Can I Protect My Bitcoin Web Wallet?

A lot of Bitcoin enthusiasts prefer to store their funds in a web wallet which they do not fully control. Although there is a clear demand for such services, Bitcoin users need to be aware that, despite precautions, there is no guarantee web wallets will be safe forever.

Protecting A Bitcoin Web Wallet Is Somewhat Futile

TheMerkle_Bitcoin  Web Wallet

Recently, an article surfaced on the Touch Not My Wallet website, talking about how Bitcoin users can protect their web wallets at all times. While it is commendable to see this article mention several ways for users to safeguard their funds, there is no guarantee this will be successful in the long run. After all, users give up the precious full financial control when dealing with web wallets.

The one thing that sets a Bitcoin web wallet apart from a regular desktop or mobile version is how the user does not control their funds fully. Instead, the web wallet owners have the private key associated with one’s address, although most platforms let users export this vital piece of information to a different wallet solution if they so prefer.

Backing up that private key as soon as possible and importing it into a different software solution is of the utmost importance. In the worst case, this will only serve as a backup, but in the best case, it ensures no bitcoins are lost if the web wallet service goes down. But there are other precautions users can take as well.

Most Bitcoin web wallets require a username and password to be generated. Computer users are notoriously bad when it comes to using original passwords in most cases, and it is advised to use a string of words as a passphrase, rather than just one word or a few digits. Try to mix in special characters as well,  and maintain password length of 30 characters or more.

Last but not least, the web wallet security itself is not the only threat to keeping your bitcoins safe. Instead, the computer used to access one’s web wallet is vulnerable to hacking and virii as well. Always make sure your operating system is secure, perform antivirus scans, and get rid of any lingering malware, adware, and keyloggers.

Source: Touch Not My Wallet

Images credit 1,2

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2 Comments

  1. Earle July 20, 2020
  2. Jermaine Hiskey November 10, 2020

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