How do I keep my wallet safe?

The internet is a dangerous place – if you’re not careful. People with bad intentions will find ways to access your account. The best way to keep people from accessing your information is by building good browsing habits. Below are what we recommend in order to protect you from identity theft. Feel free to reach us here if you need some assistance.

1. Use a strong password

It’s tempting to use the same password over and over again. We all have multiple accounts in different websites, and it’s hard to keep track. But the first step to keeping other people from accessing your account is by making a good password. If your password is “password” or “12345” or even “qwerty”, it’ll take someone with the right tools a mere 0.29 milliseconds to crack it.

A good password is:

  • Lengthy – Aim to have at least 10 characters in your password. Contrary to what you see in pseudo-tech movies, in reality, the longer the password, the longer it takes to figure out.
  • Complex – Use upper-case and lower-case letters. An upper-case “A” is different from a lower-case “A”.  A good combination of upper-case and lower-case passwords significantly increases the time an intruder will take to access your account. Use special characters such as “#” or “?” in your passwords as well.
  • Randomized – Be as random as possible. Avoid using real words as your password.

Want to see how your password fares? Visit Random-Ize to see how strong your password is. If you’re not comfortable that someone may take only less than a week to figure out your password, it’s time to change it.

Use a Password Manager

If you don’t want to memorize your passwords, you can use a password manager (trust us, we don’t like memorizing too). You can try using LastPass. It’s a very powerful and secure password manager. You can store your passwords here and it will remember them for you. It’s also very easy to learn. Just download the software on your browser, create an account, and start storing your passwords. 

An easy way to ensure that your passwords are strong is to use a password generation and management service like Lastpass or 1Password.

2. Enable two-factor authentication (2FA)

Also called 2FA or two-step verification. It’s another security protocol that adds an added layer of security to your account, making it very secure. In a nutshell, after you enter your password, you’ll be asked to provide a randomly generated code before you access your account. The code refreshes every few seconds, so it’s very difficult for someone to guess it given the time.

For this, you’ll need to use a special app like Authy or Google Authenticator. Your account can be equipped for 2FA.

How to enable Two-Factor Authentication (2FA) in your account

To enable two-factor authentication, the first thing you need to do is to download the Google Authenticator app (available for iOS and Android). Then, go to [Account settings], click on [Security], and then select "Google Authenticator" on the Two-Factor Authentication drop-down box.

This will generate a QR code. Open the Google Authenticator app and scan the QR code. The app will immediately generate a verification code for your wallet account. Here's a preview of what the app/codes look like on an iPhone:

This code changes every 30 seconds (you will know it is about to change when the font turns red and starts blinking). 

Whenever you log on to your wallet account, you will be asked, first to enter your username and password, and then to provide the latest verification code generated by Google Authenticator.

Google Authenticator also issues a set of backup codes that you can print out or write down and keep somewhere safe. Use these backup codes if you ever lose your smartphone.


3. Do not store all of your Bitcoin in a single address

Don't put all your eggs in one basket! 

While you can only have one Bitcoin wallet address on, there's no limit to the number of wallets a person can have, so it's wise to spread out your Bitcoin in small amounts across various wallet providers. This way, in case the security of one of them gets breached, your losses will be kept to a minimum.

It's good practice to create a new wallet address whenever you ask someone to send you Bitcoin, and then to immediately transfer the Bitcoin out of that address into another undisclosed address (meaning you are the only one who knows that address).

You can start with at least three addresses:

  • a "public" wallet address for receiving Bitcoin (what you give to someone sending you Bitcoin)
  • another public wallet address for sending Bitcoin (from where you transfer out Bitcoin to another person's wallet)
  • one "secret" address for keeping your savings--create new savings wallets as the amount of Bitcoin you own increases


For more tips on keeping your Bitcoin wallet secure, we highly suggest reading this CoinDesk article on security tips for beginners

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