Learning how to secure your best bitcoin wallet from thieves is no longer an option. That’s because bitcoin wallets are now an obsession among thieves who lurk on the web space. In fact, some reports estimate that there are currently over 140 malware applications that specifically target bitcoin wallets. Fortunately, wallet holders can still apply cautionary steps to help shield them from these attacks.
So if you want to learn about current vulnerabilities and how to protect your bitcoin wallet from potentially being hacked, the following tips will give you a good head start.
What exactly are these thieves aiming at?
Bitcoin thefts usually arise from poor wallet security management practices. On the other hand, thieves are mostly interested in a number of things which include your desktop login details/device pin, wallet password, private keys, online wallet password, access to web wallet servers, as well as vulnerable components used by online services.
And now that we know the specific things which they target, it’s in your best interest to follow the tenets outlined in this best bitcoin wallet security guide.
Best bitcoin wallet security guide – the things you need to do
Multi-signature wallets are the best bitcoin wallet to use. That’s because they often require both online and offline signatures when signing off transactions. Consequently, they are viewed as the most secure of wallets compared to standard bitcoin wallets. Therefore, if you’re serious about enforcing bitcoin security, use wallets that come with this functionality.
Secondly, if you’re more interested in dealing with long term bitcoin holding, you should use paper wallets or Cold storage.
If you’re using a bitcoin service provider, make sure they have a wallet encryption feature in place. Most of them do have this feature, although you could always invest in third-party encryption as well.
Also, when dealing with bitcoin, you are advised to make regular backups on your hard drive. Always verify your backups to ensure that everything is in place as intended.
Finally, if you use bitcoin for every day transactions, use wallets that can be installed on your PC or mobile device. Make sure that your wallets are distributed into desktop, mobile, and offline versions. This way, you will be safe.
One last thing!
Earlier today, we discovered our DNS registrar had been compromised. We took immediate action to resolve the issue. (1/3)
— Blockchain (@blockchain) October 12, 2016
If you have to use web wallets, make sure it is only for purposes of transitory transactions. All other transactions should be restricted to your PC or device.
Beware of malware and Trojans when implementing best bitcoin wallet security measures
You need to be very careful so as not to unwittingly install these misrepresented apps into your desktop or mobile device. It is common knowledge that these apps will scour your PC for bitcoin wallets, private keys, passwords, or any other useful information that can be reported back to the cybercriminals or botnet. Believe it or not, there are over 140 active malware and Trojans that target bitcoin wallets in this manner. They are out there in the wild, and you stand a chance of downloading them, oblivious of the fact that they will harm you. Always be careful when downloading things from the web, even if they seem to come from genuine sources.
Threats don’t always present themselves in form of malware and Trojans. Instead, they can exist in form of security vulnerabilities that can be found in one of the components of a trusted web application.A good example would be the recent OpenSSL Heartbleed vulnerability. It allowed hackers to collect usernames/passwords among other things whenever unsuspecting users logged into their accounts on the web.
The vulnerability existed in the Open SSL library that is used by most websites and applications. Consequently, all web servers had to be updated to the fixed Open SSL version. This also prompted users to update their login credentials in line with the changes.
Securing your login credentials
Snoopers love your password because they know that this information can help the access your previous bitcoin regardless of whether the password is for an online wallet, an online exchange account, a PC wallet, or a mobile wallet.
When your PC or mobile device is connected to the web, the attacker can access this information using existing security vulnerabilities which are specific to that particular OS.
Most people use a password formula across a series of logins. If you are one of them, you might consider strengthening your password formula to create stronger passwords.
With this information, you can make it harder for hackers to steal your precious bitcoin. The best bitcoin wallet security measures are not hard to implement, plus your service provider will always have excellent security functionality incorporated into the system to make your job easier. At least they will get most of your worries out of the way.