Blockchain technology and cryptocurrencies already offer a high level of security thanks to their decentralized structure. But real security starts with you – on your device and with your online behavior. We’ll show you what measures you can take to significantly improve the security of your digital assets. And once they are stored you can use them for your next adventure at Betamo.

From regular updates and strong passwords to secure backups – it’s often the basic practices that make the difference. We explain how you can adapt your user behavior and what simple steps you can take to keep your bitcoins and other cryptocurrencies safe and protect them from unauthorized access.

Storing your crypto coins and tokens securely is crucial to minimize the risk of theft or loss. A popular and secure method is to use hardware wallets, such as Ledger or Trezor. These devices store your keys offline, well protected from potential online threats, making them particularly secure when it comes to storing larger amounts.

For users who need regular access to their cryptocurrencies or want to actively trade, software wallets or mobile wallet apps such as the Bitpanda Smart Investment app can be a practical alternative. Always make sure that your software wallet receives regular security updates and supports additional security measures such as two-factor authentication (2FA). Regardless of the type of wallet you choose, you must keep control of your private keys and perform regular backups to best protect your crypto assets.

To keep your cryptocurrencies safe, you should consider a combination of hot (online) and cold (offline) storage. Hot wallets are suitable for everyday use, while cold wallets are better suited for long-term storage of larger amounts of cryptocurrencies such as Bitcoin.

HOW TO ENSURE THE SECURITY OF YOUR WALLET

The most dangerous security vulnerabilities are not in the blockchain technology or the cryptocurrencies themselves, but on the smartphones, computers, and laptops we use to store and manage our wallets and keys, as well as on the websites we use to buy and sell our cryptocurrencies.

For this reason, you should read our security tips below to learn how you can better protect yourself and your cryptocurrencies.

Safe use of public networks

Who doesn’t know and love it? Free wifi. As soon as we find ourselves somewhere where there is free Wi-Fi, we automatically want to log in with our laptop or smartphone. But you need to be particularly careful here. Before you connect to a public network, you must first make sure that it is a secure network. Insecure and suspicious networks could have fatal consequences for your wallets and therefore the cryptocurrencies you store on your device.

Large amounts of cryptocurrencies should always be stored offline. In cases where you need to store your wallet on your smartphone or computer, you should always encrypt it and never store all the keys to all your assets in it.

Here is a summary of the most important tips:

• Never access your wallets via a public e-mail address.
• Never leave your smartphone or laptop unattended and never lend it to anyone.
• Empty your wallets before you take your devices in for repair.

Make regular software updates

Software updates are also extremely important to keep your crypto coins and tokens safe. As soon as there is a new update, you should install it on your device immediately. Malware is designed to attack the security vulnerabilities of older software versions or operating systems. Therefore: Be on your guard and check regularly for new updates.

We strongly recommend that you make a habit of updating your software. For example, you could set a specific day and always update all your devices on Fridays, for example.

Although regular updates are essential for security, you should not allow automatic updates of crypto apps. Recently released updates could be faulty. Therefore, you should read user reviews a few days after the release of a new update to see if the update works properly. The same applies to firmware updates recommended by blockchain companies whose services you use.

Use an encrypted password manager

Even as a “normal” internet user, you have already created dozens of accounts on various internet platforms and you may access all your accounts with the same password. Watch out! If someone hacks your password, they can access your emails, online store accounts, music streaming accounts, and all the other internet services you use.

However, there is a very simple solution to this problem: create a separate and, above all, secure password for each account. And don’t worry, you don’t have to remember all your passwords: You can store all your passwords in an encrypted password manager such as LastPass or Dashlane and then only have to remember the master password.

However, please note that password managers, especially those with a cloud connection, can also be the target of cyberattacks. An alternative is Keepass, a password manager that stores passwords locally on your device instead of in the cloud. This local storage provides an extra level of security as it separates your sensitive information from potential online threats.

Use two-factor authentication

Activate two-factor authentication (2FA) wherever it is supported. With two-factor authentication or 2FA for short, you can additionally secure your accounts and assets against attacks by hackers. This type of authentication is a cost-effective way to provide additional protection for your Google account or other services you use to manage your cryptocurrencies. It is also very easy to install and use.

To activate two-factor authentication for your accounts and services, you need to download an authentication app to your smartphone. From now on, every time you log in, you will be asked to enter a code in addition to your password, which will be sent to your smartphone via text message. It’s best to download an authentication app right away and activate 2FA. It’s a small step for you, but a big step for your security.

If you are faced with the decision of which type of wallet to use, you could opt for an online wallet instead of a hardware wallet for various reasons. Although it may be easier for you to install an online wallet. It is advisable to also purchase a hardware wallet for the secure storage of your cryptocurrencies such as Bitcoin.