How to Keep Your Bitcoin Wallet Safe by Managing Your Password

What is a Bitcoin wallet?

With the rise of cryptocurrency trading, we've seen a number of security innovations and new technologies designed to keep our money safe. The cryptocurrency wallet is one such tool. Most cryptocurrencies and trading tokens have officially made and released wallets, including Bitcoin. You cannot interact with your currency without such a wallet. A Bitcoin wallet doesn't actually store your bitcoins though, instead, it holds the private security keys you need to trade with the currency.

As you can probably see, these wallets invaluable. If you let someone access your Bitcoin wallet there's a good chance you could lose all of your hard-earned money. For that reason, you need to keep your Bitcoin wallet as secure as humanly possible. Hackers are always trying to break through crypto wallet security to get the lucrative prize within, so you must always be vigilant. The purpose of this guide is to teach you how to maximize the security of your Bitcoin wallet.

Whatever you do don't store your private security keys online.

This seems like it should be obvious, but I'll say it anyway. You can't be hacked if you're not online, to begin with. Every online security expert out there will recommend you store your keys in an offline location. It could be an external drive or an offline computer you use specifically to store sensitive data. There's also the option to print out your bitcoin wallet keys on paper if you have a printer. Whichever option you choose just remember to keep the keys in a secure location.

Get a good Antivirus program and keep it up to date.

Another seemingly obvious one, but if you don't want to be the victim of hackers it goes without saying you must have a strong antivirus program installed. Also, remember to keep the antivirus updated so that newer threats don't slip past it.

Use a secure Internet connection.

Since all of your bitcoin transactions are made through the internet you need to be sure the network you're using is safe and secure. Whatever you do don't use public networks (like an office computer). Use private networks instead, preferably networks set up by you.

Don't click on suspicious links.

One of the tricks hackers use is cloning popular websites and filling them with traps (like viruses and malware). These fake websites can look identical to websites they're imitating. To avoid falling for such a trap DO NOT click on strange links, especially if they've been spamming your email.

Don't share your private security keys with anyone.

Anyone could be a thief and even your good friends can be tempted by your bitcoin wallet, especially with the ongoing cryptocurrency craze going on right now.

Use a strong and secure password.

If you opt to use a web wallet instead of an offline one (not recommended) then make sure it's protected by a sturdy and robust password. It needs to be both long and complex to minimize the chances of being cracked through brute force and dictionary-style attacks. If you have trouble coming up with a good password you can always try Cyclonis Password Manager. It's very versatile and best of all, it's FREE!

August 29, 2018

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