The only thing standing between attackers (hackers, scammers) and your cryptocurrency is the security degrees you set. Some people think it doesn’t make sense for a hacker to attack them, but that doesn’t mean you should take protection lightly. Often, attackers are not attacking anyone in particular, but a mass of people at once. And if you lose money, nobody can give it back to you, not even Satoshi himself – that’s how blockchain technology works.

Therefore, do not neglect the protection of your crypto wallet. In this article, We will consider 3 levels of cryptocurrency wallet security. If you use them, you will be able to reduce the risk of losing your funds to hackers and scammers.

Level One: Basic Rules

These are the most basic safety rules that absolutely everyone should know about. They do not give a 100% guarantee of protection to your wallet, but if you do not use them – it’s like throwing money down the drain. So, these are the features of the first level crypto protection:

1. Secure your twelve-word seed phrase. A seed phrase is the main key to a cryptocurrency wallet. Anyone who gets hold of it will be able to gain free access to your wallet and all the finances stored in your wallet. So make sure that it is not written down in a known place.

2. Be careful with private keys. Functionally, a private key is similar to a Seed phrase but only gives access to a specific type of asset. For example, all Ethereum coins are controlled by an Ethereum private key. Bitcoin and other cryptocurrencies work with a mass of private keys, each controlling a single address. And stealing one of them allows all the others to be compromised as well. So keep these keys in as safe a place as possible.

3. Come up with a strong and unusual password for your wallet. Try to make it, unlike any other password you use for your email, games, social networks, etc. Use at least sixteen characters, preferably random characters. Add various punctuation marks as well as numbers.

4. Use a licensed operating system and applications, and update them regularly. First, this applies to the wallet application. Update your software in a timely manner, this is very important in general for the safe use of your device.

5. Do not go to suspicious websites and never download files from dubious websites or sources, they may contain viruses and spyware that might steal your passwords.

6. Don’t brag about your savings, especially in public. Many YouTube bloggers have fallen victim to hacks because they showed off their savings in videos, while not particularly thinking about the safety of their wallets. You should not make yourself a tidbit for attackers.

continue reading: https://altcoin.ng/19-ways-to-protect-your-cryptocurrency-wallet-in-nigeria-from-hackers-and-scammers/

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