Worried about Wallet Safety? Follow these Tips!

Worried about Wallet Safety? Follow these Tips!


If you have been dealing in cryptocurrency for some time now, you would know that wallets are required for storing virtual money. Irrespective of whether you buy online from a “Bitcoin ATM near me” or choose a brick and mortar exchange for purchase, you will need online wallets secured by passkeys for storing your money! 

If you are worried about the safety of your wallets, the responsibility of securing your wallets in the best possible manner resides largely with you! Here are some measures you should undertake for ensuring the safety of your cryptocurrency. 

Keeping your Bitcoin Wallet Safe: Here are Some Points to Take Note of 

Multiple Wallets are Advisable: Choosing one wallet to keep your reserves is a mistake. Ideally, you will have to use multiple wallets to store your currency. Just like it is for investments, putting all your money in one basket is not recommended at all! When you have multiple wallets, risks are mitigated. Even if the security of one wallet is compromised, you have the other wallets to fall back on. 

  1. Cold Wallets are Highly Preferred: Cold wallets are wallets not connected to the internet. And these are considered highly safe owing to the fact that hackers cannot access them through the internet. You can find out more about better-known wallets that can be accessed offline, and choose them instead of storing crypto reserves in online wallets. 
  2. Avoid Public WiFis: If you must access online wallets through the internet, avoiding public Wi-Fis is a good idea. Consider choosing a private and secured connection and never access your reserves from public mobile hotspots. Remember, once you access your wallet from a shared network, hackers are likely to have a field day, hacking into your wallet and siphoning out the money even before you know it. 
  3. A 2 Factor Authentication is always Advisable: Using a 2-factor authentication is advisable at all times. This involves a code that changes with time. The commonest app to use in this domain is the Google Authenticator which will need a security code, every time there is an attempt to log into your wallet. Physical access is warranted for successful log-in. Otherwise, it is impossible. 
  4. Never Auto Save: Never commit the mistake of auto-saving the passwords of your crypto wallets, just like you do for your email ids perhaps. In case your device is stolen or accessed accidentally by someone, your wallets will be at high risk! 
  5. Always Password Protect your Device: Irrespective of whether you use your laptop, desktop, mobile phone, or tablet to access your crypto wallets, make sure you have protected it with a strong alpha-numeric password! In case your device is stolen, no one will be able to break into it. And never forget to use an updated anti-virus tool for protecting your PC. 

If you are accessing a BTC ATM for the transaction, there are safety rules to be followed here as well. Make sure you read up about these rules and regulations before you can head to a Bitcoin ATM in Florida


Janu Abbasi is writer, editor, and devoted bookworm based in Abbottabad, Pakistan. While he currently is the Senior Editor for content marketing agency Rehan Networks, he’s been slinging copy in various forms for more than a decade.

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