The Security Level of Cryptocurrency Wallets
The first thing you absolutely always have to know when it comes to any kind of cryptocurrency wallet is the fact that, if somebody gains access to your private key, they have access to your funds and that’s that.
Any of the aforementioned wallets that have access to the internet in some way, this includes the web, desktop, and mobile wallets, will always be vulnerable to some extent. This is due to the fact that every single day, people are thinking up new ways to access other people’s data.
Hackers can potentially access your data and private key through the use of malware, viruses, key loggers, remote access to your device, and even phishing.
However, do not be alarmed, as there are things you can do to be able to fully protect yourself in this aspect. The first thing we would recommend doing is keeping your device updated to the latest software packages.
As the previous software versions of many software devices, think of this in terms of your Windows or Mac operating system, or your Android or iOS device version, could have been compromised by hackers, they can be overridden in their inbuilt safety controls, and this would, in turn, allow a hacker to access the device through a back door of some kind.
Many companies fight this by issuing software updates, that resolve that potential leak or back-door so that the hacker no longer can use that hole to access your device. This means that the newer version of software your device operates on, the less likely it is to get compromised.
You should always set extra layers of security, such as multi-factor authentication. You always have the option to use a multi-signature wallet as-well, which means that to send funds, you must authenticate the transaction on two or more completely separate devices.
Make sure to regularly make backups of your wallet. This will in turn allow you to write down a backup password phrase so that if anything happens to your wallet, you can always regain access from another device.
Storing Multiple Cryptocurrencies on a Single Wallet
When it comes to storing multiple types of cryptocurrencies on a crypto wallet, there are multi-currency wallets out there. These allow you to store different cryptocurrencies within the same wallet, which is easier than having to manually store each different type of cryptocurrency to an individual wallet.
Keep in mind that this is highly dependent on what the wallet can support. For example, many tokens that are built on top of the Ethereum blockchain, or in other words, are ERC-20 tokens, all of them should typically be supported and able to be stored on a single device, and this is how a multi-currency wallet typically works.
That’s all for Cryptocurrency wallets. Make sure you pick a secure storage mode for your Cryptocurrency and never be sloppy with your keys.
