Security is one of the issues that should be most important for crypto users around the world. The decentralization operated by blockchain technology not only gives us back control of our economy. Rather, it also gives us responsibility for protecting our finances. For this reason, cryptocurrency expert Andreas Antonopoulos gives us some advice on how to increase the security of your Bitcoin wallet.
The security of your wallet
Before we move on to the specific tips that Andreas Antonopoulos gives us to improve our security, we would like to emphasize this aspect of the crypto world. Well, when we start using cryptocurrencies, we are exposed to new risks.
Because we’re basically alone against thousands of options and techniques to protect our money in the crypto market. We have to choose which software we will use for this. Whether you want a cold wallet, a hot one, a browser, a desktop, and which company you want to use. These are all decisions that are entirely our responsibility.
As well as the level of security we will put in our wallet. There are several methods of doing this, starting with seed or mnemonic phrases, a set of 12 randomly selected words that you can use to enter your wallet even if for some reason you have lost the original equipment that the software was in.
In addition, we have passphrase or passphrase that we select that serve as an access password for our wallet. Finally, the normal and current password that we may have in our wallet to ensure security.
Antonopolistic advice on securing our wallet
In this context, Andreas Antonopolous dedicates a short video on YouTube to a crypto user asking how safe it is to use a single seed for multiple hot and cold purses. Differentiation of security between the two only with different passphrases.
Antonopolous then explained that this was a bad idea. If you use an item that is generated online in hot purses such as seeds or in a cold purse, the safety of the cold purse is compromised. For convenience, turn it into another hot wallet without the passphrase enough to protect your cryptocurrencies.
For this reason, Antonopolou’s crypto users usually give three tips::
- Keep the authentication methods for your cold wallets separate from your hot wallets. This way you avoid the security of your cold wallet.
- Try to keep your passwords simple so as not to make your security backups too complex.
- Always back up both your seeds and your passphrase offline.
Finally, Antonopolous offers us three alternatives to organize passwords and increase the security of your Bitcoin wallet.::
- Use the same seed only for your cold wallets with different passphrases.
- Have the same seed only for your hot purses with different passphrases.
- Use the same starting value for different cryptocurrencies.