How to Secure Bitcoin Wallet from Hackers

(Last Updated On: April 30, 2019)

Securing Bitcoin wallet is not that hard as we do care of our wallet in real life just like that Bitcoin offers a number of great advantages to secure your Bitcoin wallet with high level of security, if used correctly. One of the most interesting part of Bitcoin wallet security is that two-factor authentication in order to be in control of your wallet. However, choosing the right wallet for your Bitcoin is really important part of the security also. It is all up to you to adopt good practices to secure your money.

Bitcoin Security (twitter.com/cryptosecurity)
Bitcoin Security (Image source: twitter.com/cryptosecurity)

It is advised to keep only a couple of Bitcoins in your Bitcoin Wallet for everyday spending. Confused! why only a couple of coins in wallet? Much like you take a small amount of dollars right in your pocket wallet just like that you should keep (in your wallet) as little coins as you can spend for your rest of the day and the other coins should be stored in another wallet to use in the next purchase because every transaction that you make with other users is publicly viewable by other Bitcoin community users even they can see your wallet address and the transfer amount.

Securing Bitcoin Wallet from Hackers

Follow the steps below to protect your Bitcoin wallet from hackers:

Step#1

This step contains two simple advises to secure Bitcoin wallet following are:

  1. Always Take Regular Backups of your Bitcoin Wallet
  2. Never Store Bitcoin Wallet’s Backup Online

1. Always Take Regular Backups of your Bitcoin Wallet

Taking your wallet’s backup is one most important step known that you should not forget. The backup will protect you against computer failures and other similar mistakes. It’s backup that allow you to recover your wallet whenever your mobile or computer gets vulnerable or stolen. However, some wallet’s use hidden private keys and if you have only the backup of your private keys then you might not be able to recover a great part of your funds with your backup. So, take entire backup of your Bitcoin wallet than just private keys.

Always take regular backups of your Bitcoin Wallet.

2. Never Store Bitcoin Wallet’s Backup Online

You must store your backups in a safe place in your computer/phone than that of online because keeping the Bitcoin wallet’s backup online is vulnerable to theft. If you computer is connected to internet then it may also raise big hacking problems for your Bitcoin wallet to some malicious software.

Never keep your Bitcoin Wallet backups in your email inbox.

Sooner than later all applications allow your Bitcoin wallets backed up once.

Step#2

This step contains two simple advises to secure Bitcoin wallet following are:

  1. Encrypt your Wallet passwords
  2. Always Use strong passwords

1. Encrypt your Wallet passwords

The second idea to protect Bitcoin wallet is encryption. Where your wallet provider will encrypt your password into codes to prevent unauthorized access. But it cannot protect your wallet against keylogging hardware or software.

2. Always Use Strong Passwords

Always use strong password and never forget them even after years because Bitcoin has less password recovery options. You should keep your Bitcoin wallet’s password in a paper copy in a safe place like a vault.

Step#3

Experts advice: “Avoid using Online wallet services like Blockchain or Coinbase (Still want to you online wallet find out which one is better Blockchain or Coinbase).

Online wallets are least secure just because they are stored on the internet and probably you can lose your Bitcoins if a hacker accidentally infiltrated the website and gains the access to user wallets. However, online wallets put a strong reason to use them, they are accessible from any computer in the world even you can send and receive Bitcoins to friends from any computer with the help of internet connection. You can use online wallets just as you use your real pocket wallet I mean you don’t want to take thousands of dollars in your pocket wallet because it carries a big risk of losing money. So just use online wallets just as you use your real pocket wallet.

Tip: Don’t forget to enable to two-factor authentication for your online wallet.

Conclusion

In my opinion, we should do our best to secure our Bitcoin wallets because it’s our responsibility however, it’s also good idea to use desktop wallets too. Don’t forget to protect your privacy.

Comment below if you have any questions.

How to Secure Bitcoin Wallet from Hackers

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