Common reasons for a user’s private key being lost
Is it enough to secure private keys? The answer is no.
It is essential for whatever type of cryptocurrency to be used is to keep the private keys secure in case of using a non-custodial wallet or exchange.
Users were asked to answer the reasons why their private keys were lost in a recent Twitter survey. The survey found that most cases of private key loss have occurred either in train accidents or in fires.
How did you lose your Bitcoin private keys this year?
— jimbo (@jimbocoin) December 16, 2019
But look at the problem from a different perspective. Assuming that it is a popular way to store private keys with traditional pen and paper, this method certainly risks the paper being torn, damaged over time, or gets wet.
One way to avoid some of these problems is to laminate the sheet and place it securely. For more paranoid people, it is best to avoid printing your private keys to prevent the file remaining in the printing group. Another way to protect your private keys is to use a hardware wallet, such as Ledger Nano, Trezor…
If the keys are secured by either method, the worksheet or wallet should be properly stored.
For greater security, there should be multiple backups in different places, so in case one of them is lost or destroyed, there will always be a backup. Another precaution is to split the money into multiple addresses to minimize the possibility of losing cryptocurrency.
How to use your Ledger crypto wallet to secure your account
Blockchain security firm Ledger revealed this week a new two-factor authentication feature linked to hardware devices that allow them to be used for more secure access to everyday applications like Gmail, Facebook, and Dropbox.
Ledger developed this feature with the help of the FIDO Alliance, an authentication program that seeks to replace passwords with safer login methods. Known as the FIDO Universal 2nd Factor (U2F) application, Ledger authentication system requires Ledger device, Nano S or Nano X hardware e-wallet to verify and log into your account. The application is used for cryptocurrency accounts but can also be applied to applications more familiar to the average Internet user.
What is Bitcoin private key?
This cryptocurrency guide has proven popular with new readers buying Bitcoin. With details on how to keep your Bitcoin safe, this guide explains what a private key is, how it works and why it’s important that you never share your private key with others.
Your private key is essential to your Bitcoin security. By losing it or giving away, you will lose access to your wallet and by default your cryptocurrency. Anyone with access to your private key will control your wallet and money.
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