If you do not have a single penny in your bank account, you do not need to worry about your bank account security features because hackers cannot steal your money from your account. But, if you are aninvestor and have invested your funds in crypto, you must keep your wallet private and public keys safe. We have seen a huge hike in the crypto maker, and many investors are investing their funds in cryptocurrencies. That’s why choose a digital currency over paper currency now.Conversely, cybercriminals are constantly trying to hack such crypto accounts and wallets. According to a report published by CipherTrace, more than $4.3 billion crimes were found in the crypto world in 2019, and criminals have successfully robbed more than $125 million in digital currencies from different exchanges in the same year.
You must have some ideas about crypto wallets and currencies before investing your funds in this market. Crypto exchanges are the platforms where you can invest your funds in digital currencies, and you can access your currencies through your wallets. But you cannot store your currency in your wallet, and you can also store your public and private keys in your crypto wallet. What isa private and public key? Private keys are the unique numbers of your wallet that can be used to make a transaction. For example, you can enter your private keys in your wallet to transfer your bitcoin to another wallet or account. Anyone knowing your private keys can steal your coins and currencies from your wallet. Conversely, public keys are similar to your bank account number, which can be shared with another user to receive funds from cryptocurrencies.
Tips to keep your wallet, public and private keys safe
Try a cold wallet
cold wallets are known as hardware wallets where you can store your private and public keys. These wallets are encrypted, and you can keep your keys safe in a cold wallet. You do not need to connect your wallet with the internet to access your currencies.
More than $32 million was withdrawn from BITpoint in 2017. They have reported that this amount has vanished from their user’s account, and all these users were using their hot wallets to access their cryptocurrencies. Cybercriminals did not access their cold wallets.
Always use a secured connection
Do not use public Wi-Fi connection while you make a transaction in crypto, and you must use a secured internet connection for your crypto investment or trading activities. You can use your home network for the same, but you can use a VPN for additional security. VPN can change your IP address and location, thus ensuring complete safety.
You can use more than one wallet
There is no limitation to using crypto wallets, and you can use multiple wallets for your crypto trading. If you want to trade with crypto assets regularly, you can use a wallet for your daily transactions, and you can create another wallet to store your currencies.
Use anti-virus in your system
You must update your system whenever needed and always use anti-virus in your computer. Hackers can access your system if you do not have any firewall and anti-virus in your system. Apart from that, you must change the password of your wallet regularly. Many users use the same password for their bank accounts, social media accounts, and credit cards. Do not use the same password for all your accounts and cards because hackers can easily hack your social media account and use the same password to access your crypto wallet.
Do not open phishing apps and mails
You can find numerous emails in your inbox where attractive deals and lottery are available. These are scams, and you should not open such mails in your system, especially when you have a crypto wallet in the same system. If you click on an unknown link, then hackers can steal your information from your device, and they can hack your crypto account.
It is necessary to use a secured platform for crypto trading. It is safe and trusted by many investors. There are other platforms as well that will be good for you, but make sure that you do a complete check of these portals before proceeding.