Steemit Crypto Academy Week 5// Wallet Security// Homework post submitted to Prof. @gbenga

It is a privilege attending you class Prof. @gbenga.

Introduction
Wallet security is of key importance when talking about cryptocurrency. Even our normal wallets we carry, we ensure it really safe. The blockchain is a very secure platform and cannot be hacked, the problem of Hacking is being Channel to the users, you and me. It is therefore our responsibility to make sure it is very secure.

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Wallet Security
As I read through your lectures, I could recall when I opened a blockchain.com wallet in 2017 to Secure my BTC, I was actually a novice in the game by then, so you can understand. Well, along the line, I joined a group called gethelp.com,where you can deposit your btc to earn more, it paid the first time and the second, but the 3rd never came. Eventually, the platform folded up with my assets. So I got angry and left the account, unknown to me, I had still about 50 USD worth of bitcoin, yeas later, precisely last year, when I decided to access the account I could not find the password and login information, I search for days and weeks, until I was able to recall. How does this applies to me? you make ask....

Your passwords and lock codes are important instruments when it apply to wallet security, they must be written down in a safe place which is not accessed easily by anyone.

In our previous classes, we have been able to discuss extensively on why we need a wallet for our cryptocurrency. Literally, a wallet does not store cryptocurrency, it store our private codes and keys. Anyone who can access your private keys means can have access to your wallet. It is also important to choose a suitable safe wallet for your Crypto, a hard or soft wallet(cold or hot). Online wallets are soft wallet, it can easily be hacked.

Cold wallets are considered the best in storing cryptocurrency as the do not have a source to the internet. They store private keys on hard drives, etc. Most wallets that have been reportedly hacked are soft wallets. Most exchanges now use cold wallets in storing their cryptos, while other left in exchanges for trading.

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How then can you Safeguard you wallet

1)Backup Wallet
Wallets backup codes are stored in the wallets itself, for every wallet you create, you are askes and encouraged to back them up. Backing up entail writing your codes in a safe place,including you 12 or 24 seed keys. From my experience above, assuming I had my 12 seed phrase I could have recovered my account very easily,even when you phone or laptops, etc gets missing.

2)Regular Update
It is very important to update your wallet as required by the wallet service provider, this is necessary, perhaps, they have discovered and amended some bugs. Please don't not ignore wallets update.

3)Use stronger Passwords
Passwords should be strong but it should be such that you can remember. Aviod illegal access to your device. Some users normally use thier birthday date for a password, for I think that is not reasonable. A good strong password is a combination of numbers, letter, special characters, and must be at least 16 characters. source

Conclusion
We have discovered the importance of a Wallet in securing cryptocurrency asset, we should ignore this as many have lost thier life earnings as a result of ignorance. Ensure your wallet's passwords are as strong as a brick wallet that cannot be broken, if they are those that are difficult to remember, please write them somewhere safe. Remember to always trade safely.

Thank you Prof. @gbenga, see you in the next lectures.