5 rules for successfully compiling your crypto wallet

This article is for those who want to figure out how to properly and safely maintain their crypto wallet. We will discuss some tips that will help you avoid unpleasant situations, and just help you figure out how to work with such a wallet.

First, let's figure out what a crypto wallet is and how it works:

Such a wallet is a tool that can give a person access to a certain number of coins that are in a decentralized network. It ensures their safe storage. We can say that this is a program that gives a person the opportunity to interact with the blockchain. With it, users can create payments, make transfers, store funds, and so on. The wallet contains two keys - private and public.

Public - the user's address, which is unique, but it is needed to create payments to the account of a specific wallet. Private is a secret key that is needed in order to confirm transfers. All transactions take place with its help. The one who owns this key has full access to the funds in the wallet.

What is the sequence of actions when making a transaction? The financial transaction is signed with a private key, then sent to the blockchain, and at the end of the blockchain verification, the transaction is executed.

Protect yourself and your money

The wallet.dat file, which contains the system user's private key, stores the user's coins. This file is created when you first start up and your Bitcoin client is stored in a special directory list called %AppData%/Bitcoin.

In order to protect the wallet file from intruders, there is an encryption function. You put a password on the wallet, and the wallet.dat file is additionally encrypted. The encryption features are also useful in that even if after an attacker gains access to the wallet.dat file, he will not be able to withdraw funds without receiving, as the system will require access credentials.

It would seem that then what else is needed? The Internet will protect you, which means there are no threats. But do not forget about the banal rule - do not give or show your data to strangers. We advise you to use complex passwords, as well as those that will not be repeated with the passwords of other social networks. Also, try not to store password data on devices, as if this device is lost or hacked, they can be stolen and used by thieves for their own purposes. Write them down and don't leave them in plain sight.

Cloud storage

Another option for storing keys. Not everyone will trust him. This is everyone's choice. We can only advise you to pre-encrypt the data.

Even more protection:

• Before creating a wallet, make sure that your device is free of viruses.
• Make a copy of the phrase, thanks to which you can recover private keys.
• When creating a mailbox for a wallet, use it exclusively for him.
• Use two-factor authentication.

Find a reliable service.

Use proven and recommended services to avoid losing your savings. We advise you to the previous one - before creating a wallet, make sure that your coins will be stored in a “cold” wallet, that is, in a storage that is not connected to the Internet. As a rule, this is more difficult to crack.

It is worth studying the company, the team and reviews about it in order to know who you will be dealing with and whether it is worth the risk of trusting them with your money. Only after making sure of such an important point, you can create a wallet.

Don't forget to update your system

You need to regularly update the software and install the latest version of the wallet you are using. We also advise you to follow the news from the world of cryptocurrency with ICOholder. Articles and statistics with the latest and most relevant information are provided to you.

Conclusion

As Kossar Sohail, COO of Bitlish, said about cryptocurrency: “…This is a whole new level of asset ownership made possible by advances in technology.” If you decide to take it seriously, we advise you to use the tips above. They will make your work with cryptocurrency easier and you will avoid many unpleasant situations. By following them, you can not worry about the fact that your wallet and the savings in it will be safe.

We also want to add the following from ourselves: watch the development and news related to the type of activity you have chosen. Whatever it is: NFTs, earnings on games and various kinds of investments in crypto-currency - it is very important to stay aware of the latest innovations. Learn, develop and then you will succeed. Good luck to you!