Info On Crypto Site Icon

Info On Crypto

Helpful Info On Everything Crypto!

July 30, 2021

Can Someone Steal My Bitcoin Wallet? (6 Things You Need To Hear)

Can My Bitcoin Wallet be stolen, this is a question a lot of people think about.

It’s not out of the realm of impossibility, but there are things people can do to help protect their bitcoin and other cryptocurrencies.

Come join me and I’ll share a few of them with you.

What is the Possibility of Someone Stealing my Bitcoin Wallet?

A bitcoin wallet is a public & private key usually used in conjunction with a specialized USB drive & if proper precaution is taken, usually pretty secure. Now although someone can steal it, you can mitigate and pretty much eliminate the risks if you're careful. A secure internet connection along with secure passwords are a couple of ways to help keep your crypto wallet safe.

1. It’s OK to Keep public Keys Public

A bitcoin wallet address is a hashed (shortened) version of your public key.

Your public key “a cryptographic code” is paired with your private key.

Also, your public key is what allows you to receive and lock cryptocurrency transactions.

Now, transactions can be sent by anyone to your public address.

However, to unlock the transactions and prove that you are the owner of the crypto, you need your private key.

So, the public having your public key is alright.

Since this is how you will receive your cryptocurrency.

2. Keep Private Keys Private   

Can Someone Steal My Bitcoin Wallet

A private key is basically a very large number, that can be expressed in several ways.

1. A 256-character long binary code

2. A Mnemonic phrase

3. A QR code

4. A  64-digit hexadecimal code.

Although, no matter how you express it, it is a large number for a reason.

So, you can generate a public key with your private key.

However, for someone to try and recreate your private key using your public one would be almost impossible.

This is due to the trap door function.

Trap door functions are one-way mathematical functions, which are easy to solve one way, but almost impossible to solve the other way.

Although some say it might be possible, it would probably take a supercomputer, thousands of years to do it.

With that being said, your private key is where the vulnerability lies when it comes to your Bitcoin and other cryptocurrencies.

Never ever share your private key with anyone, keep your private key private.

3. A Cold Wallet

A cold Wallet

One well know version of a cold wallet is a hardware wallet.

So, when it comes to Wallet security, a cold wallet is probably one of your best bets.

For one thing, hardware wallets come encrypted, which helps to keep your private key secure.

Also, because cold wallets are not connected to the internet, they won’t succumb to cyberattacks when not in use.

Now I want to leave you with one last tip.

Although, it doesn’t have to do with security.

Since hardware wallets are generally the size of a small flash drive, they are very convenient and portable too.

4. Wallets

A lot of Wallets

Another way to protect your Bitcoin Wallet would actually be to have more than one of them.

So, if you are the type of person who does daily transactions, you could separate your cryptocurrency, via multiple wallets.  

Keep the keys to the crypto that you use daily in one.

Then you could keep the other keys in another wallet or wallets.

This would protect you if there was a breach of one of them, the cryptocurrency you had in the other wallets wouldn’t be affected.

Now don’t get me wrong, this strategy could still be deployed, even if you don’t buy or trade crypto daily.

5. Securing the Internet

Securing The Internet

You should use a secure internet connection whenever you buy, sell, or trade any cryptocurrencies.

Another thing, anyone doing any crypto transactions should consider using a VPN (a virtual private network).

A VPN changes your location and IP address, therefore keeping your browsing safe & private, and protecting it from outside threats.

One last thing, please, whatever you do, never use public Wi-Fi when buying, selling, or trading cryptocurrency. 

6. Password Changes

While we are discussing Wallet security, we can’t neglect the importance of password security.

Most people use the same password on several different devices.

A lot of people even use the same password on dozens of sites or more.

I know, because I have been guilty of it myself.

So, when it comes to the security of your wallet or wallets (it should be wallets by the way) make sure you have a very complex password.

Also, I suggest changing it regularly and even using multi-factor or two-factor authentication.

Video Version: Can Someone Steal My Bitcoin Wallet? The Cold Hard Truth!

To Sum it all up

A Bitcoin Wallet or Crypto Wallet is where your public and private keys are kept. So, if someone wants to steal your wallet, what they are really after is your keys. Actually, your private key is the one they really want. However, there are some things you can do to help keep your Bitcoin and other Cryptocurrencies from being stolen. One thing is to make sure to keep your private key private. You should also consider using a cold Wallet or cold storage. Oh, and did I say Bitcoin Wallet, I mean Bitcoin Wallets. Also, using a secure internet connection and VPN will go a long way toward keeping your crypto safe. Lastly, having a complex and strong password, that you change regularly, should help reinforce the safety wall that you’re building.

Leave a Reply

Your email address will not be published. Required fields are marked *


* Subscribe to Info On Crypto’s YouTube Channel *

© 2021-2023 Info On Crypto. All Rights Reserved.

ATTN: Trading or investing has possible opportunities, but it also comes with risks, including total loss. That’s why you should never buy, trade, or invest more than you can afford to lose, and you should always seek financial & tax advice from qualified professionals, before trading or investing in cryptocurrencies or any assets. Anything on this website and any cryptocurrencies or other asset's performance are shown for illustrative & entertainment purposes only.

Info On Crypto, Deborah, and Zach is not offering, endorsing, promoting, recommending, or encouraging the purchase, sale, or trade of any security, commodity, cryptocurrency, or anything else. Info On Crypto is for informational & entertainment purposes only. Furthermore, although Info On Crypto also referred to as “this website”, Deborah, and Zach, also referred to as “I, me” may answer your questions, we are not financial or tax advisors or licensed under securities laws to address any of your investment situations. Nothing on or linked to from Info On Crypto or any communication by us should be deemed as personalized or any other sort of financial, legal, investment, or tax advice.

Info On Crypto receives compensation in regard to its referrals for purchases of cryptocurrencies, crypto wallets, & any other products or services.