Best Ways to Secure Cryptocurrency Wallet

Crypto wallet security shouldn't be hard, Let me show you smartest ways to secure your wallet in this investment safety guide.

Investing in crypto assets entails that you always focus on wallet security.

You should also do it the same way you would normally secure your financial fiat wallet in life.

Surprisingly, despite the number of resources and blogs talking about crypto security tips, lots of people still believing that online wallet is safe.

Anyways, if you’re among those doing this, just know it’s a whole lot of risky mistake.

Realizing the situation of things in the space, many people lack proper education on how to actually maintain their wallet security for investments.

This have also resulted in many of them fallen prey to crypto-thefts, hacks etc.

I also noticed that most people will still get the best and most secured wallets, but they will not know how to secure them from the dangers.

Especially the dangers that may lead them to loosing their cryptocurrency assets.

Using a secured wallet to store investment is one of the best strategies to make sure your crypto assets are safe.

When choosing wallets to store your crypto, you should always make sure that you’re making the right choice.

Here are the things to consider when choosing crypto wallet:

  1. It must allow you full access to the private keys, PIN codes, pass-phrase and all other HD features.
  2. The crypto wallet must also have feature to backup and restore your investment when necessary.
  3. The user-interface must be user-friendly with clear interface for good user experience and understanding.
  4. The wallet must have an active development and support team, which must be full of the fellow users like you.
  5. It must be compatible with various kinds of operating systems (like; Windows, Mac OS, Android, iOS etc.)
  6. The cryptocurrency wallet must not need Internet to store and read your assets on the blockchain.

In other words, the more security feature a wallet have, the better for safe guarding your funds.

Now that you know how to choose and judge wallets for storing your cryptocurrencies, let me show you the most recommended wallet types to consider.

Use a cold wallet

There are two types of wallets (i.e. Cold wallet and Hot wallet), while hot wallets are connected to the internet, cold wallets does not need internet.

It’s better to opt for a cold wallet as it’s more secure than a hot wallet, because a hot wallet can be logged into from anywhere at any time.

Cold wallets are the best in the space to secure your crypto very well, without loosing it to theft or hackers.

It may be costly to get these USB wallets, but if you’re really serious about securing your crypto investments, it’d be best to get one for yourself.

Make multiple private key backups

In the world today, people are accustomed to backing up their important data in a place where only them will have access.

The problem they mostly face, is backing up these data and forgetting where they backed it up.

However, the major thing is not even just backing up your private keys to avoid loose of crypto-asset, but how and where you’re backing it up is what matters.

If you must backup your seed-words in the cloud space, you should be sure to have the cloud protected with an unpredictable password.

If your wallet is HD featured, you can safely keep your passphrase seed-words in an offline safe place where only you can have access.

Make sure you store it in two or four places that no other person has access or knows of.

Don’t worry about loosing your wallet, or misplacing it as long as you have your wallet private keys safe kept already.

However, make sure to use passwords to lock your crypto wallets to avoid unauthorized access to your investments.

Use protected platforms

You must remember that while choosing a platform for a cryptocurrency wallet, use a secure and reputable platform.

You should choose a platform that ensures security measures to protect users’ private keys.

For instance, if you play online money games then, you must choose casinos that use skrill methods.

As you know, skrill is a safe payment platform, and it can reduce the risks by using a secured and protected platform.

Plus, you can other opportunities regarding currency with credible and protected platforms.

Encrypt secure crypto wallet

Encrypting your wallet is one of the best ways to make sure that no one transfers funds from your wallet without your knowledge.

If you consider this practice, try to always have secured places where only you can write and keep your passwords without anyone seeing it.

This will also help to protect your crypto investment from being stolen through hacking.

Don’t use your passwords in a public computer, because most of them have viruses, malware or key-loggers already in it.

Try to always use your personal gadgets to exchange, or transfer your cryptocurrencies.

Use multi-signatory protection

Most crypto secure wallets includes multi-signature feature that make transactions to need multiple approvals before any part of the coin can be spent.

This type of wallet is mostly used by organizations who engage in the mutual fund industry to fully control how they spend their funds online.

This in particular will make a company to have fully authority and control of their treasury, while preventing it from thieves and hackers.

Carefully use wallet online

In the world today, there are many bots, viruses, Trojan, Key loggers etc., and the crypto-space is not an exception.

As majority make use of desktop, mobile and web wallets, it’s a paramount necessity to always keep your operating system security in check.

See my suggestions to fully secure your wallet from the known attacks:

  • Make use of anti-virus and anti-malware software on personal computers.
  • Invest in strong firewalls to help protect you from keylog attacks.
  • Always check the website URL you visit to avoid phishing attacks.
  • Use 2-FA authentication (if possible) to safe guard your assets.
  • Do not access your wallet from a public WiFi to avoid being spoofed.

Don’t use brain wallets, or also keep your passwords away from where the eyes of people will see it.

Keep your wallet software updated

Using offline wallets requires that you will always have to keep your eyes on the watch for new security upgrades and fixes.

New security updates to cryptocurrency wallets can save you from unknown security glitches and severity.

Most times in software wallet apps, these security updates normally comes with new features to protect your crypto funds.

Try to always update your crypto wallet software version in the gadgets you’re using to store your assets.

Avoid using public networks

If you want to access your digital wallet from a public wifi, you may be putting you entire crypto investment at risk.

The public internet is an easy spot for hackers get details, but if you have an emergency to use a public internet, then take some safety measures.

Make use of VPN (Virtual Private Network) to hide the footprints to your crypto transactions on the blockchain.

This way, hackers cannot track you easily due to encrypted traffic.

This helps to prevent hackers from knowing the exact address to your wallet, by tracking the IP address you used.

Final conclusion

Always remember that there are security risks associated with cryptocurrency wallets such as DoS attacks, deanonymization, user authentication issues, platform trust issues, cryptographic flaws of wallet apps, and end users’ lack of data security.

However, there are also security risks associated with fiat-currency wallets, but the important thing is to be aware of these risks and take essential measures to diminish them.

In order to maximize your wallet security, I will suggest you get a hardware wallet, which can stop unauthorized access to your investments.

Hardware wallets are the most secured cryptocurrency wallets in the market, but that’s if you can afford them anyways.

About The 'Staunch

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I am a financial nerd with a Bachelor’s Degree in Accounting and Finance, but found digital currency and asset investment to be more lucrative. The Crypto Staunch website is established to help individuals learn how digital currency and assets work through in-depth articles. Go-to the about page to learn more.

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About The 'Staunch

I am a financial nerd with a Bachelor’s Degree in Accounting and Finance, but found digital currency and asset investment to be more lucrative. The Crypto Staunch website is established to help individuals learn how digital currency and assets work through in-depth articles. Go-to the about page to learn more.