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Picking a strong password for a cryptocurrency wallet has to be the best investment decision when starting your journey in crypto trading. This is true because, according to a study by Statistica, 40% of crypto traders are concerned about the security of the currently available crypto exchanges. However, with the ever-evolving cybersecurity landscape, the number of users worried about their crypto wallet security is bound to increase.
Hackers have become crafty over the years, and choosing a strong password to keep them off-limits isn’t easy. Below, we share tips on picking a strong password to protect your crypto wallet in the long run.
Make it Complex and Long
Before you buy Bitcoin or any other cryptocurrency, ensure you have a well-thought-out password that’s long and complex enough to give hackers a headache. A long password is, by nature, challenging to guess and type manually, and it gets even more challenging if it’s a complicated combination.
While it’s important to make it as complex as possible, try to choose a combination of words and numbers that’s easier for you to remember but challenging for hackers to guess. Something like the name of your favorite cousin combined with the date you had the most fun with them could work the magic!
Avoid Common Words and Phrases
If your best password is a choice of common words or a phrase everyone can guess, then it’s best not to have a password in the first place. A strong password locks out hackers who try to figure out your password using the dictionary attack approach. This approach allows hackers to enter each word in a dictionary into an algorithmic system to discover your password. Such systems can also identify common phrases if used in a password, granting the hackers easy access.
Make Use of Alphanumeric Characters
The possibility of mixing up numbers, letters, symbols, and upper- and lower-case letters when creating a password makes it easier to build unique passwords that are difficult to hack. Even if you pick a simple password, you can add symbols and jumbled-up upper- and lower-case letters to make it unique. For instance, you can substitute zero for the letter O, $ instead of S, and @ instead of A.
Generally, you should aim for a strong password of at least 12 characters. The characters must include upper and lowercase letters and some random symbols and numbers that make sense to you.
Use a Password Manager
A password manager is an application that helps you keep track of all your website passwords. Google Chrome is one of the most common password managers, allowing users to store all their accounts’ passwords in one location. Password managers allow access to the saved passwords via a master password. Most of them are free and allow you to sync your passwords across your devices, making signing in from different devices easier. Some, like the Google Chrome password manager, will audit your password-use behavior and alert you when your password is compromised or used elsewhere.
Picking and maintaining a strong password for your cryptocurrency wallet is crucial for your account’s long-term survival. With the ever-evolving crypto security landscape, it’s important to update your passwords after a set period continually or when you feel there’s been a compromise. Combine these tips to make your password difficult to crack.
