The beginning of any cryptocurrency journey starts by downloading and installing a wallet, both custodial and non-custodial wallets for purpose of storing cryptocurrencies. Why the custodial wallet is subject to third party influence the non-custodial gives you 100% privacy and security all in your hands. You are immediately required to copy down your seed words or mnemonics and keep them safe away from others. The instructions are, do not share it with anybody, doing so is putting your wallet at risk of having your coins stolen. You are instructed to keep your seed words in a safe place where you can easily remember in case you change your device to restore your wallet. But nowhere has there be any instruction regarding the type of password you used for registering on the wallet app before creating a wallet. Your password could put your wallet in danger of being hacked if it belongs to "love" and "peace" categories.
Usually, people like to use a simple password they can easily remember when signing up for any application. The simpler your password the easier it is to use by another person, your password is what secured your applications from being hacked. If your crypto wallet password is as simple as ABC, 1234...... , or simply your name your wallet can easily be cracked by another person. It doesn't matter whether you have backed up your wallet and keep your seed words safe from others, once anyone gets access to your wallet through your weak password your wallet could easily be emptied. I doubt if there is any wallet with two-factor authentication apart from some exchanges wallet like the Binance wallet and a few others. The only way to keep your wallet secured from being hacked apart from keeping your seed words and private keys safe is to use a strong and unique password for your applications. Most hacking incidents occurred due to weak passwords.
You might be thinking how can someone get to use my password without my email address? One thing to bear in mind is that your email address or addresses are always public. Anyone who has your email address and knew your online activities can use your email address to access applications by cracking your password. If you are receiving spam emails from unknown persons then you will know how important it is to have a strong and unique password for your applications. Your read.cash account could also be at risk if your password is the easy to remember type. We always want to be able to memorize our password by using simple words such as our name or other common names, and phone numbers. Passwords in this category are commonly used by the majority and could easily be cracked.
I bought a new device and the only thing I needed to restore my Bitcoin.com wallet was the password I used to back it up, same with my Luno exchanges wallet. From this experience, I started to think about this, if my password is the common type someone can easily download a Bitcoin.com wallet or Luno exchanges wallet somewhere and signed in with the password because he has my email address before. One funny thing about this experience is that during the process of restoring the wallet to a new device you are not given the authorization to permit the action before the restoring process could be done. Email notification sent is only to notify you of another device that has been used to sign in to your wallet accounts. This requires you to report the action if you did not authorize it. Should it be a hacking action the hacking would have been completed before any action to stop it. Again, how many people check their mailbox all the time.
An interesting article published by nordpass.com listed up to 200 common passwords and the number of times they have been used by different people. If your password falls into the common category you need to do something about it because you are not the only one using that password. If by any chance your email address falls in a scrupulous person's hands your wallet applications could be in danger. There are certain rules you need to follow when creating a password. Being easily remember doesn't make it safe but venerable. Follow the following format to create a strong and unique password for your wallet and other applications.
* Do not ever use common names, numbers, or phone numbers as your password.
* Use a combination of letters both lower and upper cases with numbers.
* Do not always think about a combination of letters you can easily memorize when creating a password as this can make it easy also for someone else to figure out easily also.
* Do not use the same password for every application you joined.
* Write down your password on a note and keep it safe away from others.
* Always remember to change your password in your applications every six months for safety purposes.
With the few tips above you are double sure your wallets and other applications are safe from hackers.
I guess so. That's why I always use lower and upper case when creating my passwords. It would be more difficult to crack by hackers.