A Crypto wallet is a place where crypto owners can load and retrieve their digital assets. Securing your crypto wallet is important to safeguard your digital assets. As, scammers, fraudsters, and thieves often target cryptocurrency. And, People often fall for phishing sites where third parties can gain access to their Crypto wallet.
The private key, also known as Mnemonic, is one of the most secure ways to access your crypto wallet. Mnemonic is a twelve-word private key that is auto-generated and provided to each unique user. The thing about mnemonics is only the wallet user has sole access to it. Mnemonics can be used to recover crypto-funds in any decentralized wallet, on any device.
So, in case you lose your device, but remember your mnemonics, then you can easily retrieve your funds! However, if users lose their mnemonics there is no way to recover the lost digital asset.According to an article published on businessinsider, a study shows that almost 40% of cryptocurrency owners have lost their Mnemonics at some point.
XcelPay wallet provides you with an option to back-up your mnemonics within the wallet app! But, we always advise our users to back-up their mnemonics in a secure offline platform too.
XcelPay Wallet also provides you with sufficient secure ways to access your crypto asset. It provides you with Pin Code and Biometric security features with which, you can avoid unwanted third party intrusion.
Losing access to your crypto wallet can be a nightmare for crypto owners. So, can be sending funds to the wrong wallet address.
You can use the address book feature available in XcelPay Wallet where you can save your frequently used contacts/addresses and easily send cryptos. Or, you can make use of a QR code function where you can simply scan the code to transfer the fund to the correct wallet address.
How can you secure your XcelPay wallet?
Even though XcelPay wallet provides sufficient security majors to secure their digital assets stored in our decentralized wallet, users must also know how to secure their decentralized crypto wallet.
Here are some tips that users can adopt to secure their crypto funds in XcelPay wallet:
Enable the pin and biometric security feature
Save your mnemonics in the correct order. If you lose access to your wallet, mnemonics are the only way to recover it.
Never share your mnemonics with others.
Back-up your private key offline
Qr code can send and receive funds at the correct wallet address, so use them.
Get your application updated to its latest version.
Use a secure internet connection.
Avoid phishing sites. Visit only genuine websites from the device. Avoid clicking suspicious links.
Hackers are always waiting for opportunities to steal your data. Be on safeguard and avoid yourself from scammers and thieves. Crypto assets' accessibility, safety, and reliability are crucial, so use your Xcelpay wallet security feature to the fullest.