If you want to save some money in the bank, it is highly essential to open your account with any of the bank branches. The banks or the other financial institutions would help you with user ids and passwords related to your account to help you to access your account without any issues.
Similarly, if you are planning to start your Bitcoin trading account or to buy bitcoin, it is essential to have your wallet created. The portfolio will have two kinds of keys, and they are public and private keys. The transactions that occur on your account will be published on a shared blockchain ledger, and that can be accessed by everyone that is part of the blockchain technology using the public key.
The personal details and sensitive information related to the wallet and the Bitcoins that you have will contain a private key which becomes your unique identification code or a password which is expected not to be lost or forgotten if you want to trade the Bitcoins.
Therefore, it is highly essential to maintain the confidentiality of the private key which is being issued by the blockchain technology to you. In this article, we are going to explain some of the most straightforward steps that can be followed to safeguard your Bitcoin wallet as it is susceptible to be hacked.
- Get a fireproof vault.
If you are forgetful or if you want to share your password details with someone else so that you can access your Bitcoin account without any hassles all the time it is recommended that you invest in a fireproof vault.
Write your vital private details in a piece of paper and store it in that fireproof vault for future access. If you happen to share your private critical information with anybody, it is undoubtedly going to create issues because you can never trust anybody when it comes to money.
Your Bitcoin trading wallet will have all the transaction details related to your Bitcoins trading. If you happen to share your password details with anybody, they are certainly going to check all this information. They might even end up spending the Bitcoins that you already have accumulated because Bitcoins are nothing but digital currencies.
- Hardware storage of backup
Your Bitcoin wallet is vulnerable only if you start making a lot of transactions online. You must understand that the blockchain ledger is completely transparent and all the sales that you carry out are available to everyone else, but it is not a cloud-based technology.
It means that the ledger is only going to throw the details on the transactions that are carried out, but it is never going to store any of the files or folders as it happens in the cloud-based technology.
Hence, the concept of backing up is completely ruled out from the blockchain technology server. If you want to keep your private keys or your wallet safe, it is mandatory that you use any of the hardware devices like a USB drive or an external hard drive and make a backup of your entire transaction summary and keep it safe with you.
- Using fingerprint technology
This is one of the ways that can help you to store your private key on your mobile phones safely. Make sure to enable your phones with fingerprint technology and also face recognition software. With both, these applications and techniques will allow it becomes difficult for the hacker to steal the password from your phone until they have access to your phones physically when it is unlocked.
Apart from this, it is also mandatory that you do not write your passwords in your diary or on mobile phones and make them accessible to others. It is also essential that you do not choose just alphabets or numbers to create your password because that is going to create a weak link and the hackers can easily decode the password and get all the information related to your Bitcoin mining.
These are some of the most critical things or techniques that you can use to safeguard your wallet details on the blockchain technology.