Are Bitcoin wallets unsafe?

Bitcoin wallets are probably the most popular wallets since leather wallets. Every single cloud mining, mining or just Crypto service provider company is offering its customer base their take on a crypto wallet. Unfortunately, however, most of the wallets you will be accessing are not secure and safe. The best bitcoin wallets will be easier to identify once you have read through all of the red flags.

Web Wallets

Web wallet

Web wallets are super dangerous because of the fact that they are directly tied to your phone and phone number. If there is a case where you lose your phone or your phone number gets expired, there is a high chance that you may lose all of your money registered with that specific phone or phone number.

For example, once you lose your phone or phone number, a hacker has pretty much obtained the key to your treasure chest and will easily access your Coinbase account if you have it. Basically, your number is what’s preventing your account from getting accessed without your permission.

If you have (and you should) a Google authentification it can also be stolen from the Phone. if the hacker can access the data on the mobile phone he or she will have no problem going through not only your Coinbase account but also your every other account as well. So have this in mind in case you want to opt for a Web Wallet.

Mobile Wallets

mobile wallet

Mobile Wallets are always on an online platform. Some of them also have a feature where they have exports of private keys, making them one of riskiest of the bunch. Honestly, we don’t need to be saying this in this day and age, but always keep all of your social media, emails and especially Mobile Wallets under a PIN, so that you can have it as safe as possible. It doesn’t matter how much you believe that you won’t lose your phone, it’s just a lot safer and you’ll be a lot more calm should it occur.

Numerous cases have already been sighted where a user’s private keys were stolen from right under their nose. This can be done, because the Mobile Wallet stores your private keys, making them susceptible to hacker attacks or software bugs. Consider this before you opt for it.

Desktop Wallets

Hot wallet

Desktop wallets most of the time have this software inefficiency where they store your seed keys as unencrypted files. Everything today that has not been encrypted can be subject to access through a very simple and common math formula. If you don’t believe us, then just go and watch “Enigma”. Don’t think that you have the latest graphics card or the VIP antivirus subscription that it makes you untouchable.

Hot wallets that haven’t been encrypted are one of the major targets, that attackers take when they want to hack into your account. What’s also horrifying is that every time we use data or go through the internet, we leave something called digital footprints. Which in case of hacking can be traced to their original destination which could be your Hot wallet application, therefore leaving your Cryptos defenseless.

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