How to Keep Your Crypto Wallet Safe From Hackers in 2024

The crypto world is full of possibilities, but also of risks. You need to protect your digital assets from the constant attacks of hackers. In 2024, with cyber threats becoming more sophisticated and faster, securing your crypto wallet is more important than ever.

How to keep your crypto wallet safe? This complete guide provides you with the essential knowledge and best practices to create a secure vault for your valuable coins in 2024. 

What are Crypto Wallets & How to Keep Your Crypto Wallet Safe? 

A crypto wallet is a digital software that allows you to store, send, and receive cryptocurrencies. It also enables you to interact with different blockchains and conduct transactions. There are different types of crypto wallets, such as paper, hardware, online, and mobile wallets. Each one has its own advantages and disadvantages, depending on your needs and preferences.

However, having a crypto wallet also comes with some security risks. Hackers constantly seek ways to access your crypto wallet and steal your funds. According to TRM Labs Data, the estimated amount stolen by hackers in 2023 was $1.7 billion, a decrease of over 50% from the $4 billion recorded in 2022.

However, the number declined, still, it is essential to learn how to keep your crypto wallet safe from hackers and your funds protected.

 In this blog, we will share some tips and best practices on how to keep your crypto wallet safe in 2024.

Choose a Reputable and Secure Wallet Platform

Choosing a reputable and secure wallet platform is the most common and essential approach to keeping your digital asset safe. There are many types of crypto wallets, such as web wallets, mobile wallets, desktop wallets, hardware wallets, and paper wallets, each of which comes with some merits and demerits.

Considering factors like reputation and credibility, security features and measures, supported cryptocurrencies and blockchains, user interface and functionality, and customer service and support helps in choosing the best wallets. You can explore a few of the reliable and best wallets like Ledger, Trust Wallet, MetaMask, Coinbase and Trezor wallets. 

Use a Strong and Unique Password

Another approach that can safeguard your crypto wallet is creating a strong and unique password. Weak or common passwords let the hackers easily crack it and access your funds and transactions. Consideration of a few things can help you create strong and unpredictable passwords. 

Your password must include at least 12 characters and include a mix of letters, numbers, and symbols. Also, avoid using your personal information like name, date of birth, or favorite team while creating a password. Don’t use the same password for multiple accounts or platforms. If one of them gets hacked, the hacker can access your other accounts as well. Use a password manager, such as Dashlane, to store and manage your passwords securely.

Enable Two-Factor Authentication

Two-factor authentication (2FA) is another effective approach for crypto wallet protection. 2FA is an extra layer of security that requires you to enter a code from your phone or another device, in addition to your password, to access your account. 2FA can prevent hackers from accessing your account, even if they have your password, as they would also need your device or code. 

SMS, Email, Apps like Google Authenticator, or Hardware like YubiKey or a Titan Security Key help in enabling two-factor authentication. These methods keep you alert when someone tries to log in to your account without your permission.

Store Your Private Keys Offline

Your private key is like your bank account number, and it allows you to access your crypto wallet and funds. If someone else gets hold of your private key, they can steal your funds and transactions. Hence, keeping your private keys offline is important to stay away from hacks. 

Storing the private keys in a secure and inaccessible location, such as a hardware wallet, a paper wallet, or a USB drive. This way, you can prevent hackers from accessing your private key online, through malware, phishing, or hacking. Also, while storing the keys, you should keep in mind backup, encryption and recovery phrases as there are chances of losing, damaging, or forgetting your device or paper.  

Keep Your Software Up to Date

Another approach to protecting the crypto wallet is software updates. This includes your wallet software, your device software, and any other software that you use to interact with your crypto wallet, such as browsers, apps, or plugins. Keeping your software up to date can help you protect yourself against any new security vulnerabilities or bugs that are discovered. 

Hackers often exploit these vulnerabilities or bugs to access your device or account and steal your funds or data. Therefore, you should always check for and install the latest updates and patches for your software. You can also enable automatic updates, if available, to ensure that your software is always up to date.

Use Multiple Crypto Wallets

You don’t have to rely on just one crypto wallet for all your crypto needs. It’s often a good idea to use multiple wallets for different purposes and scenarios. Using multiple crypto wallets can help you reduce the impact of any hacking or theft on your crypto wallet. 

 You can use a web or mobile wallet for small and frequent transactions, a hardware or paper wallet for large and long-term holdings, and a different wallet for each cryptocurrency or blockchain. If one of your wallets is compromised, your other assets will still be safe. It can also help you diversify your risk and optimize your performance.

Avoid Public Wifi

Public wifi is any wifi network that is open and accessible to anyone, such as in cafes, hotels, or airports. While public wifi can be convenient and free, it can also be dangerous and risky. Open wifi can be a hotspot for hackers who can intercept your traffic and steal your data or funds. 

Therefore, you should avoid using public wifi when accessing your crypto wallet or conducting any crypto transactions. Instead, you should use a secure and private wifi network, such as your home or office wifi. You can also use a mobile hotspot or a cellular data plan, if available. Better yet, you should always use a good VPN for crypto wallets. A VPN, or a virtual private network, is a service that encrypts your traffic and hides your IP address and location

Conclusion

Securing your crypto wallet is essential to protect your funds and data from hackers. By following the tips and best practices we shared in this blog, you can reduce your risk level and enhance your performance. Remember to choose a reputable and secure wallet platform, use a strong and unique password, enable two-factor authentication, store your private keys offline, keep your software up to date, use multiple and best wallets, and avoid public wifi. These steps will help you keep your crypto wallet safe in 2024.

FAQs

What is the difference between a hot and a cold crypto wallet?

A hot crypto wallet is a wallet that is connected to the internet, such as a web, mobile, or desktop wallet. A cold crypto wallet is a wallet that is disconnected from the internet, such as a hardware or paper wallet. 

What is a private key and why is it important to keep it safe?

A private key is a string of alphanumeric characters that is used to access your crypto wallet and funds. It is like your bank account number, and anyone who knows it can control your coins. 

How to keep your crypto wallet safe?

Practices like strong passwords, 2FA, avoiding public wifi, use of multiple wallets, and choosing a reputable wallet help in keeping the wallet safe.