Smart Ways to Keep Your Crypto-Wallet Safe

XcelPay|5 min read|Jul 2, 2019

If you want to send, receive or simply store Bitcoin, you’ll need a cryptocurrency wallet. A cryptocurrency wallet is software programs that acts like any other digital wallet, but instead of tracking traditional monetary transactions, these wallets track your cryptocurrency transactions- they help you store your keys (public and private) and helps you monitor your balance. They provide you with access to multiple cryptocurrencies, that you can use to transact with.  But you’ll also need to keep this Bitcoin wallet safe. Whether you’re using a hardware, mobile, or desktop wallet – your Bitcoin will always be attractive to scammers, fraudsters and thieves – especially if you’re HODLing or transacting with large amounts.

 Smart Ways to Keep Your Crypto-Wallet Safe

1. Choose hardware wallets

With so many Bitcoin wallet choices on the market, choose the one that fits you best. For users that are particularly concerned about cyber threats, cold storage may be the best option. A safe solution is to store your Bitcoin on something called a hardware wallet. Producers like Trezor and Ledger offer numerous models of USB-like devices which come with pre-installed safety layers and encryption features. They don’t connect to the internet so cyber crooks will have a hard time trying to access your private key.


2. Keep your private key offline

You can protect your wallet by taking your private key off the grid and keeping it in the ‘real world’. Purely writing down your private key on a piece of paper will work, rather than saving it on any electronic devices. Make sure you keep it in a dry place, protected from heat and direct sunlight, to avoid deterioration.


3. Always use a secure internet connection

Most public networks are defenceless and have security flaws. If you have a Bitcoin wallet on your laptop, try using your phone’s hotspot instead and avoid connecting to public networks at all costs when getting into your wallet. The best thing is to use only home or well-known networks, where you are firm connections are not being easily exposed to security flaws.


4. Use good and up-to-date antivirus software

While Windows users usually are exposed to a wider variety of malware, all operating systems have their share of malicious programs. You should therefore check whether your computer has an up-to-date and reliable antivirus software installed. Since most cyber-attacks use viruses and malware to entree and tamper with your device, it is important to do a proper device scan before installing your wallet. Also, be very careful about your activity online,


6. Use a strong password for your online wallet

If you use an online wallet, be careful when choosing your password. Avoid using phone numbers, birth dates, names, or favourite movies. Instead, go for an alphanumeric combination that only makes sense to you. Statistics show that 52% of people reuse the same password across different services. Make sure that your password for your wallet is inimitable.


7. Never give away your private key

Private keys are for your eyes only. Do not share them with anyone and do not ask for somebody else to make transactions for you. Ignore all proposals or requests that involve you sharing your private key to a third party or individual.


8. Keep a separate wallet for day-to-day transactions

If you need to make small daily transactions, a good practice is to create a separate wallet that you can top up when necessary. There is no limit to how many Bitcoin addresses or wallets you can create. Sorting your transactions and keeping the most important ones separate will improve the safety of your whole portfolio.


9. Use two-factor authentication for online wallets

Most online wallets have two-factor verification, and you should always use it. It’s a simple but effective security measure.


10. Back up your digital wallet

A backup will allow you to access your wallet in case you lose your device or your device fails. Choose either a different or a safe location for your backup. In case your device is stolen, you can restore access to your wallet with the backup file. As a precautionary measure, you can move the funds to another wallet.


This is everything that you have to remember when you download the XcelPay Wallet, make sure that all the cryptocurrencies that you are holding is completely safe.




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