Tips to keep your crypto wallet secured from hacking threats

crypto wallet

Blockchain-based technology is accredited around the globe for its inherent safety. However, both traders and investors have been complaining lately about losing their crypto holdings. The reasons behind the same range from phishing scams to hacked exchanges, improper management of private keys, and many more. In stark contrast to the traditional form of banking, once the digital currencies leave your wallet, you cannot enforce any legal proceeding for getting them back. Moreover, no insurance can be claimed on the amount lost which is why it is extremely important to ensure the safety of crypto holdings by following the below-mentioned tips.

crypto wallet
crypto wallet
  • Opt For Cold Wallets

When compared to hot wallets, the cold ones are not prone to cyberattacks as they do not connect with the internet. Users can store all their private keys in the encrypted hardware wallet which enhances its level of security.

  • Keep Your Device Secure

Guaranteeing proper security of your device and updating it timely can defend it against the recently discovered threats. For strengthening the security meter of your device, you can install a strong firewall and anti-virus which can keep it buffered from hackers trying to take advantage of the loopholes. 

  • Ensure A Secured Internet Connection

While engaging in crypto transactions, it becomes imperative to avoid public Wi-Fi and stick to a secure internet connection. Virtual Private Network (VPN) usage is advisable for strengthening the level of security even while using your home network. A VPN is capable of keeping your browsing sessions safe by altering your location and IP address. 

  • Undertake Regular Password Change

Strong passwords have a big role to play in maintaining the security of your crypto account. People have a general tendency of using the same password on different applications, devices, and even social media accounts. Doing this just adds to the level of threat as hacking just one password can make all your other accounts vulnerable to hacking threats. It is always advisable to set a complex password using a combination of letters, numbers, and special characters which shall be difficult for anyone to guess. People holding multiple wallets are advised to use separate passwords. Opting for multi-factor authentication can guarantee greater peace of mind by enhancing the security meter. 

  • Keep Multiple Wallets

In the field of finance, we are often advised not to store all our eggs in one basket. The same advice also holds in the world of crypto wallets where diversification can bring down your risk factor. You can use one wallet for carrying out all daily transactions and store your remaining holdings in a separate wallet. Apart from safeguarding your portfolio, this will also assist in mitigating losses arising out of a breach of your crypto wallet. 

  • Beware Of Phishing Threats

Malicious emails and advertisements are the most common form of phishing scams undertaken in the cryptocurrency world. These attacks are usually performed under the veil of fake domains which impersonate affiliated employees and organizations. They simply end up embedding harmful links in the emails. You need to be extremely careful while undertaking crypto transactions and avoid all unknown links at all costs.  

Final Words

As more and more people are opening up to the potential of cryptocurrency, competition amongst digital wallets is increasing rapidly. The ultimate onus is on users to be selective while choosing the wallet so that they can engage in transactions with various merchant websites like shopping portals, entertainment sites like playamocasino.ca and more in a worry-free manner. To keep things on the safer side, it is advisable to opt for crypto wallets developed by reputable companies and carrying a stellar track record. 

Other articles from mtltimes.catotimes.caotttimes.ca

Ethereum ETF filed in Canada

Another application for an Ethereum ETF filed in Canada – Cryptocurrency

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Is it possible to get an A for a 5-paragraph essay assignment in 1 hour? We can safely say yes, a student can get an A+ mark if he turns to EduJungles


AI

Advantages of using AI in the casino industry

Casinos have started to utilize artificial intelligence to ensure that they provide the best service possible. AI is a resourceful tool for casinos to predict the future and make much more efficient decisions. Thankfully, this technology can be used for the benefit of players as well. This article will explore the advantages of using AI

Loto-Québec

Loto-Québec is looking for three millionaires! Check your lottery tickets!

Do you have lottery tickets that you still haven’t checked? You may be one of the winners Loto-Québec is looking for! Among these winners, there are three millionaires out there who have yet to claim their prize, including one with a claim deadline coming up Montréal, September 27, 2021 — Do you have lottery tickets that you still haven’t

Le Burger Week

Le Burger Week 2021 and the Montreal winner’s are…

This past September, Le Burger Week, presented by Saputo and Sysco and delivered with DoorDash, rolled out across the nation.  Over 700 participating restaurants across Canada, with this year’s edition having the highest number of participating restaurants ever! In Montreal, we had over 50+ participating restaurants, and 165+ participating restaurants across the province of Quebec! Furthermore, this year,

La Ronde Fright Fest

La Ronde’s Fright Fest enter at your own risk

“La Ronde’s Fright Fest is Québec’s most popular festival during the spooky season. Our signature event featuring our talented scareactors and bone-chilling haunted attractions is unlike any other, and is tailor-made for Halloween enthusiasts of all ages,” said La Ronde park president Sophie Emond.  Throughout the month of October, La Ronde will become the scariest

The Jardin Royalmount

What’s next at The Jardin Royalmount – Hint wear pink

The Jardin Royalmount will commemorate Mean Girls Day on October 3 with a screening of the hit movie Mean Girls with Lindsay Lohan. Doors open at 6:15 p.m., with showtime at 7:15 p.m. General admission tickets are $24.60 (adults) and $18.60 (children) and are available on a first come, first served basis. Guests are encouraged

Just For Laughs new show

Just For Laughs new show – Tickets available

Just For Laughs new show will be with Lebanese-American comic NEMR on January 15, 2022 at Club Soda. Born in San Diego and moved back with his family to Lebanon, NEMR has performed his stand-up comedy in English throughout the Middle East, where he has received great acclaim for breaking down barriers and uniting people

Mtltimes Subscription

The latest on what’s moving Montreal and the world – delivered straight to your inbox