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Bitcoin is an exciting form of currency, and like all new forms of currency, it is important to keep your bitcoin wallet safe. As the popularity of bitcoin and other cryptocurrencies continues to grow, so too does the risk of theft from digital wallets.
While there are a variety of techniques you can use to protect your wallet, we recommend using a two-factor authentication process and keeping your wallet encrypted at all times. Following these simple tips ensures that your online bitcoin wallet and its holdings are safe and secure.
Tips and Tricks to Secure your Online Bitcoin Wallet
- Two-Factor Authentication: It is recommended to configure two-factor authentication (2FA) right after you install and set up your online bitcoin wallet. It requires confirmation before completing account operations like signing in and withdrawing or transferring money; this adds another layer of protection to your funds. It will request your 2FA code, so you’ll immediately know if someone is trying to access your wallet.
- Encrypting the Bitcoin Wallet: Encrypting your digital wallet is another layer of defense against possible cyber-attacks, in addition to enabling 2FA. When someone tries to access your account, you may lock your coins with a password. Unless your password is known, the hacker will be unable to steal your Bitcoin.
Encryption is of different types, and the most authentic and secure one in the current scenario is AES 256-bit encryption. Choose a wallet that has AES encryption enabled to secure your password and other information.
- Create a Backup: It is always a good practice to back up your wallet data, including the bitcoin wallet balance, with an online or offline solution. If you experience a computer system or software failure, backing up your wallet will allow you to access your data.
Backing up the data helps retrieve the same easily in case you have been locked out from your account, or you have lost the credentials. Several items, such as paper and hard drives, as well as USBs and CDs, may be worth looking into.
- Enable the Multisig Feature: Getting a multisig wallet is one of the greatest methods to keep your crypto safe if you have a large quantity of it. This function is available in several online bitcoin wallets and requires multiple verified users to unlock the wallet.
Hackers will be unable to access your wallet and steal your crypto holdings unless these users approve. Enable the functionality if your wallet supports the same.
- Update your Device: Update your device and platforms on a regular basis, as it is crucial for securing your wallet. Outdated phone systems and security patches can be exploited by hackers to hack into your device. With software and system upgrades, you may get new features and security fixes for your wallet.
Conclusion
With bitcoin gaining a price increase, it is essential to use a secure online bitcoin wallet. The high price of this cryptocurrency attracts several attempts to hack into the system, further increasing the importance of having the required security measures.
The five-pronged structure to keep your online bitcoin wallet secure includes enabling 2FA, backing up the data, updating the device security system, enabling encryption, and multisig. With these systems integrated, it will be nearly impossible for anyone to hack into your wallet account.
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