Crypto wallets are fundamental for sending, receiving, and storing crypto coins. Most users will find they need multiple cryptocurrency wallet types: e.g. they could have a hardware wallet to store cryptocurrencies in large amounts, a mobile wallet for small transactions on the go, etc.
Every type of crypto wallet has its own advantages and disadvantages, but security is a crucial element all users have to consider.
Finding the right crypto wallet is just the first step in keeping your cryptocurrency secure — you need to handle your funds and use your wallet responsibly, too. Keep the following points in mind to practice good wallet security:
Back your seeds up
Crypto wallets tend to provide users with a number of seed words, for safe account recovery in the future.
Make sure you create a backup of these, or you could struggle to access your cryptocurrency funds if you lose them.
Be careful with your computer and smartphone
You need to take care with the files and apps you download on your computer or smartphone. Avoid anything you’re suspicious of or that could be malicious — some hackers are incredibly smart in their underhanded techniques.
Certain malware may avoid detection by security software. Mobile apps available on official stores, with thousands of installs, could be dangerous.
Don’t boast about your crypto wealth
Privacy was one of the main drivers behind Bitcoin’s creation, so boasting about the amount of coins in your wallet isn’t great for crypto currency wallet security.
You could put yourself at risk, both of physical harm and theft. Some cryptocurrency investors have been threatened for refusing to share their wallet keys, so keep silent about your wealth.
Follow these tips to practice good crypto wallet security and maximize your funds’ safety. Ask trusted friends or acquaintances which wallets they rely on, to help set your mind at ease.