Tuesday

How Best To Secure Your Bitcoin Wallet

How to protect bitcoin wallet

The Bitcoin wallet is essentially your account and holds the Bitcoin you have. However, since Bitcoin doesn’t quite exist anywhere, it could be said to be an electronic record of the Bitcoin in your possession. So, why is there such emphasis on securing it in the first place? Each Bitcoin wallet contains a key pair – the public and private keys – without which you cannot own or transact Bitcoin. Therefore, if you lost the key pair, especially the private key, you would lose access to your Bitcoin. That said, this article looks into some of the ways that you can protect your Bitcoin wallet.

How to Secure Bitcoin Wallet

The below details demonstrate to you precisely the standard ways to secure your Bitcoin wallet from high-profile Bitcoin thefts and keep your virtual coins safe and sound just like a new born baby:

Make use of cybersecurity tools

Bitcoin wallet protect

If you have any experience with cybersecurity tools, then you know that to get the best effect you should rely on multiple cybersecurity tools. Even so, that doesn’t mean using two or more tools of the same kind but instead using two or more different tools to accomplish multiple results.

In this case, you need to use a VPN and Tor. Tor is best known for anonymity while VPN is best known for privacy and network security. Coupling the two provides you with effective privacy, anonymity and network security, without any downsides. Using Tor over VPN is one of the best ways to guarantee Bitcoin anonymity, which is essential considering that a Bitcoin address can be traced back to you.

Use an offline wallet

Bitcoin wallet
While online wallets are the most common, offline wallets are the most secure. An offline wallet consists of two separate systems. The first system is an air-gapped device whose sole purpose is to house the primary body of the Bitcoin wallet. The second system is an interface that allows connects to the primary body, when needed, for the transaction. Since an offline wallet is not connected to the internet or any network guarantees that it is secure from hacking. However, offline wallets are a target for theft which is why it is advisable to store the wallet in a secure place such as a secure home safe or a bank vault.

Encrypt your wallet

Although most wallets are highly encrypted by design, it doesn’t hurt to add a layer of encryption. The extra encryption comes in handy if you lose your device, protecting your wallet from tampering. You should create a backup of your wallet soon after you encrypt it. Additionally, you should hide your encrypted Bitcoin wallet in an encrypted and secure vault. Using a password manager to manage the password should make the job easier while providing that additional security.

The Takeaway

To secure your Bitcoin wallet, you need to look into the weaknesses of a Bitcoin wallet and find ways to cover those shortcomings. For instance, in this case, the cybersecurity tools cover for the lack of anonymity in the Bitcoin wallet. Using an offline wallet, using cybersecurity tools and encrypting your wallet are but a few of the many ways to secure your Bitcoin wallet. More importantly, you should update your information regularly since cyber attacks evolve constantly.


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Gentle Delex is a passionate and Responsible Tech Blogger with the main goal of bringing you all the trending news on; Latest Phone and Gadgets reviews, Techs update, Latest Free Browsing, solving some technical difficulties and lot more...

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