Accessing the blockchain and security issues for this access

When accessing the blockchain, whether we are talking about accessing bitcoin or other cryptocurrency wallets, or accessing the blockchain technology itself whether for maintenance, management, etc from an administrative perspective, how (briefly) do you implement this access (logins, credentials, identities, etc) AND what security challenges remain surrounding this means of access?
Who is Participating?

[Product update] Infrastructure Analysis Tool is now available with Business Accounts.Learn More

I wear a lot of hats...

"The solutions and answers provided on Experts Exchange have been extremely helpful to me over the last few years. I wear a lot of hats - Developer, Database Administrator, Help Desk, etc., so I know a lot of things but not a lot about one thing. Experts Exchange gives me answers from people who do know a lot about one thing, in a easy to use platform." -Todd S.

btanExec ConsultantCommented:
Your access is advised to turn on 2FA support e.g. logging in you will need both the wallet password plus the one-time password (OTP) generated via an SMS message to your newly linked mobile device, or through Google Authenticator.

The key challenge for login in is when you forget the password or it just cannot get through the login. So we need to take addition precaution steps, e.g.

a) Backup Phrase - In your wallet's settings, you can find advanced security options. You should also make sure to write down your 12 word Backup Phrase. The latter is an encoded version of your wallet’s master seed, is a mnemonic passphrase made up of 12 random words. It acts as a backup, ensuring that you can always access your funds. It also means anyone with that phrase can access your wallet - so consider storing it offline - in a notebook or on a piece of paper. Safe keep it and not in sticky note on your machine (for convenience).

Note - Bitcoin or provider can’t reset your password. Your Backup Phrase is the only way for you to regain access to your funds if your forget your password.

b) Strong passphrase - there is many such phishing attempt which try to entice you to open email attachment or visit compromised website - just to get into your machine and steal your login password etc. identity theft exist especially with cryptocurrency being gaining significance monetary values.

Note - 2FA is essential (as earlier mentioned) to enhanced from the default convenient 1FA login - do verify that it is enabled and do it earliest (when you setup your wallet). Dont neglect to change password regularly but of course there is debate that actually with long password, it need not have changes to password. So consider passphrase such as of these complexity
  1. Be at least 16 characters
  2. Be unique. Never use the same password twice
  3. Be diverse. Passwords are case-sensitive, so choose a healthy variety of upper and lowercase letters, numbers, and don’t forget to throw in some %,#,!,*, or &

c) Guard your email and password - this is your email address that associated with your wallet. The first setup will run through the email to check on you, but importantly, whenever you log into your wallet from a different device or IP address, you'll be prompted to verify the login via a verification email. So make sure you are using this email for such dedicated purpose and likewise enabled 2FA for the email.

Experts Exchange Solution brought to you by

Your issues matter to us.

Facing a tech roadblock? Get the help and guidance you need from experienced professionals who care. Ask your question anytime, anywhere, with no hassle.

Start your 7-day free trial
btanExec ConsultantCommented:
No further advuce received
It's more than this solution.Get answers and train to solve all your tech problems - anytime, anywhere.Try it for free Edge Out The Competitionfor your dream job with proven skills and certifications.Get started today Stand Outas the employee with proven skills.Start learning today for free Move Your Career Forwardwith certification training in the latest technologies.Start your trial today

From novice to tech pro — start learning today.