5 Tips to Secure Your Web3 Wallet Against Hacks
Nowadays, cryptocurrency is booming in popularity. But do you know one of the prime reasons why investors hesitate while investing in cryptocurrency? It’s all because of the evolution of threats & security risks. So, it’s quite hard for you to get your crypto back in case it is lost or stolen. Because most governments irregulate cryptocurrency and it becomes impossible for individuals to secure their crypto wallet 100% against attacks or reduce the risk level.
Since 2012 about $3 billion has been stolen from crypto exchanges, and also countless attacks since COVID-19 started. The investors had to face an approximate loss of over half a billion in April 2020. As more and more individuals are investing in cryptocurrency and web3 advertising hackers are increasingly stealing cryptocurrency in several ways.
Do you want to keep your Web3 wallet safe? Make sure following the below-mentioned 5 tips can enable you to protect your cryptocurrency from hackers:-
1.) Keep Your Passwords Protected:-
One of the greatest ways to secure Web3 wallets from hacks is that you need to make sure whatever password you are utilizing for the safety of the wallet must be unknown to everyone else. If you are not completely confident that you are able to recall your passwords perfectly, you need to make sure that the passwords must be kept in a secret place.
Being a crypto holder, you can keep your wallet passwords somewhere within your home. Here, you’ll find a few smartphone applications that are designed to enable you to keep passwords safe. These apps include- Lastpass and Dasglane, which are top-rated apps & work on a wide range of phones.
2.) Create The Most Difficult Password:-
Another mode that assists you in Web3 wallet development and securing it is the creation of the toughest passwords. You should not focus on generating passwords that are easy to remember for everyone. Nowadays, you’ll find several well-distinguished password management apps, namely- code generators, that are designed to ensure your maximum level of security. Besides, there are also a few web3 wallets that offer their own passwords.
Are you going to create a password for your own crypto wallet? If so, below are some attributes that you can include while creating a password:-
- Length Of The Password:-
While creating passwords to protect your web3 wallet, you need to keep one thing in mind longer passwords are safer than shorter ones. So, it will be advantageous for you if you create codes that are at least 12 characters or more.
- Character Variety:-
If you use various types of symbols and cases for the creation of your password, it maximizes the security level of the password. This way, the holders can keep their wallets safe and secure. Even more, you are free to use a mix of lowercase, capital letters, numbers, and specific symbols, namely- asterisks and punctuation marks, for the protection of your web3 wallet.
- Use Random Passwords:-
When crypto holders come up with the password of their wallets, they dare not use such words or phrases that anyone can easily find in the dictionary. Instead of using ordinary, perfectly-spelled words & phrases, including-“House” or “Home Computer, “make passwords that are very random, vulnerable to hacking, and not in correct grammatical sequence.
- Don’t Use Recognizable Numerical Substitutes:-
Do you really think that you can randomize the sequence of passwords just by replacing an “O” with zero suffices? If yes, you are wrong. You should not think about replacing a few letters in a simple word or phrase with symbols or numbers, such as in “h0use”. Rather than doing this, you can make passwords random by utilizing an alternate sequence of various types of symbols.
3.)Use The MBLX App For Managing Wallets:-
MetaBlox’s app is also one of the safest ways that assist you in protecting your crypto wallet from hackers. This app uses a multi-step authentication procedure for connecting your wallet. For that, it requires a unique MetaBlox decentralized ID, recovery phrase, and security key.
- Decentralized ID:-
If the users want to access crypto bridges on the MBLX network, they must have a DID-Decentralized ID, which means a web credential. It holds on an ultra-secure blockchain and involves authentication measures for protecting virtual wallets from hackers. Furthermore, DIDs have several real-world as well as virtual apps that protect data security and user privacy.
- Secured Key:-
Being a holder of your Web3 wallet, if you want to open it on the MetaBlox app, you require a private and a strong key password. This password enables the holders to withdraw and deposit crypto, etc.
- Implicative Phrase:-
Holders generate similar recovery phrases before the creation of the wallet. When they lose the passkey of their wallet, they can enter such a sequence of terms in a particular order on the app and recover their wallet.
4.)Obtain A Offline Crypto Wallet:-
For the security of your Web3 wallet, not only a fine password and authentication process can help you but also holding assets in an offline wallet is helpful too. Such kinds of wallets are not linked to the internet or a blockchain, so it’s quite easy to hack these wallets. It means offline wallets are such crypto storage devices that are not possible to connect to deFi apps or crypto bridges. So you have to move your assets into online/Web3 wallets like MBLX for purchasing, selling, or exchanging crypto.
5.) A Secured Internet Access:-
Hackers generally target Web3 wallets via accessible internet connections. So, being a crypto holder, it’s better for you to use deFi apps & crypto bridges with the help of a secure internet connection. You also have to neglect public WiFi connections and financial activities that hackers target. Furthermore, you can use a VPN that enables you to change your web location to protect your online wallet against crypto hacks.
On the whole
The value of the Web3 wallet has reached heavenly heights like the spaceships. You need not feel pressured to protect your crypto wallet. But if you have decided to secure it, make sure that you are making top-notch decisions and doing research carefully for the objective of securing your web3 wallet.
If you are an ultra-modern crypto trader or if you want to store your GameFi rewards, You’ve to protect your web3 wallet for the safety of your assets. Moreover, by following the above-mentioned steps, you can greatly minimize the risk of having your digital assets stolen.
