What is a Bitcoin Wallet?
If you are new in the world of cryptocurrency or are just getting started with Bitcoin, you should learn all the stages of using this decentralized currency. The first step to using Bitcoin is having a secure Bitcoin wallet.
A Bitcoin wallet is where you store your Bitcoin private key. A private key is a digital code that a Bitcoin wallet holder uses to initiate transactions.
When you create a client-side free Bitcoin wallet, you must ensure you secure it from the public and hackers. Here are five ways to secure your Bitcoin wallet.
1. Store your private key offline
Your private key is your password to the Bitcoin wallet. Therefore, if you want your Bitcoin address to be safe, you must keep it off the grid.
That means you can write it somewhere in a book and ensure nobody else can trace it. Storing your private key in electronic devices is very risky because hackers can easily access it.
2. Use a VPN when browsing
Before going online, you must ensure you have installed a VPN to secure your connection from hackers. When using public networks to access the internet, you expose your device to cyber threats.
If you have your Bitcoin wallet somewhere on your laptop, you can try accessing the internet by first creating a metered connection or hotspot on your phone. Only use secure networks when accessing your Bitcoin wallet to avoid exposing yourself to security flaws.
3. Scan your device
You should scan your device of any malware and virus that can steal your private key information. Most devices have a significant share of malicious programs, and you can only keep them at bay by installing anti-virus on your device.
Keep updating the anti-virus and scanning your device every time you want to log in to your Bitcoin wallet.
4. Set a strong password
Your choice of a password is critical, especially if you are using an online Bitcoin wallet. When choosing a password for your wallet, you should avoid using birth dates, phone numbers, favorite pets, and other combinations that hackers can guess.
If you have trouble choosing a secure password, you can opt for an alphanumeric combination that only you understand.
Another tip: do not use your usual password for the Bitcoin wallet. Set a unique password that you have not used elsewhere and ensure you don’t write the password anywhere scammers can trace it.
5. Create multiple Bitcoin wallets
Since there is no limit to the number of Bitcoin addressees you are allowed to have, you can create a separate Bitcoin wallet for regular online transactions.
When you have different Bitcoin wallets for different transactions, you improve your overall safety and make it difficult for hackers to steal your identity.
Keeping your Bitcoin wallet safe begins by securing your device and ensuring you don’t use a free public network whenever you log in to your wallet.
When you lose your device, you should back up your information and move your funds to another wallet. Stay updated with the latest security improvements to safeguard your Bitcoin wallet from any security flaws that can cost you.