NFT, DeFi and cryptocurrencies abound - This is how you can double your wallet security

NFT, DeFi and cryptocurrencies abound – This is how you can double your wallet security – Mail Bonus

Explosive activity and the high dollar value of inflexible tokens (NFTs) seem to either distract investors from increasing their operational security to avoid exploits, or hackers are simply pursuing the money and using very complex methods to exploit collectors’ wallets.

At least that was the case for me a long time ago when I fell for a classic message sent to me through Discord that caused me to slowly but all too quickly lose my most valuable assets.

Most Discord scams occur in a very similar way where a hacker takes a list of members on the server and then sends a direct message to them in the hope that they will bite the bullet.

“This happens to the best of us,” are not the words you want to hear in connection with hacking. Here are the top three things I learned from my experience on how to increase security, start by minimizing the use of hot wallets and simply ignore DM links

Quick course in hardware wallet

After my hack I was immediately reminded of it and I can not repeat it enough, never share your seeding. No one should be asking for it. I also found that I could no longer let go of security if it suited me.

Yes, hot wallets are much more seamless and quick to trade, but they have not increased the security of pins and passwords as they do on hardware or cold wallets.

Hot wallets like MetaMask and Coinbase are connected to the internet, making them more vulnerable and vulnerable to burglary.

In contrast to hot wallets, cold wallets are applications or devices where the user’s private keys are offline and not connected to the Internet. Because they operate offline, hardware wallets prevent unauthorized access, hacking, and typical system vulnerabilities, all of which are sensitive when online.

In fact, a hardware wallet allows users to set up a personal PIN to unlock their hardware wallet and create a secret password that enhances security. Now a hacker not only needs to know the recovery statement and pin but also the password to confirm the transaction.

Access phrases are not as talked about as initials, as most users may not use a hardware wallet or recognize a mysterious password.

Access to the premiere will open a set of corresponding wallets, but the password also has the power to do the same.

How do passwords work?

Passwords are in many ways an extension of a person’s primer as it mixes the random primer given with the user’s personal input to calculate a completely different set of addresses.

Think of passwords as the ability to unlock entire sets of hidden wallets on top of those already created by your device. There is no such thing as a wrong password and you can create an infinite amount. In this way, users can go further and create a lure wallet as a credible denial to divert potential burglary from targeting one main wallet.

Recover seed / password diagram. Source: Trezor

This feature is useful when you understand a person’s digital assets between accounts but terrible if he forgets. The only way for the user to gain repeated access to the hidden wallets is by entering the exact password, letter by letter.

Similar to a person’s initialization, passwords should not come into contact with mobile phones or internet devices. Instead, store it on paper and store it in a safe place.

How to set up a Trezor password

Once a hardware wallet has been installed, connected, and opened, users who want to enable the feature can do so in two ways. If the user is in their Trezor wallet, they will click on the “Advanced Settings” tab where they will find a check box to activate the password feature.

Trezor wallet landing page. Source: Trezor

In the same way, users can activate the feature if they are in the Trezor suite, where they can also see if their firmware is updated and the pin installed.

Trezor wallet landing page. Source: Trezor

There are two different Trezor models, Trezor One and Trezor Model T, both of which allow users to activate passwords in different ways.

Trezor Model One only offers users to enter their password in a browser which is not the best if the computer is infected. However, the Trezor Model T allows users to use the touch screen on their device to enter the password or enter it into the browser.

Trezor Model T / Trezor wallet connector. Source: Trezor

On both types, after entering the password, it will appear on the device screen and wait for confirmation.

The security gates

There are dangers to security, though it sounds intuitive. What makes the password as strong as the second authentication step for the premise is exactly what makes it vulnerable. If they are forgotten or lost, the assets are virtually gone.

Admittedly, these extras of security take time and extra precaution and may seem a bit over your head, but my experience was a difficult lesson in taking responsibility for ensuring that each property was safe and secure.

The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.