What We Need To Know On Crypto Wallet Security (Updated 2019)

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Could you even imagine the horror when you open to check on your cryptocurrency wallet, there were no more tokens? And most of all, that there are some shady transactions to unknown addresses. It’s every crypto investor’s nightmare. And you would immediately question on the crypto wallet security now that the possible method you could think of is that there had been a hacking activity on your account.

The nature of cryptocurrency is its anonymity. So, ownership is only by codes.

The Possible Things That Could Happen On A Hacked Crypto Wallet Security

Should there be an alarm of a possible hack on a crypto wallet security? When you notice that there was a suspicious exchange or transactions, rest assured that some payment on your crypto wallet will follow.

But, how to keep your cryptocurrency wallet safe from a disreputable business? One thing’s for sure that the most excellent method a crypto wallet owner can do is to be cautious of all the activities. That means to be mindful of using the wallet correctly to avoid possible dangers.

No one except you, the crypto wallet owner, can take full responsibility for your investment decisions and transactions. That’s why it’s crucial to think it thoroughly before investing and making business.

But Is There A Possibility Of A Hack On A Crypto Wallet?

Hackers are getting trickier, wiser, and subtler in misleading cryptocurrency users. For these online thieves, here are several ways to hoax a crypto wallet holder. One is to send you a counterfeit email consisting of a fake URL to your wallet service. This email may vary by only one or of several letters from the original URL of your wallet service. And these online thieves can also reroute even the safest URL to a phoney URL when you enter your online wallet account.

So, here we present the common questions about cryptocurrency wallet security:

Is There An Absolute Best Location To Save Our Private Keys?

Most common errors that crypto wallet owners commit are either of these; keeping the crypto wallet on their email,  or Dropbox, or Google Drive, or on any of the notes app on their smartphones. These are the very first locations hackers check to try to get in.

What Will Happen When We Lose Our Private Keys?

One important note to always remember is understanding and recognizing your backup expression. Most large software application wallets require those backups. A backup expression is usually a remarkable phrase which is generally around twelve words.

The backup expression is essential in case you forget your PIN. So, when you can’t remember your PIN, delete or uninstall the app. Install the app once again and now using your backup expression. Then create a brand new PIN.

The Reason Why Wallet Addresses Change

The technique is also known as HD-safe or Hierarchical Deterministic. An HD-safe suggests that when you send or receive funds, there’s a new address generated for your wallet.

It’s a convenient method as it makes every transaction you make more difficult to track. Most especially, it’s difficult for hackers to figure out the exact amount of loan you save at your wallet. The best recommendation is to split an enormous amount of coins to transfer into several transactions.

Is There A Safest Cryptocurrency Wallet Security?

The immense amount of existing online cloud wallets or hot wallets take advantage of the two-factor authentication in case online thieves try to enter your email. Until now, the best approach to crypto wallet security is the USB stick or this unique gizmo called cold wallets. These cold wallets are hardware ones.  According to reliable reports, even these hardware wallets are not foolproof.

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.