Crypto is a multi-discipline field and an emerging asset class. From its origin as rebel money to recent rechristening as internet currency the power behind Web 3.0 and the panacea for age-old internet mistakes, it is simply hard not to get bit by this irresistible crypto bug. There are many reasons why one would gladly lay down passionately and wait for the bite.
Crypto, as we know, is a mix, an amalgam of different specialist topics. On one hand, the hype element brings in sociology and psychology and on the other there is mathematics, economics, computer science, and cryptography. Understanding crypto, therefore, demands the elementary understanding of each of the above fields. As the “rudimentary, “difficult” and even scared to understand crypto” phase dissolve, many will queue up and their curiosity will in a way drive them to better understand how and why they should shield control with everything they have. Control, in this case, will be presented in the form of 12 to 24 key phrases. These phrases, your passwords are the gateway to value and wallets are where it finds refuge in.
The Story of your Password, your Private Keys
Now as interest picks up, there will be different solutions that will be fronted. Some will propose controversial ways of storing your passwords, your keys while others will be there to guide you with a targeted but functional option that perfectly meshes your needs. While at the same time, there will be companies that will choose to stick with the status quo, maintain and help store the original footprints of this novel technology. Unfazed with coated solutions, maximalist will no doubt choose security over vulnerability and will most likely download a full node complete with command line operations.
Like we have mentioned severally, forfeiture of private keys means lost control and irrecoverable value. It’s a problem that we have and is a code that wills unlikely change as it is hardcoded in the Bitcoin source code and efforts to change will be contentious as always. In the meantime, we should guard what we have and the first line of defense that allows for both expenditure and storage of one or multiple currencies are hot wallets.
Hot wallets as we said are connected to the web and have their own vulnerabilities. Some of them are open source and therefore have the protection of the masses while some are protected by a few. Still, others are legit while others are scams targeting gullible users with thousands of plastic functionalities. In all this, diligence is advocated and as long as your coins are connected to the web, these centralized storage options will always be a honey pot for hackers keen on making a kill.
Evidence? The web is littered with exchanges each with stories of how they took a hit. The latest being Cryptopia where it is reported that millions worth of cryptocurrencies were lost. Worse, the hemorrhage is on as it is reported that hackers still have the upper hand, twisting efforts to plug these losses.
Draw the Most out of Your Wallet by Doing These
Scary as it may, your coin security starts with you and we shall emphasize that every day. Not your keys, not your coins, the adage goes. Before you get started, here’s what you can do to draw the best out of your selected wallet. It’s all start with you.
Remember, there are many tales of folks losing a fortune though they had everything checked out. Don’t be a statistic and to that end, here’s what I usually do before downloading any hot wallet:
- Ensure your computer Operating System is up-to-date. This is self-explanatory and relatable more so if the coins under your control are three times the value of your computer or laptop. The reason MS or Mac update is to fix bugs which may be security related. The failure to update means there is a real chance of exploitation, backdoor installation of key loggers and subsequent loss of private keys.
- If that is checked, the next thing you should do is disable auto-logins. For your coins sake, disable that. Login should be prompted manually. To complement this, have a habit of locking your computer whenever you leave your desk. If it is too cumbersome, automate the process. After all, it is free of charge. This way, no-one can install key loggers and other monitoring software in your absence.
- Encrypt your hard drive. Yes, this is the most effective way of ensuring that no-one—physical or remote—can have access or any in way extract your data without your permission. There are options available for Mac computers as well as Windows where one can settle for solutions as BitLocker for example. The objective here is a cushion and these free—or better still premium solutions can do a pretty good shielding job.
- Now, it may be unnecessary but assuming you are not taking any chances, consider using a virtual machine. This software is free and allows you to segment your computer per wallet preventing contagion.
- Avoid using the same password for all your subscribed sites. You heard that right. There are several free Password Managers out there that are awesome in generating keys for every site you chose to register with. The good thing about managers is that every password is often encrypted by quasi-random numbers making up the master password.
- If you are in doubt and want to set up extra security, feel free to set up a multi-access factor. Google Authenticator is one of them and almost all of them work in combination with an initial site password. That means, unless one has the original credential and six-digit cyclic code from these authenticators, there is one way one can access the hot wallet account.
- After all, this is said and done, always back-up your stuff. You can do so via flash disk, execute it safely via the cloud or do it via work computer. The gist here is to ensure the complete recovery of private keys in case there is an accident or theft.
To cap it up,
Of the many hot wallets out there, Bitcoin OX is a cut above the rest. The wallet creators have demonstrated beyond reasonable doubt that it is possible to fuse the principles of blockchain with style and functionality. The wallet is an upgrade from the ordinary, it is functional yet secure. You can experience the richness of crypto aware that you are the driver of your crypto ship. Just in case there is a slip, their support is available every hour of the day.