How to protect your crypto wallet

In the rapidly growing world of cryptocurrencies, wallet security is important to the average user. From major hacks using similar websites to linking software to decentralized financial apps that use wallets, the risks associated with actively participating in the crypto space are increasing. In Hashing it Out Episode 42, WalletChat's Chief Technology Officer Kevin Larson explains how users and platforms can ensure better wallet security.

Before building WalletChat – a wallet-to-wallet chat app – Larson worked as a penetration tester, investigating traditional Web2 security. After delving into the cryptocurrency ecosystem, Larson used that knowledge to understand how Web2 security would transition to Web3. When asked if crypto wallet security is at its worst, Larsen said the answer depends on how it's viewed. It is argued that this is the worst point ever for new users and the risks they face. However, the security issue is not a crypto-specific problem, as various Web2 platforms struggle to keep users safe and are the source of most Web3 hacks.

For the average user, Larson explains that maintaining a crypto wallet starts with the basics, such as saving pedigrees from cloud storage platforms and using hardware wallets for advanced network portfolios.

Safety, he said, is not just a tool, but patience and a method of asking a lot of questions before taking action on a chain. New users can double-check their data and links from multiple sources to make sure they're using the right links, products or decentralized applications (DApps), Larson said.

The rest of the podcast looks at how new technologies like account abstraction can improve wallet security as adoption increases, and how DApps can take steps to improve user protection.

Listen to Hashing It Out in full on Spotify, Apple Podcasts or TuneIn. And don't forget to check out Cointelegraph's full lineup of other shows!

This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.

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