If this is your first time using cryptocurrency, then there are some terms that you might have heard that confused you. One of the terms is a cryptocurrency wallet. While you might think this wallet stores your coins, this is not the case.
The wallet contains a private key that you use to make transactions. Without the wallet, you cannot buy, transfer, or receive cryptocurrency. If anyone were to get this key, they could make transactions while posing to be you.
It is, therefore, essential that you keep this key private and secure. Here are some tips that can help you do just that.
Store Your Keys Offline
In leaving your keys online, you make them more susceptible to cyber-attacks and hackers. The best thing for you to do is to store them away from the internet. The simplest way to doing this is by writing it down on a piece of paper and keeping it somewhere you will remember. The only issue with this is the paper can get torn or lost. You can also save it on a small USB device. Another option would be to store it in a cold wallet as this can also be accessed offline. It would help if you remembered that cold wallets would require subscription fees.
Use a Secure Internet Connection
One of the ways that hackers get your keys is through insecure internet. They can hack into your system and put in your key in dummy sites that may be used to hack you. The only way to avoid this is by using the internet that you can trust. If you are in a public place, hotspot your pc from your phone instead of using the public WIFI. You can also use a VPN blocker to protect you when accessing the internet. Also, ensure that you do not log into sites you are unfamiliar with, as this is a trick used to access your information.
Secure Your PC
One of the ways hackers get your keys is by hacking your laptop. While it is common practice with windows users, it can affect anyone else on a different PC. Hackers usually get into a user’s PC by sending them viruses and malware. To avoid this, get your PC an antivirus. Ensure that all the applications on your PC are up to date as well.
Have Strong Passwords
Studies show that many people use the same password for different accounts. Doing this for your cryptocurrency exchange wallet will make it easy for it to get hacked into. One way to avoid this is to set up a unique password for your online transactions. Do not use the names of people you love or important dates in your life to come up with a password. Ensure that the password you use for your wallet is not used elsewhere. It makes it harder for a hacker to guess it.
The world of cryptocurrency is relatively new. As such, there is little that has been done to ensure it is a safe space. It makes it an easy target for hackers who want to make money from unsuspecting users. This leaves you with the sole responsibility of ensuring that you stay safe when transacting online.