What is more important in life than health? Security is and what do you need to keep safe almost even more than yourself? Your money and investments… And why not your Bitcoins? Well is it well known that your coins are secure in your “wallets” (software or hardware) but once security is passed or lost, what to do then? In the following lines, we will present some ideas to cover your bag, what to do to have a well backed up wallet and enforce your security.
Your life must be secure so your wallet, there are tons of ways to make that possible. Transfer values in a very easy way and control your money sound pretty nice but such great features also come with security concerns. Remember to have good practices in order to protect your wallet. Here are some really good tips to back up your wallet.
Keep it low
Having a crypto currency wallet is like having a real wallet. You do don´t carry it with thousands of dollars for safety, the same you should do with your other “wallet”. It is a good practice not to have all eggs in the same basket. Keep a few coins on your PC, phone, or server for every day uses and keep the rest of your funds in a much safer environment.
Choose your online services wisely
Be careful of any service designed to store money online. Many of them suffered from security breaches in the past and generally, they don´t provide enough insurance and security like a bank for example. It is recommendable that you choose wisely if you are going to use other types of crypto-wallet. It is better to use always certified wallets and improve your security using two-factor authentication.
The last is the best
Have the latest version of your software (in case you are using software wallets) permits you to have better stability and security fixes. Updates can save you a tremendous amount of problems; they can include new features to keep your wallet safe. Try to have your PC, smartphone always up to date; it is important to your wallet environment safer.
Encrypt your wallet
Encrypting has been always a way to keep your information away from those who want what´s yours. Set passwords on your smartphone, computer and to every transaction is a good to make harder for everybody else to withdraw any funds, though I cannot protect against key logging hardware or software.
It sounds silly but… Never forget your password
Unlike your email or even a bank, you have very limited password recovery options using Bitcoin, for example, so make sure you use a password that you will never forget no matter how time pass without using your wallet otherwise your found will be permanently lost. To avoid that, it might a good idea to a paper backup just in case of sudden memory loss.
In the case of Bitcoin wallet, a multi-signature feature is included, that allows requiring multiple independent approvals for every transaction which is really useful to keep control of your funds. Some software wallets also provide this service.