practice to have an antivirus installed on your desktop, PC, or laptop? Here are some advantages of Antivirus software.

  • Antivirus software will look out for virus programs that are set to steal your crypto wallet information. Antivirus will scan for such programs or files and will remove any detected malware, spyware, or virus programs
  • It will protect your system against any phishing attacks. A phishing attack is an attack by an unauthorized party trying to get access to your PC or laptop
  • Consequently, it will detect any external device attached to the PC. It will not let any external device access your system until you will give permission
  • Antivirus and firewall protection are related. An antivirus will detect incoming and outgoing network data packets. So, it will stop any malicious data from breaching into your PC and stealing your wallet and private keys. It will protect your information from going out

Store Private Keys Offline

Do you ponder how to keep your virtual currencies safe? When you look out for wallets, there is a lot of options. So, it is natural to ask Are crypto wallets safe. The answer is yes and no. If you follow all safety guidelines to store crypto safely, then crypto wallets are safe. But, if you are careless and neglect best practices, then you may lose your crypto.

Crypto wallets give you a private key and public key pair. Make sure to place importance on private key. It gives you access to the assets stored in a crypto wallet. The usage of correct private key tells people that the real owner of the wallet is transacting in contrast to an impersonator or an attacker.

When we say store private keys offline, it doesnt mean no use of computer or technology. It just means the secure storage that doesnt have direct internet connection where attacks may happen.

The main problem arises when you lose your private keys or when it is stolen. Since private keys are the only power and control you have over your crypto wallet, make sure to store private keys offline.

Here are some ways to store your private keys offline

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Must Have Wallets: How To Keep Your Cryptocurrency Safe

Atomic Wallet

Atomic Wallet is a new multi-asset, non-custodial solution with an actively growing user base. Atomic Wallet already supports 300+ top coins and tokens that can be managed in the intuitive, user-friendly interface. The list of available assets is updated on a weekly basis, so if you didnt find your favourite coin here you can be sure it will be added soon.Atomic Wallet is available for all major OS: Windows, Mac and Linux. Mobile apps for Android and IOS will be released in October, 2018. Apart from the intuitive UI, Atomic Wallet has offers a wide range of features, such as decentralized storage for private keys, a built-in option to buy crypto with a bank card, Atomic Swaps, instant exchange via Changelly or Shapeshift and an interface for custom tokens. What makes Atomic Wallet so unique is the support of Atomic Swaps, a relatively new decentralized exchange technology based on hash timelock contracts. Currently, this feature is available for bitcoin, Litecoin and QTUM. In the nearest future, Atomic Wallet plans to make ethereum available for the swaps, as well.

KeepKey Hardware Wallet

Guarda Wallet Software Wallet

Nano Ledger S Hardware Wallet

Nano Ledger S is just as secure as the other two hardware wallets. It is popular because of its relatively low price of $65 compared to its competitors. Being smaller than KeepKey, it is more portable and easier to carry around. It is a hardware wallet that comes at a very competitive price.

How To Keep Your Crypto

How to keep your crypto assets SAFE using a hardware wallet

You want to invest in bitcoin, but how secure is a crypto-wallet? You understand the risks surrounding your physical wallet, but with a crypto-wallet, its a different story altogether.

Bitcoin is a decentralized digital currency that uses cryptography to secure transactions, which is recorded in a blockchain. Even though the constant review of blockchain technology is making it harder to hack bitcoins, savvy hackers can still find ways to target your crypto-wallet. It is therefore important to understand how you can keep your crypto-wallet safe.

How is Bitcoin stored?

Bitcoin is stored in a wallet that is known as a digital wallet, which is either hardware-based or software-based. Software wallets are downloaded and installed on a personal computer or smartphone and they are known as hot wallets Software wallets offer a high level of security, however, they cant protect you fully against hackers and viruses. Hardware wallets are entirely cold and secure and they store your private keys on an external drive, like a USB. Compared to software wallets they are considered safer but on the downside, they arent free to use.

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Use A Mixed Technique When It Comes To Digital Wallet Security

Thieves are getting more interested in online accounts as they become more prevalent. A small portion of a users bitcoin must be maintained in an electronic wallet the rest must be held in offline or actual wallets. The physical wallet must be stored securely, such as in a vault or a safety deposit box. Its also a great way to keep the personal and public keys separate. It would be wise if you didnt store all your credit in a single wallet. Think of it like handling actual money, where you open different bank accounts for savings, emergency funds, personal expenses, and others.

Nonetheless, all your wallets must be safeguarded using complex passwords and multifactor authentication wherever possible. Dont give hackers an opportunity to hack your wallets because of a simple password. Dont try to use your birthday because thats what they mostly try to apply first. As much as possible, combine letters, numbers, and other characters to make it more complicated and hard to guess.

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