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Thursday, October 6, 2022
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How to Secure Online Bitcoin Wallet Against Hacks?

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Do you own Bitcoins and a crypto wallet but often worry about its security? Well, you are not alone. Many people feel the same as cryptocurrency has become too mainstream in recent years, and many cyber-attack activities have been reported against it. 

So this makes you think, are your Bitcoins really safe and anonymous, or are they being looked at by someone? Well, we can not certainly tell if your Bitcoins are being watched. But we can secure online bitcoin wallet with ways that will ensure upgraded security for your wallet.  

How to Secure Online Bitcoin Wallet?

Here are a few tips and ways that will ensure enhanced security of your Bitcoin wallet:

  1. Purchase a Cold Wallet

Cold wallets are offline wallets like a USB that are not connected to the internet. They are considered safer than hot wallets (hot wallets can be accessed with any digital device with an active internet connection) as they never go live on a server. 

They have a defined security procedure in the USB stick that keeps your crypto currency’s private keys protected from any unauthorized access. However, the cold wallet has no “forgot your password” option, and you can be forever locked out if you lose your password. 

  • Make Sure to Use 2 Factor Authentication (2FA)

2FA has been purposefully designed to add a layer of security to the data you want to protect. The protocol works by sending the owner a message or an email with a verification code whenever you log in to your Bitcoin wallet. 

This additional step stops the attackers from accessing your account, as cracking two different codes simultaneously is impossible. So if you really want to secure online bitcoin wallet, opt for a 2 Factor Authentication. 

  • Don’t Let Anyone Know About Your Private Key

Your private key should be your true companion that you don’t share with anyone (not even your family). Make sure to keep your private key offline and treat it as your bank ATM PIN. Write the key down on a piece of paper and save it in one of your safest vaults. 

  • Get Multiple Wallets for Your Digital Assets 

We all have heard the phrase ‘not to put all your eggs in one basket.’ The same is the case with the Bitcoin cryptocurrency. You do not want to store all your digital assets under a single wallet. 

Unfortunately, if a hacker manages to break into your account, all your digital assets will be gone in a moment. So a better practice is always to keep your Bitcoins in separate crypto wallets. The best way to do so is by purchasing both hot and cold wallets.   

  • Leverage the Multi-Signature Feature

Wallets that offer multi-signature features are usually more secure than their counter options. This is because it requires the digital signatures of multiple authorized users to access the wallet. 

So in case a hacker is trying to breach your account, they have to get access to all authorized users at the same time, which is next to impossible. Hence, it keeps your Bitcoins safe. 

Final Thoughts

Hackers won’t miss out on an opportunity if you show any vulnerability in your Bitcoin wallet. So it is always sensible to leverage safe practices to keep your online bitcoin wallet secure from hacks and fraudulent activities. 

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