Tips To Secure Your Bitcoin Wallet

With the world increasingly going digital, cyber threats are a real issue and cyber criminals are following your digital footprints to steal your data and money. Given that the world of cryptocurrency lives online, the erratic price fluctuations often attract both investors and cyber criminals alike. 

As per Cipher Trace’s annual report, crypto theft was valued at $1.7B (₹170 crores) in 2018 and $4.5B (₹450 crores) in 2019. According to a Finaria report, crypto criminals stole $1.9B (₹190 crores) in 2020[1]. So, how do you ensure that your crypto wallet is safe?

Choosing a secure and reliable online Bitcoin Wallet becomes very crucial in your entire crypto journey. After all, it’s your money you are protecting. Here are a few points to keep in mind while protecting your Bitcoins from getting hacked and dodging the evil traps of cybercriminals.

Find a crypto wallet that suits your needs

As important as it is to choose the best cryptocurrency exchange, it is equally important to find a Bitcoin wallet that suits your needs. Think of a Bitcoin wallet as an online bank account where you keep all your Bitcoins safe. You can also use this to send, receive, store, and track your Bitcoins. There are various types of Bitcoin wallets available online. Choose the one that fulfils your storage and trading needs. In addition, go for a reliable and reputable Bitcoin wallet provider like ZebPay.

Enable 2FA Authentication

It is crucial to get a Bitcoin wallet app with two-factor authentication (2FA). This adds an extra layer of security to your wallet. A 2FA code is required to verify account activities like signing in or withdrawing or sending funds, so you know right away if someone is trying to access your wallet.

Bitcoin Wallet Encryption

Encrypting your Bitcoin wallet is another line of defense against possible cyber-attacks. You can set a password and lock your coins every time someone attempts to access your account. Hackers will not be able to steal your Bitcoins unless they know the password.

Regularly Backup Your Wallet

Regular backup of your Bitcoin wallet allows you to access your data if there is a computer or software failure. You can also recover your funds and data, if stolen and lost, effortlessly. Make sure to use multiple backup devices for easy account recovery.

Different Accounts, Different Passwords

It is not enough just to buy Bitcoin in India. You need to protect it too. So, never use the same password for all of your accounts. It could be perilous. It is advisable to use strong password combinations that are harder to crack for different accounts. And, never share confidential information like your Bitcoin wallet password or PIN with anyone.

Beware of Phishing

Cyber criminals often try to lure you into clicking on strange links that lead to unsecured websites that could steal confidential data. Clicking on a potentially dangerous link could put your Bitcoin wallet at risk. So, avoid.

Use a Secure Internet Connection

Refrain from using public Wi-Fi as they are unsecured networks. This makes it easy for hackers to steal your confidential information. Instead, use your mobile data to access password-protected websites and apps like bank accounts and online wallets. You can also use a virtual private network (VPN) to secure your connection.

To Sum it

Cyber criminals are always looking for loopholes to steal your data. So, be on guard against any possible attack through these tips and build a secure Bitcoin wallet. And start trading on ZebPay as it is one of the most secure and reliable Bitcoin wallets and Bitcoin exchanges in India.