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Securing your wallet Bitcoin, How To Secure Bitcoin And Other Crypto Wallet ? Crypto News

 Your wallet is safe

Like real life, your wallet must be secure. Bitcoin makes it easy to transfer value anywhere, and it allows you to control your money. Such great features come with great security concerns. At the same time, Bitcoin can provide a very high level of security when used properly. Always remember that it is your responsibility to adopt good practices to protect your money.




Securing your wallet


Like real life, your wallet must be secure. Bitcoin makes it easy to transfer value anywhere, and it allows you to control your money. Such great features come with great security concerns. At the same time, Bitcoin can provide a very high level of security when used properly. Always remember that it is your responsibility to adopt good practices to protect your money.


Beware of online services

You should be wary of any services designed to save you money online. Many exchanges and online wallets have suffered security breaches in the past and such services usually still do not provide enough insurance and security to save money like banks. Accordingly, you may want to use another type of Bitcoin Wallet. Otherwise, you should choose such services very carefully. In addition, the use of two-factor authentication is recommended.

Small amount for daily use

A bitcoin wallet is like a wallet in cash. If you do not have a thousand dollars in your pocket, you may want to consider the same for your Bitcoin wallet. In general, it is a good idea to keep a small amount of Bitcoin on your computer, mobile or server for daily use and keep the rest of your funds in a safe environment.


Backup your wallet

Stored in a safe place, a backup of your wallet can protect you from computer failure and many human errors. If you keep your wallet encrypted, it may allow you to recover your wallet after your mobile or computer has been stolen.



Encrypt online backup

Extremely risky for any backups stored online. Even a computer connected to the Internet is vulnerable to malicious software. For example, encrypting any backup that comes in contact with the network is a good security practice.


Use many safe locations

The single point of failure is bad for safety. If your backup is not dependent on a single location, it is less likely that a bad event will prevent you from restoring your wallet. You may also want to consider using different media such as USB keys, papers and CDs.


Make regular backups

You'll need to back up your wallet regularly to make sure that all recent Bitcoin exchange addresses and all new Bitcoin addresses you've created are included in your backup. However, soon all applications will use wallets that only need to be backed up once.



Encrypt your wallet

By encrypting your wallet or your smartphone you can set a password for anyone trying to raise funds. It helps protect against thieves, although it may not protect against keylogging hardware or software.



Never forget your password

Make sure you never forget your password or lose your funds permanently. Unlike your bank, Bitcoin has very limited password recovery options. In fact, you will be able to remember it even after many years without using your password. Doubtless, you may want to keep a paper copy of your password in a safe place like a vault.


Use a strong password

Any password that contains only letters or identifiable words can be considered very weak and easy to break. A strong password must contain letters, numbers, punctuation, and must be at least 16 characters long. The most secure passwords are created by programs designed specifically for that purpose. Strong passwords are usually difficult to remember, so you should be careful to remember them.






Offline wallet for storage

An offline wallet, also known as cold storage, provides the highest level of security for storage. It involves storing a wallet in a secure place not connected to the network Properly covered, it will withstand a great deal of adverse conditions. It is also a good idea to use an offline wallet with backup and encryption. Here's an overview of some of the approaches.


Offline transaction signature

This method involves having two computers sharing some parts of the same wallet The first is to disconnect from any network. It is the only one that holds the entire wallet and is able to sign the transaction. The second computer is connected to the network and has only a viewing wallet that can only create unsigned transactions. That way, you can safely issue new transactions with the following steps.


Create a new transaction on the online computer and save it to a USB key

Sign the transaction through offline computer.

Send signed transactions to online computer.

Because the computer connected to the network cannot sign the transaction, it cannot be used to raise funds if compromised. Armory can be used to sign offline transactions.


Hardware Wallet

Hardware wallets have the best balance between extremely high security and ease of use. These are small devices designed to be wallets from the root and nothing else. No software can be installed on them, making them very secure against computer vulnerabilities and online thieves. Because they can allow backups, you can recover your funds if you lose the device.


Keep your software up to date

By using the latest version of your Bitcoin software you can get important stability and security solutions. Updates can prevent issues of varying severity, add new useful features and help keep your wallet safe. Installing updates for all other software on your computer or mobile phone is also important to protect your wallet environment.


Multi-signature to protect against theft

Bitcoin incorporates a multi-signature feature that allows multiple independent authorization costs to be incurred for a single transaction. It can be used by an organization to give its members access to its treasury when only 3 out of 5 members sign the transaction and only allow withdrawal. Some web wallets also offer multi-signature wallets, which allow users to control their money and prevent thieves from stealing funds by compromising with a single device or server.


Think about your testament

Without a backup plan for your coworkers and family, your bitcoins may be lost forever. If no one knows the location of your wallet or your passwords when you leave, there is no hope that your funds will be recovered. Taking a little time on this can make a huge difference.


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