The importance of keeping your wallet safe and secure cannot be stressed enough. Blockchain is designed in such a way that it is exempt from double spending, however this same mechanism does not protect against bad actors getting hold of your keys and spending your crypto. Here we’re empowering you with valuable knowledge on how to make your Bitcoin wallet password hackproof.
At Oobit, we take cyber security seriously and have recently partnered with one of the most secure and powerful wallet providers in the industry, GK8. GK8 is designed and led by cyber security experts and is under the advisory of the former head of cyber security in a government intelligence unit. The wallet is specifically designed to keep funds in an offline vault to ensure it is far out of reach of prying hands. Yes, military grade offline storage solutions is how seriously we take security.
What Are Wallet Keys?
In order to store, spend and receive Bitcoin, you’re going to need a Bitcoin wallet. Each Bitcoin wallet has a public and private key that are mathematically linked to each other. These keys allow you to send and receive crypto anonymously. Made up of a 26 character alpha-numeric code, the public key is your wallet’s address (similar to a bank account number) while the private key proves your ownership (similar to a pin number). Public keys allow users to receive Bitcoin, while public keys allow users to send crypto.
Never share your private key with anyone.
Creating a Hackproof Bitcoin Wallet
Once you have created an account with Oobit, you will automatically be assigned a unique wallet address. Your crypto wallet is stored offline with state of the art air-gapped vault technology. You can find the details for your BTC wallet address in the dashboard by selecting Portfolio in the left-hand menu and then selecting Deposit in the right hand corner (as pictured below).
This will present your BTC wallet address in both a QR code and text format.
By making use of our secure online storage solution, you can effectively use one password to buy, sell and store your cryptocurrency, which will always be protected by 2FA (Two factor authorisation) technology, more on this later.
Making Your Bitcoin Wallet Password Hackproof
Next, you’re going to want to create a completely hackproof password and store this in a safe location. When creating your Oobit account password, ensure that you are not using a password you’ve used elsewhere. If you’d like to make your password more secure, go to Settings and Password and Security to make any changes.
Make sure that you keep it unique and non-interceptable by following some of the tips below:
- Stay away from generic options like “1234567” or “password”.
- Don’t reuse passwords.
- Mix up your password with uppercase and lowercase letters, as well as numbers, symbols and punctuation.
- Avoid ties to personal information and dictionary words.
- The longer the better.
Keep your password as unique as possible by making it memorable and hard to forget.
Other Tips To Ensure Your Bitcoin Wallet Is Hackproof
Some other guidelines to think about when ensuring the safety of your Bitcoin wallet include setting up 2FA and ensuring that your wallet is constantly updated.
Set Up 2 Factor Authentication (2FA)
2FA is a digital verification tool used to ensure that the user is who they say they are. This requires someone to present two pieces of information to authenticate themselves on a website or an app. The two pieces of information are usually your password and a unique code sent to your email/phone. Setting this up on your wallet will ensure that if someone were to get access to your Bitcoin wallet, that they would still require your phone/email to send the Bitcoin anywhere.
To set up 2FA on your Oobit wallet, go to Settings, select Password and Security followed by 2FA. You will be given a secret code that is for your eyes only and should be stored in a safe (preferably offline) location. Follow the steps and select Enable when you are finished.
Ensure Your Wallet Is Always Updated
If you did not opt for a paper wallet, it is worth ensuring that your Bitcoin wallet is always updated and using the latest software. Often these updates include improved security measures so it is always worth keeping it up to date.
Head here for more tips on keeping your Bitcoin wallet secure.