Hot wallets are one of the well-known tools for storing cryptos. This kind of wallets are popular due to their ease of use. However, many users have no idea to how to keep hot wallets safe. Therefore, in this article we are going introduce methods to keep your hot wallets secure.
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Tips – How to keep hot wallets safe?
All cryptocurrency assets have a private and public key. Public key is the same as a bank account and private key functions as the password. When you install a wallet software like Trust Wallet on your mobile, this app encrypts the private keys of all the cryptocurrencies it supports and creates a super private key. Then, the created super key uses an algorithm to generate a specific phrase for you (consist of 12 or more characters). Consequently, these recovery phrases are the private keys for those cryptocurrencies, which you have stored on your Trust Wallet. Therefore, protecting this phrase is the first vital step in securing your wallet.
The next step is adding a more security layer by creation of a pass code. This phrase makes access to your assets harder. In order to generate the pass code in Trust Wallet, you must go to Setting and click on Security and then activate the App Lock. The process of creating a pass code for the rest of the wallets is almost similar.
The third step is also to prevent from fishing attacks. In these kinds of attacks, criminals try in different ways to make users reveal their information. The major method is to establish a website exactly similar to your wallet website, which asks users to reveal their recovery phrase. Keep in mind that no reputable admin asks you to provide your password or phrase.
Which wallets do you use? Let us know about your experiences in using wallets in the comments.