Bitcoins have gained widespread popularity in the digital business world. You can use the virtual currency to make payments anytime, anywhere. There’s a catch, though. If you lose your wallet key, accessing your digital money will be a challenge. You also risk losing your digital money if your wallet key lands in the wrong hands.
Here are five tips to enhance your wallet security:
Choose your exchange service wisely.
We are all aware of the risks associated with online transactions, and your Bitcoin Web Wallet is no exception. Hackers can use it to access your money, and you should only use a genuine exchange service. Also, always transfer your money to your wallet as soon as a transaction happens.
Consider separate wallets
Most Bitcoin wallets are connected to the web and are prone to network attacks. Opt for offline wallets and keep your money there. If you get a huge amount of money in your online wallet, don’t let it lie there for long. Transfer it to your offline wallet within the shortest time possible.
Backup your data
You risk losing your Bitcoins or wallet if your computer or device becomes defective. It’s advisable to create a backup of your wallet. You can even make different backups and keep them in different locations. This way, you can easily access your wallet even if your machine crashes. Also, backup your wallet after every transaction to update it with the latest private keys.
Keep in mind, though, you require additional security to transfer your data from one computer to the other. You’ll need a USB to move your data, and Linux will come in handy. It will help fight USB based threats and help secure your data. You can also use a dedicated USB key to move your information between computers. It will also guard your data from hackers and potential viruses.
Use fragmented backup
You want to keep your wallet as safe as possible. Backing up your data in one location can be risky. To intensify the security of your money, have multiple copies of your backup. Split your data into different fragments and store this separately. A hacker will need four or more fragments of your data to access your wallet, making it harder for fraudsters to access your wallet.
Store your key appropriately
Keeping your private keys online exposes you to a host of threats, these include hackers and malware. Consider keeping them in an offline computer, and this will keep hackers and malware at bay. Besides, you want to secure your system as much as possible. To make payments, generate your transaction online, using the online computer, then use a USB to bring it to the offline computer. Sign with your private key and move it back online and complete the transaction. Although this may seem hectic, it provides extra protection to your wallet.
The bottom line
You can easily lose your Bitcoins if you don’t secure your wallet. Dealing with digital currency is tricky, and you should put measures in place to secure your wallet. Consider the ideas shared above, and heighten the security of your wallet.
Editor’s Note: Hitesh is a digital marketing strategist and entrepreneur with more than 15 years of experience in digital marketing, start-ups, branding, and customer acquisition strategies. Hitesh is the CEO and Founder of Reposition Group, which specialises in digital growth strategies for companies in the cryptocurrency market such as Bitamp.com.