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Bitcoin wallet – How to enhance its security?

Bitcoin is the modern world’s currency as it is a digital currency that you can use as a common medium of exchange. If you haven’t used bitcoins before, there are several things you need to learn about, and one of them is a bitcoin wallet. Bitcoin wallets are digital lockers used to store bitcoins and private keys. These wallets are the primary target of hackers, so it is necessary to ensure that it is fully secure. You can join the https://bitcoin-profitapp.com/ to become a successful Bitcoin investor. There are few tips listed below that can help you to improve the security of your bitcoin wallet.

Stay away from web wallets

If we talk about bitcoin wallets, there is a massive variety available in the market as there are different types of bitcoin wallets that you can use to store private keys and to make bitcoin transactions. One of the biggest concerns while using a bitcoin wallet is security, and if you want to safeguard the bitcoins from all threats, you must try to avoid using web-based wallets. Web wallets are wallets that are always connected to the Internet and can be accessed anywhere and anytime via the Internet.

It is irrefutable that web wallets are highly accessible and offers great convenience, but they are also an easy target for hackers. Hackers can easily gain access to web-based wallets and steal the bitcoins stored in them. So, you must try to use offline wallets such as hardware wallets instead of web-based wallets as they offer better security and allows you to have complete control over the bitcoins stored in them.

Keep different cold and hot wallets

Although there are several bitcoins wallets available in the market mainly, there are two types of bitcoin wallets; hot wallets and cold wallets. Hot wallets are wallets that are connected to the Internet and allow users to access bitcoins and making online transactions. On the other side, cold wallets are offline wallets and require no internet connection to make transactions or access bitcoins. If you are using a bitcoin wallet for making business transactions, you must keep separate wallets.

The best option is to use cold wallets for storing bulk bitcoins and a hot wallet for making bitcoin transactions. For instance, if you want to make a transaction, you can simply transfer the needed amount from the cold wallet to the hot wallet and make an online transaction using it. It will offer you excellent accessibility without exposing your funds to cyberthreats. You must try to keep the minimum amount in hot wallets and the maximum in cold ones.

Store private keys carefully

Bitcoin wallets are accessed with unique private keys, and they plan an essential role in the security of bitcoins. It is crucial to store private keys safely as if anyone gets access to your private keys, he can easily gain access to the wallet and use bitcoin stored in it. Moreover, if you lose the private keys, you will lose access to your wallet, too, as lost private keys cannot be recovered. So, for protecting the bitcoins, it is highly important to store the private keys safely.

You must store them in a separate computer which is not connected to the Internet. Storing private keys offline will protect them from hacking and phishing attacks and will enhance security to a great extent. You can store private keys on an offline computer and transfer them to the online computer through a USB device whenever you want to make a transaction.

Have some backups

As you know, lost bitcoins cannot be recovered, so it is crucial to create some backups for the private keys. The first thing you need to do after creating a bitcoin wallet is creating few backups and storing them at different locations. Backups are quite helpful as even if you lose any of the private keys, you need not worry about it as you can use the backup to gain access anytime.

Backups are also exposed to some risks, and if you want to secure them, you must create a fragmented backup. These backups get split into several fragments, but you only need a few of them to create a seed. You can store each fragment at a different location so that even a thief tries to steal it, he won’t be able to steal away all of them.

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