Worried that your Bitcoin might be stolen? Here’s how you can secure them
About 34 million American adults currently own cryptocurrency. The popularity of this form of currency is constantly growing. With that is also the risk of theft and other crimes involving crypto.
In 2021, over $4 billion worth of cryptocurrencies were stolen by hackers. In 2022 so far, over $2 billion worth of cryptocurrencies have been stolen. These events are common, which is why you need to secure your Bitcoin and other cryptocurrencies. Here’s how you can do it:
Use a hardware wallet
The most secure way to store bitcoins is in a hardware wallet. A hardware wallet is a physical device that stores your private keys, so it is not connected to the internet and does not have a battery. Therefore, they can never be hacked remotely.
A hardware wallet uses two-factor authentication (2FA) for login. It requires you to enter an encryption password and physically connect your device via a USB when making transactions. This makes it much more difficult for hackers to access your bitcoins than if they had direct access to your computer or mobile phone, where you store them digitally.
It also means that even if someone else gets hold of your hardware wallet, they won’t be able to use any of the content without first getting past 2FA, which can take days or weeks depending on how strong it’s set up.
Make secure backups of your private keys
When you store your private keys on an online device, such as a central or other centralized service, there is always a chance that they can be hacked and stolen if the website is hacked. This is why you need to keep them safe on offline drives at all times. It is recommended to store them on a USB drive that is not connected to a computer other than yours. Therefore, apart from a hardware key, you may also want to use some sort of hardware backup.
Use a Private Key Management app
The next step is to make sure your private keys are safe, which requires you to use a secure password to lock the wallet app. Anyone who gets hold of your phone will not be able to see anything without knowing this password.
For this, you can use apps that help you manage Bitcoin private keys. These apps are super secure and will make it easier for you to manage your keys. This is especially useful if you manage multiple cryptocurrencies at once.
You can also use biometric security or passwords. Both are options for many smartphones, but each has its own pros and cons. Biometric security can be compromised by someone gaining access to the original fingerprint stored on the device itself, while passwords provide an extra level of protection against hacking attempts.
Encrypt your wallet and password protect your mobile device
To take your Bitcoin security to the next level, encrypt your wallet and password protect your mobile device. You should use long passwords with capital letters, numbers and symbols whenever possible. Do not reuse passwords for different websites. If necessary, use a password manager or generator to create unique passwords for each account.
Two-factor authentication also adds an extra layer of protection by requiring something from you in addition to your login credentials before granting access. It’s a great way to encrypt your device and wallet, one that will prevent any kind of unknown access to your cryptograph.
Secure your Internet connection when using a mobile device
Even if your computer is secure, you can still be vulnerable by connecting to public Wi-Fi networks. Use a VPN (Virtual Private Network) to encrypt and secure your Internet connection, even when connected to public Wi-Fi networks. You can also use a VPN to connect to multiple devices at the same time to protect them from attacks or hacking on the network you are connected to.
Use a strong, unique password for each account you use
Use passwords of 10 characters or longer that contain upper and lower case letters, numbers and symbols. Password managers should be able to generate these types of passwords for you automatically.
Do not base your password on dictionary or personal information such as birthdays or family names. Hackers will try them first. A combination of different phrases will not be too safe either. Instead, randomize your password to the extent that it makes no sense. When it gets too hard to remember, use a password manager to keep it to yourself.
By 2023, it is expected that the number of American adults who own and use crypto will increase by double digits. This means that the risk of theft will only increase with time. Therefore, it is important that you take all necessary measures to protect your crypto assets from being stolen.
