A bitcoin wallet plays a vital role in securing your Bitcoin funds. In today’s era, you can do anything on the internet, and that too with total convenience. However, the internet is not always safe if you don’t take the right decision and precautions. If you are a person who uses Bitcoin, you need a Bitcoin wallet to provide high-class security to your funds and you should know how to improve the Security of a Bitcoin Wallet to make your money secure.
The Bitcoin holders are highly vulnerable to cyber thefts and hacks because Bitcoin only runs on the internet. It is the reason securing your Bitcoins in the Bitcoin wallet is very important for everyone to keep your cryptos from getting stolen. But there are some vital stages you can follow to increase the security of your Bitcoin wallet. You can also check bitcoin android users article for more information.
Store your bitcoin in the cold wallet
The first step you need to take to secure your Bitcoin is to store them in our cold storage wallet. You can store them in a hardware wallet. You should always keep a small number of Bitcoins in the hot wallet and store the large number of Bitcoins in an offline wallet for maximum security. The cold storage Bitcoin wallet is similar to a USB device holding your private keys, which you have to use to access your funds.
It is up to you as to how you can set your private key; the one more important thing you should know is not to lose your private key. The security of cold storage Bitcoin wallets is very high, so you will not have to worry about your Bitcoin funds because they will be safe.
Avoid using public wifi
There are a lot of people who make use of public wifi for accessing their bitcoins and Bitcoin wallets. But you need to know that using public wifi can be risky for your crypto funds. Therefore, you should avoid using public wifi whenever you use a Bitcoin wallet. Moreover, it is advised to make use of a VPN whenever it is possible so that you can hide your IP address as well as location.
VPNs can be very effective for anyone in maintaining privacy and keeping hackers away. If you want to provide an extra encrypted tunnel for your Bitcoins to keep them safe, then using VPN is a perfect option.
Do regular backup
It is the main rule if you want to provide the best class security to your Bitcoin wallet. Backing up your Bitcoin wallets will help keep that wallet safe from hackers. You need to know that backing up the private keys is very important when using a Bitcoin wallet. You should also store the backup of your keys in a safe place, so there is no risk to it. You can also hoard your private keys in a bank safe.
Enable two-factor verification
You must know that you should always use a bitcoin wallet with two-factor authentication features. So pretty when it comes to storing bitcoins because every time you access your Bitcoin wallet, it will require you to fill in the verification code twice. Every time you will have to enter the two-factor authentication code along with private keys to have access to your Bitcoin wallet.
Use multi-signature feature
Making use of the multisig feature in your Bitcoin wallet is very important. Unfortunately, very few Bitcoin wallets support this feature, and in this feature, it is required to do the digital signatures of different persons before accessing the bitcoin wallet. Without getting the approval of authorized users, there is no way the hackers can access your Bitcoin wallet, and it is not possible to compromise your Bitcoin funds illegally. Therefore, you should make sure that you are using a bitcoin wallet that supports the multi-signature feature, and if you already have that Bitcoin wallet, then you should enable this feature.
Do not share your private keys.
Every Bitcoin user needs to ensure that they are treating their private key like their Bank ATM pin. It is because the private key is the only way by which security is provided to your Bitcoin wallet. You can write your private key on paper, so you don’t lose it and can access your Bitcoin wallet whenever you want. These are some tips on how to improve the Security of a Bitcoin Wallet.
