With the widespread acceptance of bitcoin, it’s no wonder that most retail stores and establishment nowadays accept it as a form of payment. Along with the worldwide adoption of bitcoin came the need for it to be accessible at all times and at any location. This has been made possible through the introduction of online wallets.
However, as with anything that involves your finances, you have to take the appropriate step to ensure the safety of your online wallet. Below are just some of the most effective ways to secure it!
Backup Your Wallet
The key to making sure that you can recover your bitcoins anytime is to backup your whole wallet. There are wallets that have private keys that are hidden within their system and it’s a common mistake to backup just the said part of your wallet.
Backing up only the keys for your public bitcoin address means you may not be able to do a full recovery of your funds should your phone or PC gets stolen.
You can also use a number of secure locations since settling for just single points of failure can wreak havoc on your security.
Encrypt Your Wallet
The key is to encrypt it so that no one can access the device where you have access to your online wallet. Set a password so that no one else can use it for unauthorized purchases. The key is to encrypt it so that no one can access the device where you have access to your online wallet.
Nevertheless, this is just one layer of protection since workarounds like keylogging may still be able to crack your password.
Opt For an Offline Wallet or Cold Storage
Offline wallets, also known as cold storages, can ensure the highest level when it comes to securing your bitcoin. It involves storing your wallet in a location that’s secure and unconnected to any network.
When done the right way, it will serve as a great protection against different computer vulnerabilities. Using this strategy along with the above advice will no doubt make for a foolproof practice of securing your online wallet.
Two approaches that you can opt for are offline transaction signing and hardware wallets.