How To Secure Your Cryptocurrency Wallet With Yellow Card Kenya

A Cryptocurrency wallet keeps your private keys [Courtesy]

After much thought, you have finally decided to invest and trade cryptocurrencies, congratulations. However, you might be having a few lingering worries about the safety of your cryptocurrency wallet as well as what you can do to make sure your assets are safe.

Here are some tips to help you secure your cryptocurrency wallet with Yellow Card Kenya.

What is a cryptocurrency wallet?

A Cryptocurrency wallet keeps your private keys. Your private keys mean the password that gives you access to your cryptocurrencies. This keeps your cryptocurrencies safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin, Litecoin, Ethereum, and other cryptocurrencies

What is a bitcoin wallet?

A bitcoin wallet is a uniquely designed software program that helps you store your bitcoin. Bitcoin isn’t stored in the wallet; instead, the wallet provides the necessary tool to securely access your bitcoin and carry out transactions. This tool is known as the “bitcoin address”.

The bitcoin address is a unique set of alphanumeric characters between 26 and 35 characters that serve as the location for your bitcoin on the blockchain. What this means is that when you try to buy bitcoin or someone sends bitcoin to you, your bitcoin address is where it is sent to.

Public Key Vs. Private Key

How to keep a cryptocurrency wallet safe and secure with Yellow Card Kenya

1. Use a strong and unique password

What makes a password strong and hack-proof? Your password must be at least 8 characters long. It should be a combination of uppercase and lowercase letters as well as special characters like @#$%^&* etc.

Avoid using passwords that include your name, date of birth, family member names, your hometown, and any other information that is related to you directly. It is best to use something random that essentially doesn’t mean anything to make sure your account is safe and secure.

2. Avoid reusing the same password across multiple accounts

Avoid using the same password across multiple accounts. For accounts that safeguard your assets, like your cryptocurrencies, it is best to create a new password for each account.

It’s also ideal to make sure that the passwords are not linked or related in any way, e.g. Names of cities, names of your children, your pets, etc.

3. Keep your password secret

Yellow Card will never ask you for your password or your login details, and you should also not reveal it to anyone else.

4. Protect yourself from Phishing

Phishing is when someone is lured or tricked into giving up access or control to their accounts through deception. Some common types of phishing include Email Phishing, HTTPS Phishing, and Spear Phishing.

5. Consider using a password manager

With a password manager, you can auto-generate unique and secure passwords when you need them. You could use Chrome, LastPass, Nordpass, Keeper, Norton, or any other password manager to help keep your passwords safe and secure.

6. Save and autofill your passwords

This is another great advantage of using a password manager. You can save all your passwords as you create new accounts, as well as autofill this information when you need to access your accounts.

Why are cryptocurrency wallets important?

Crypto wallets don’t work like your regular Cash wallet. Unlike your cash wallet, your Crypto wallet is more like a pathway for you to transact your cryptocurrencies as opposed to being a container that holds them.

Your Cryptocurrencies live on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions.

Therefore, If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe or use a trusted wallet provider like Yellow Card.

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