Hardware wallets are an efficient way to securely store your crypto assets. They’re small, portable, and effective to use, but they aren’t completely foolproof.
If you want to be sure you don’t lose your funds or accidentally spend them, you should be aware of these top 3 things you should do when using crypto hardware wallets to protect your digital assets.
- Safekeep Your Hardware Wallet
The first thing that you should avoid when using a hardware wallet is misplacing it. If you are not sure where your hardware wallet is, then you are putting yourself at risk for losing your private keys to hackers. While many hardware wallets have recovery phrases, not all of them do.
The most common causes of loss are:
· Device failure or damage;
· Poor backup practices;
· Hacking attacks;
· Human error.
Losing or damaging a cryptocurrency wallet is one of the worst things that could happen to any crypto holder. You can lose your money, documents or other data in it. And if you don’t have a backup, these coins will be lost forever.
You should never lose your crypto wallet. If you own a hardware crypto wallet, you should also avoid storing it with other valuable items like jewelry or cash. It is important to keep the wallet in a safe place where only you can access it, and preferably somewhere no one else would think to look.
You are your own bank. You are responsible for the security of your coins, and if you lose access to them, they’re gone forever. If you don’t do everything in your power to make sure you keep them safe, it will be up to no one but yourself if they disappear.
- Spread Your Funds Across Different Wallets
Don’t keep all your eggs in one basket. Keeping large amounts of cryptocurrencies on one wallet is very risky. If a hacker or malware gains access to it, they could steal all your funds with ease.
By diversifying, you make it harder for thieves to gain access to your coins. So spread out across several devices/locations/wallets!
For maximum security, only use large exchanges and wallets when trading or withdrawing from your portfolio. Otherwise, move any currency that is not immediately needed into dedicated cold storage.
Make sure that each time you use your hardware wallet, it’s disconnected from any network—this includes wifi and bluetooth networks. Every time you connect your hardware wallet to the internet, you are at risk of exposing your entire digital currency portfolio to malware. In fact, $32 million worth of Ethereum was stolen by hackers who exploited vulnerabilities in MyEtherWallet in 2017.
- Backup Private Keys or Passwords
The most critical and important part of using a crypto hardware wallet is backing up your private keys. If you lose access to your private keys or they get compromised, there is no way to recover them and you lose access to all of your funds.
Have you ever thought about how many passwords we have to remember in our life? From the password of your email account to the password for a safe deposit box, an increasing number of us are having a hard time remembering them. Recently, problems like forgetting private keys or passwords are becoming more prevalent. Moreover, as we use various devices such as laptops, desktops, tablets and mobile phones that require different passwords, it becomes even harder to manage everything.
Private keys should always be backed up in at least two different locations such as hard copy and soft copy. The hard copy should be stored offline in a secure location such as a safe deposit box, while soft copies can be stored digitally on an encrypted thumb drive or other digital medium.
Finally, it’s important that your backups are protected from loss in case some other accident occurs which would result in losing one or both copies of your backup.
One thing is certain; cryptocurrency security is of paramount importance. As consumers become more familiar with cryptocurrencies, they need to be aware of all that entails when utilising these currencies. Ultimately, it’s important for everyone to use common sense and take their digital security seriously.
Many cryptocurrency investors opt for hardware wallets to keep their holdings safe. But these hardware solutions do have their limitations. The most prevalent issues are that it is clunky, difficult to operate, and vulnerable to human error—like forgetting your recovery phrase! Not only is it cumbersome to use multiple devices, but there’s also always a chance one of them could fail or become lost.
But very soon, you will be able to kiss recovery phrases and human-error goodbye with the introduction of UKISS HUGWARE™, the next-gen hardware wallet.
How? Patented in more than 20 countries, UKISS HUGWARE™ is an all-encompassing unique pair of personal cryptographic key management devices. An authentication key (A-Key) safeguards your crypto assets’ private keys as well as your sensitive data and documents. While a hassle-free rescue-key (R-Key) recovers your password and private keys in a breeze.
This will ensure that users do not lose their crypto in the event where they are unable to access their original wallet, thereby eliminating the risk of loss and theft by malware or other means.
UKISS believes that every person deserves the peace of mind over their digital assets and personal data. Reinventing corporate digital security technology for the consumer market, we envision making top-notch digital security accessible for everyone.
The technology of UKISS HUGWARE™ is built based on a user-centric technological design, can be easily integrated with various digital wallet platforms, and has expanded capabilities for other types of digital security – all while putting complete control in the hands of the user.
If you’re looking for a way to store and manage your cryptocurrency that balances convenience with security, look no further than UKISS HUGWARE™.
Stay tuned for information about the launch date of our revolutionary crypto hardware wallet!
About UKISS Technology
UKISS Technology is pioneering the next-generation cryptosecurity wallet that is simple, safe, and secure to use. Their technology has also been granted patents in most major markets including China, the United States, Europe, Asia, and India. Their clients include government ministries, leading medical healthcare providers based in the APAC region, and major FinTech players. Stay tuned for more information.