Protecting cryptocurrency wallets from digital thieves

Protecting cryptocurrency wallets from digital thieves

Bitcoin and other forms of cryptocurrency are known for their security. However, wherever there is value there will be people trying to steal it. Cryptocurrency is no different.

So, how do hackers try to get at your cryptocurrency and how can you protect it?

Using Common Sense

We’ll get into some specific methods that hackers use and specific things that you can do to stop them, in just a moment. First, a rule of thumb: just treat your cryptocurrency like anything else that you want to keep safe. Cryptocurrency is a new thing so it can be easy to not carry over common sense ideas.

Your crypto keys may seem like a thing of the future but they’re basically passwords. So, don’t just leave them lying around. If you have to have it written down, keep it somewhere safe. If possible, just commit it to memory. Also, don’t give your keys out.

You can also treat cold wallets like you treat your actual wallet. Keep it close to you when you need it with you. When you won’t need it with you, leave it at home.

How Different Kinds of Cryptocurrency Wallets Affect Your Privacy

One way in which cryptocurrency wallets aren’t like conventional wallets is that cryptocurrency wallets can be hacked. Actually, this is similar to conventional wallets with rising fear of people stealing credit card numbers through cloth and leather wallets. So, you can start by knowing your crypto wallets.

Look at mobile wallets as like cloth or leather conventional wallets. They’re convenient. They’re cheap if you don’t already have one but you probably already do. However, they’re also not the safest thing. If you leave it somewhere or lose it, you’ve probably also lost a lot of your money.

Desktop wallets might be more like stuffing money in your mattress. It’s not convenient for you but it’s safer than carrying the money with you. However, it’s also not the most secure thing that you could do.

Hardware wallets are like the newfangled metal wallets that you can get to protect your credit cards. You probably don’t have one and they are more expensive. However, they offer maximum security and more convenience than other methods.

One final note on cryptocurrency wallets, getting back to their hackability. Don’t buy used hardware wallets. Some hackers will alter these devices or infect them with malware that will let them access your account once you start using the wallet.

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Source: Protecting Cryptocurrency Wallets from Digital Thieves – Bitcoin Australia