How to Secure Your Crypto Wallet

Wednesday May 29, 2019

Cryptocurrency is no good, they said. Cryptocurrency is going to rob you of your money, they added.

Sorry naysayers, these myths of yours have been harshly debunked eons ago. Now that people are more educated (at least I hope they are) about online currencies, many fears and concerns have been laid to rest. Shady websites who exploit people under the guise of cryptocurrency trading are slowly being flagged down and banned in recent years as well. Thanks to the collaborative effort of traders, we have now reached a point where e-money is more accepted in society. And this “acceptance” can be observed in the efforts of other establishments to normalize the use of crypto money.

Nowadays, many online shops accept Bitcoin as payment for purchases (check this out). Some online banks and remittance centers also regard cryptocurrencies as real money. Why? Well, it’s because of the simple reason that cryptocurrency was, is, and forever will be real money. After all, people use real-world money to purchase online currencies. This practically makes them one and the same.

Since you’re with us, I’m presuming that you, too, have been engaging with e-money and trading. As much as I would like to discuss how you like your experience, this isn’t the right time or place for it – let’s save the talk for another day. Today, I’m going to give you important tips on how you can improve your online security and how you can keep your crypto wallet safe from prying eyes.

Why You Should Keep Your Online Wallet Secure

In the online world, purchases work differently. Most e-commerce shops do not validate your identity when you make a purchase. If you can give them a name, a credit card number (or in this a password), the deal is sealed. Next thing you know, someone sends you a transaction receipt via email saying you’ve purchased half of Amazon. Well, I’m just exaggerating but I’m sure you get the point. In real life, you can’t purchase if you do not validate your identity. Online, it’s much easier to transact. This makes it both convenient and really, really dangerous.

But when something goes wrong, you can never blame anyone but yourself. After all, you are responsible for your personal data online – including the security of your crypto wallet. If you’re not careful enough, everything can be gone in a flash.

To help you secure your online funds better, I’ve got a few important reminders for you to follow at all times. Sometimes, unfortunate events don’t happen because of reasons beyond our control. Oftentimes, they are a product of our own irresponsibility and carelessness. Starting today, you must discipline yourself and make sure to do the following religiously:

Frequently Change Your Passcodes

Yes, no matter how long or how random your password is, you can never say for sure that you are secure. As technology advances, conniving minds do too. You cannot begin to imagine what hackers are capable of doing nowadays. At the very least, if you change your passwords frequently, it will be harder for them to crack. It’s like, they’re well on their way to solving the whole equation and you just come in and suddenly erase all their progress. Hopefully, continuously doing this will dishearten any shady person from pursuing your accounts. If you’re still not too familiar with how crypto wallets work,  can help you out.

Do Not Use the Same Passwords for All Websites

I know that many of us have a problem with remembering passwords and as much as possible, we would like to just remember one code and be done with it. However, the safest way to minimize danger online is to make sure that you make things complicated for people to get their hands on your financial data. If they manage to crack your Facebook password and that happens to be the same code you use for your crypto wallet, you’re in big trouble. Variety will keep you safe.

Keep Your Passwords Private

It doesn’t matter if it’s your friend asking or your sister, financial information must be kept private at all times. Am I saying your loved ones can’t be trusted? No, I’m telling you this for your own good. Keeping sensitive information a secret will actually save your relationship with others. Look at it this way: If something happens to your money online like it disappeared suddenly or someone used it to buy stuff, who will become your first suspects? Isn’t it the people you shared your passwords to? To avoid conflict, it is best to keep these kinds of things to yourself.