People working with cryptocurrency might have security concern at some point, especially for those who own a good amount of cryptocurrency value which makes them vulnerable to hack at some point. Securing wallet system, choosing correct wallet is important to get started with cryptocurrency.
I was thinking of writing this post as we could see a lot of market activity happening from a couple of week period. The hikes and dips of bitcoin and other altcoins with a lot of forks and news in the crypto world are very much happening around the end of October and beginning of November 2017 making it vulnerable for cryptocurrency to get hacked or stolen.
If a hacker could steel into your wallet by any chance it just a matter of seconds to transfer all your fund to another wallet. Making it secure
What is a Wallet?
a wallet is simply a collection of public and private keys, these keys are the codes and these codes are the value in the crypto world. A wallet store these keys by providing you with the id onto which these keys are stored.
hardware wallet is a special type of bitcoin wallet which stores the user’s private keys in a secure hardware device.
paper wallet stores the user’s private keys on a piece of paper.
online wallets are reliable and directly connected to blockchain with website protocol. Exchanges and big wallet work on online wallet system as it is an easy and reliable way to transfer funds. Example blockchain.info, coinbase.
software wallets are connected to blockchain through software. Exodus wallet works on software protocol.
Selecting of Right Wallet!
Choosing the right wallet is the most important thing, not only for the security point of view but also who could provide the best support.
With the supportive capability of various cryptocurrency with high Anonymity and easy to use is amongst the best wallet in the market, I’ve seen many of the crypto holders holder using this wallet. Exodus wallet offers good support with a great community working behind it. You can customize the wallet with different themes making it the way you want.
Some of the key features of exodus wallet
- Easy to use
- Can convert cryptocurrency to other insteadly within wallet
- support many cryptocurrencies including popular ones too
Blockchain Wallet (Online Wallet)
I have been using this wallet for long now, holding ETH and BTC are very reliable and safe with 2-Auth Login. I feel it secure and takes less time sending funds from one place to other.
Selecting a paper wallet or Hardware wallet ensures extra security for your cryptocurrency from getting hacked
Its always best to have the 2-way authentication enabled, many of the popular wallets have this feature with them you just need to go to their setting and turn on the SMS or Google authentication while login. The blockchain wallet for bitcoin and ethereum have this feature of email authentication on every login making it vulnerable proof.
Side Effects of using 2 ways Auth
Something that could happen is email or SMS won’t come or get delayed in that case we are lock outside of our wallet system and we cant simply do nothing else just to wait. If you want to send the fund immediately, in those conditions you can simply install the mobile application. I found it very secure to use mobile app of the wallet as I can simply unlock the wallet with my fingerprint and of course I have different login method to unlock my phone just in case someone unlocks while I am asleep. You have a backup pin also, just in case if fingerprint won’t work.
SMS potentially is not good for the 2 way auth, we recently came across sim hijacks and hacks. Therefore SMS authentication is not so recommended
Beware of Malware And Trojans
This is very much popular of having a malware or trojan on your device you are using stealing all the information to the hackers and when you send funds to another wallet you won’t receive any funds at all. This is very likely a trojan works the CryptoShuffler was reported to having this capability to detect the wallet address and changes before you paste it to somewhere else and click send without looking.
The Trojan has already caused a huge damage in short time in the short span, sending funds to hackers wallet with your own hands is what this trojan popular of.
- Carefully check wallet address before sending the funds.
- Manually type the address or use QR code to send the funds.
- Get a good copy of Antivirus which have malware protection.
- Never share your passwords or wallet related private info to anyone.
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