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How to Keep Your Cryptocurrency Wallet Secure ?
Using the best wallets available in the market for storing your cryptocurrencies is the easiest way to secure your wallet.
The more security features you have in your wallet, the better it is. Also, don’t forget to analyze the development team behind the wallet. Here are some of the factors on which you can analyze a good wallet:
Private keys: Wallets where you control your private keys.
Ease of use: Elegant UI for ease of use.
Development community: Active development community.
Backup & security: Backup and restore features.
Compatibility: Compatible with different operating systems.
The DigitalBank Solution to Cyber Secured Crypto Storage: There is a saying in the crypto world — if you don’t hold your private key, someone else does. This has certainly been the case cryptocurrency exchanges, where millions of user funds have been stolen in recent months.
In the 21st century, we keep backups of everything we use, whether it be WhatsApp, music, photos, or documents. Why not keep a backup of our digital money, i.e. cryptocurrencies?
But keeping the backup of cryptocurrencies is slightly tricky because you can’t trust centralized services or cloud services to keep your backup. And this is a big NO from our side too because in this case, your cryptos are only safe as long as that service doesn’t get hacked.
Moreover, cryptos like Bitcoin, Ethereum, Monero were made to give the power back in the hands of people so a decision on giving the power back to some centralized party is a no-brainer.
Therefore, you must always keep an offline backup of your private keys at a location that only you know and trust. Also, if your crypto wallet is an HD wallet, store your seed or mnemonic phrase at two or even three places that only you know of.
You can enhance your security by keeping the backup of mnemonic phrase and mnemonic passphrase at two different locations. This way the attacker cannot access your crypto wallet with just two things.
You should also keep a backup of PIN code, username, and password as some wallets provide all these three features. Just in case it has been long enough for you to forget these things, you will have a source to refer if you have their backups.
In the digital world, there are bots, trojans, malware etc everywhere and the crypto world is no different from it.
As the majority of users use online wallets such as mobile wallets, desktop wallets, and web wallets it becomes of paramount importance for them to use the best security standard practice in the digital world.
Some suggestions from our side to secure your crypto wallets are:
Use antivirus and anti-malware software on your desktop or laptop.
Have a strong and secure firewall installed.
Don’t get phished and always check the URL twice before accessing your web-wallets.
Use Punycode alert chrome extension to doge the phishing attacks on yourself. Learn more about Punycode hacking here.
Use 2-FA authentication in case you have stored crypto for a day or two on exchanges.
Avoid accessing your crypto wallet from a public wifi.
Never install unverified softwares or apps on your device.
Use only trusted wallets and always update them ASAP.
Don’t use brain wallets and keep your passwords very hard to guess or brute-force.
By doing all these you can be assured that your crypto wallet is one of the most difficult wallets to get hacked.
So how can users protect their private keys (and funds) from hackers? To perform a standard transaction using another wallet, you make use of a private key (a long, randomized alphanumeric string of data known only to you) and a public key that is out there for everyone to see.
Secrecy is paramount because if anyone else gets their hands on your private key, they have just as much power to access your funds as you do. While this setup is great for verifying transactions without revealing your private key, that key can be — and has been — stolen. And mainstream adoption of cryptocurrencies cannot happen until investor funds are truly secure.
Even keeping your private key completely offline in a paper wallet (literally written on a piece of paper) is less than optimal, since that piece of paper can be lost, destroyed in a fire, or stolen. Instead of generating and storing a private key, the DigitalBank Vault Device uses a different system.
Any kind of ” Keys” never leaves its device (so can’t be intercepted). The Private Key is never stored on the device. This means that each transaction is trustfully verified without exposing any sensitive information about the users involved.
The result is an almost unhackable cold storage device— and that is a huge step up in crypto security.
DigitalBank has a solution that stops hackers in their tracks.
The DigitalBank Devicegives users the convenience of signing transactions that a private key would normally provide — but without forming a private key that can be copied and stolen. Traditionally, the signing process is performed on a device on which secret user data (private key) is also stored or derived, which creates a single point of attack.
The DigitalBank Device OSreplaces the conventional method of signing transactions with a distributed signing algorithm. As recent events around the world demonstrated, owners of cryptocurrency are in danger of being physically attacked by thieves who can force you to hand over access to even a secure hard wallet.
That’s why the DigitalBank implemented mechanisms to protect user funds in any situation
Sure, nothing is unhackable — but the DigitalBank Device comes so close and makes accessing user data so difficult that users can finally feel secure about their crypto holdings.