If you are a Bitcoin user, you would know that how important a Bitcoin wallet is. It is used to store all your Bitcoin assets and make transactions with other users.
Due to its significance, hackers, con artists, and thieves are always after your wallet. They develop different techniques to get into your wallet and steal your coins.
Most bitcoin users nowadays lack the knowledge as to how to keep their wallets from these attacks. As a result, they end up losing their assets. And since there is no way to track these tricksters, once you lose your coins, consider them gone for good.
In this post, we are going to discuss the most useful ways to protect your wallet, and hence the coins.
Check out our guide on what are the safest Bitcoin wallets to use to be more secure.
Bitcoin Wallet Protection Tips:
- Never use it on a smartphone: Smartphones are prone to hacking and theft. They can easily be hacked through the apps we download or even the mobile camera. So, if you want to protect the bitcoin wallet, stop trading it through smartphones.
- Versatile Bitcoin client: It hides users’ IP address and changes their address with each transaction. It also hides your privacy in public protocols, making it less vulnerable to third-party attacks.
- Identity protection: Avoid giving away your information on social platforms and try to keep your wallet key only to yourself.
- Encryption: Since your wallet is stored on virtual sites, it’s necessary to protect it with a strong password. If you are struggling to create a strong password, DESlock+ can help you create it and encrypt your bitcoin wallets from theft.
- Backup Your Wallet: Keep backups of your wallet. The information stored in the wallet is what all your bitcoin transactions are based on. Losing it without having a backup would mean that the information is gone forever. (Learn how to backup a Bitcoin wallet)
- Escrow service: Bitcoin transactions are irreversible and involve interactions with untrusted parties. In situations like this “Bitcoin Escrow Service” comes in handy. What happens here is that the buyer sends bitcoins to the Escrow service and the seller sends the product across to the buyer. After receiving the product, the buyer gives green signal to the escrow agent that he can make payment to the seller. The escrow service is considered to be one of the safest and error proof methods of bitcoin transactions. (Here are some of the best Bitcoin escrow services you might want to use)
- Multi-signature addresses: This method is extremely useful, especially when multiple users are using the same wallet. Multi-signature addresses prevent the misuse of wallet by an anonymous user. It requires signatures of all users, which helps to inform the signers that a transaction is being made.
These are some important tips to protect your wallet against cyber-attacks. In conclusion, don’t use it smartphones, don’t publicize your keys, use strong passwords, always have a backup, use escrow service and multi-signature system.
Remember, a Bitcoin wallet address is the most important aspect of your Bitcoin venture. Its security must be on top of your priority list. And to make sure it’s perfectly secured, follow the tips that are discussed in this article.