The promise of blockchain technology and the power of cryptocurrencies is their security. Blockchain makes it impossible for someone to hack into your cryptocurrency and steal it since blockchain is completely secure through the distributed ledger that creates the chain.
While blockchain is the model of internet security, that doesn’t produce a fully secure system for users. There’s a surprising security risk regarding your digital wallet, and few cryptocurrency investors are aware of it. There are a number of important safety and security practices that can help to protect your private keys and therefore protect your funds.
Users should always have at least two digital wallets (or even more, depends on the number of crypto funds). One wallet should be used for trading and transactional purposes, and the other wallet should be used to store savings and be kept in a secure location. This type of wallet must be a cold storage wallet. In any way, a backup of the private keys has to be stored safely offline (it’s a good idea to separate the private key into 2-3 parts and store them safely away from each other).
First, it is wise to find a wallet with security measures beyond the normal wallet providers. Some wallets are now using encryption to protect the private keys. We have created a code package that encrypts the key data and protects it from insider hacking. We offers a variety of services including a wallet and an exchange, all of which use encryption for private keys. Netweakers stands for various capital online reward incentive optimized network – meaning that the company incentivizes consumers to use the platform by giving them rewards for activity. Netweakers have also shared the code for their Safety Look Solution so that other wallet providers can offer the same level of security. The details are available here just contact us.
It’s best to enable two-factor authentication (2FA) if your wallet allows for it. 2FA is simply a double authentication of who you are. 2FA Authentication can be done in different ways – Google Authenticator app uses a 6 digit code which is changing minute by minute and is unique to you, another option is to add biometric identification like a fingerprint. Whichever you choose, 2FA is very important in order to increase security.
It’s always a good idea to turn off auto-updates for applications relating to the crypto sphere. Application bugs can potentially create massive losses for account holders. It’s best to wait 2-3 days after an update has been released to see if any bugs appear. Once the app has been tested by other users, it’s a safe bet that you can install it without risk.
Encryption adds a layer of security to a particular folder, file, or message as it can only be unlocked by someone who knows the right key to it. Thus encryption simply means using a password for being able to access the Bitcoin wallet. In cases where a desktop, mobile, or hardware wallet is used, encryption is even more important to protect from online rogues. Not only should the password be strong with the use of capital letters, numbers, and special characters, but it should either be memorized or kept at a very safe spot since the password recovery mechanism is very weak in the case of Bitcoin.
For bitcoin to grow in legitimacy, safe and reliable storage is very important. Taking a few simple security and backup precautions can greatly increase bitcoin security but building a strong security against theft or any form of phishing is what we can offer to you.
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