How to Keep Your Cryptocurrency Safe

Sunny Samanta

13th Aug'22

Cryptocurrency gained massive popularity ever since the Wall Street incident, last year. Ever since then the decentralized digital currency has witnessed a massive surge in cryptocurrency users with the addition of several crypto loyalty programs and payments. There has been an enormous rise and demand for digital payment systems. Amongst all, the most popular cryptocurrencies have been Bitcoin and Ethereum. And while the cryptocurrency crashes recently have hit hard the world still sees it as the future of currency. 

Only time can tell whether crypto will take the center stage in the world of Finances. However, its popularity and surge in price definitely will attract a lot of online thieves better known as hackers. Hackers incessantly prefer to take advantage of valuable virtual assets. And if we look at many reports online,

The economics of hackings suggest that hackers will continue to gravitate toward digital currencies as their value rises and they become more prevalent in our daily lives. As a result, it becomes imperative that people know how to keep cryptocurrency safe. Therefore, I bring some important tips to safeguard your cryptocurrencies safely.

 

Cryptocurrency

 

Tips to Keep Your Cryptocurrency Safe

If you are one of the people who has invested a lot of money in cryptocurrency and have constant worries about it getting stolen, read through the following tips below.

 

Cryptocurrency Safe

 

Use Cold Wallets

Cold wallets are normally referred to as paper or hardware wallets.  They are known as the most secure forms of digital wallets. It is because they are not online meaning they cannot get hacked. Furthermore, offline hardware, such as a USB or hard disc, avoids storage on online exchanges, preventing hackers from stealing currency. A paper wallet, which is a piece of paper with a crypto address and a private key in the form of QR codes, is another excellent option. such wallets are extremely difficult to hack.

 

Use Multi Factor Authentication and Strong Passwords

When it comes to wallet security, using a strong two-factor authentication method is critical. Using a multi-signature or multiple keys to authorize transactions remarkably reduces the possibility of fraud. When multiple approvals are required to complete a transaction, the risk of theft and hacking naturally decreases.

 

Beware of Scams

Giveaways and phishing scams are currently active on social media that attempt to obtain your private keys. So, stay wary of any advertisement or person requesting that you send them cryptocurrency in exchange for a double back pay, or anyone claiming that they can help you gain more by obtaining your private keys. Also, avoid clicking on links that ask for your passwords or keys, always check the security certificates of websites, and avoid clicking on links from unknown emails.

 

Use Secured Networks Only

It may appear to come across as an extreme measure, but always access your account and wallet from a trusted private and secure network. When it comes to your cryptocurrency, public Wi-Fi networks should be avoided because they can be easily hacked and rigged to install malware.

 

Study and Research About Safety Measures

With so much information available, it has become important more than ever for cryptocurrency users to take the time to learn everything there is to know about the vast world of crypto. This would ensure that users can make informed decisions about the purchase, exchange, and storage of their cryptocurrencies without risking their security.

 

Keep Softwares Updated

A wallet that is running out of date software is a prime target for hackers. All wallet software updates would improve security systems, increasing the security of your cryptocurrency. Software updates also include bug fixes and security protocols, which improve your wallet's overall security. Updating your operating systems on computers, tablets, and mobile phones can also give you more ammunition against hackers and reduce potential breaches.

 

Do Small Transactions

It is always preferable to conduct several small transactions to ensure that the exchange is functioning properly and that you have entered the correct data. This prevents you from sending a large sum to the incorrect address, which is irreversible.

 

Have Your Private Keys Backed Up

Always keep a backup of your entire wallet from the start. Also, whenever you do any transactions do not forget to update the backup. In the event of a computer failure, regular backups will allow you to recover your cryptocurrency. Storing your keys and backing them up in multiple locations, such as a hard disc or a USB, are also security precautions. Be sure to set a strong password on your backup so it cannot be compromised.

 

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A lone wolf by definition, a writer by heart, and a lost star with ambitions to light up the dark both inside and around me, sometimes by immersing myself into books or video games or traveling with a backpack to an uncertain destination believing that life is all about the choices we make and we don't.

Comments

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