Smartphones are ubiquitous. Most of us have one and those of us who do use them for everything from mobile gaming and keeping in touch with friends and family to making payments and doing online banking. The mobile phone has also become a valuable tool for cryptocurrency users, thanks to the proliferation of mobile crypto wallets and the widespread acceptance of coins like Bitcoin.
However, while Android devices do offer a convenient means of buying, trading, sending, and receiving Bitcoin, there are steps any would-be Bitcoin user should take to help protect their crypto holdings.
1. Do Extensive Research
Research everything. Research everyone. If you’re looking for a wallet, use one that is recommended by experts. If you want a Bitcoin poker site where you can spend your crypto safely, use Techopedia recommendations as well as reviews from other experts.
Bitcoin gambling sites do offer instant withdrawals, as well as improved privacy and security, according to gambling editor Sam Barnard, but you should research any site before you deposit currency.
2. Use A Reputable Wallet
A Bitcoin wallet enables you to access your crypto balance. It is more secure than leaving your money on an exchange, and a mobile wallet is more convenient than using a hardware wallet or a custodial solution.
Choose a wallet that is compatible with the crypto you use, and that has the features you want from a wallet, and then ensure that the wallet you choose has a good reputation with crypto experts.
3. Use A Secure Exchange
There are various ways to buy or procure Bitcoin, but centralized exchanges are the most common vehicle to do so. The exchange itself sets up trades and establishes prices between buyers and sellers. It also initiates and completes the trade. Centralized exchanges are integral to the operation of the cryptocurrency market, and an on-road for most users.
They also deal with billions of dollars in trades every day, in some cases, and this makes them a target for thieves and scammers. Research any exchange you’re considering using. Check their history, look at their security protocols, and be prepared to move your currency away from the exchange once your trades are complete.
4. Store Your Seed Phrase Away From Your Device
When setting up a new crypto wallet, users choose passwords and other forms of secure login credentials. The use is also given a seed phrase by the wallet, which is typically a string of twelve randomly assigned words. If the user loses access to their wallet, they can use this seed to reinstall the wallet or gain access to their cryptocurrency on the blockchain, so all is not lost.
Ideally, that seed phrase should be stored securely away from the device the wallet is installed on. Many people write down their seed phrase and store it somewhere secure at home.
5. Use Password Best Practices
Whether you’re registering a new centralized exchange account, setting up to play at a Bitcoin poker site, or are installing a new Bitcoin wallet on your Android device, you will be prompted to create a password.
Use password creation best practices. Avoid common phrases and insecure passwords. Don’t include any personal information or strings or characters that are easy to guess. Use unique passwords for all of your accounts, and ensure they are at least 12 characters long, including lowercase letters, uppercase letters, numbers, and special characters.
6. Ensure Your Device Is Secure With Biometrics And 2FA
In a lot of cases, you will also be allowed to use additional security measures to protect accounts and devices. Use these where they are available.
Most modern Android devices include biometric authentication via fingerprint or facial recognition. Accounts and wallets can also use these biometric authentication credentials so anybody wishing to access those accounts from your device must pass the same checks.
Multi-factor authentication means that as well as using an account password, anybody attempting to log into an account must also have access to your Android device, and this can be a secure addition to standard login practices.
7. Avoid Making Payments And Transfers Over Public WiFi
Public WiFi is convenient. It is offered by coffee shops, restaurants, bars, hotels, and even on some public transport networks. It can be a convenient way to quickly check the headlines or ensure your bus is running on time.
However, public WiFi is public, and this means that users on public networks are at greater risk of having their data stolen, devices hacked, or details cloned. Avoid using public networks when making or receiving Bitcoin payments or other financial transactions.
8. Consider Using A VPN
If you do have to use public WiFi, or you want an additional layer of security when accessing devices from the office or home, consider paying for a virtual private network service.
VPNs mask your data when you go online, which can secure unsecured networks. VPNs don’t have to cost a lot of money and there are services designed specifically for mobile device users.
9. Don’t Leave It Unattended
As well as the threat of having your phone hacked or data stolen from online accounts and other software, physical theft of your Android device remains one of the most likely ways for you to lose control of your Bitcoin wallet.
Don’t leave your device unattended, ensure you use a lock screen, and use the device’s own authentication and security measures.
10. Update Your Software
Software updates can feel like a nuisance because they always seem to want to run when you’re in the middle of something, and when your phone is updating, it becomes slow and unresponsive. However, these updates help ensure the safety of your device and your data.
When software producers are made aware of any security flaws in their products, they investigate and come up with a means of plugging those holes. Updates release the required improvements that help protect users from theft and hacks. Let your device update to the latest version of Android, and let your apps update. Even those that are unrelated to cryptocurrency pose a threat if they give hackers a convenient way to remotely access your phone.
11. Avoid Lock Screen Notifications
Lock screens are designed to prevent others from gaining easy access to your phone, while also helping reduce battery usage. Most modern devices provide access to a clock and other features on the lock screen. This can include notifications and alerts.
If your phone has price alerts and trade notifications, this is a clear indication that you likely have a Bitcoin wallet or access to an exchange account via your device, making it extremely appealing to thieves. Turn off these lock screen notifications, and potentially all lock screen notifications, to avoid highlighting your phone as a potential target.
Conclusion
Wallets, exchange accounts, and trading accounts can all be accessed via mobile devices, and many of them include specific mobile apps. These apps are convenient, but you do need to take care to ensure they, and you, remain safe from the threat of potential cryptocurrency theft. Follow general best practices to ensure the physical safety of your device and to implement good password and authentication requirements, while also choosing secure software and apps.
