6 Best Practices to Keep Your Cryptocurrencies Safe
Over the last year the popularity and prices of Bitcoin and Ethereum surges. Digital assets become the target of hackers and unscrupulous individuals who want to take advantage of these valuable assets.
We can expect that as cryptocurrency becomes more mainstream and increases in value these digital threats will continue. There are ways to protect your digital assets and wallets. Here are some of the ways to protect your assets.
Use a strong password
Using a strong password or using a reputable cryptocurrency trading platform can be the difference between you losing millions or cashing in on a bull run.
This cannot be stated enough; creating a strong password is vital when we talk about security. Long and complex passwords require more effort for a hacker to guess.
Make use of cold storage
Cold storage wallet is one of the ways to secure your cryptocurrency. These wallets function without the need for an internet connection. They are mainly physical electric hardware wallets that were created for storing your precious cryptocurrencies offline and out of reach of hackers. There are also custodial wallets that offer cold storage services to secure your cryptocurrency.
Watch out for phishing scams
Phishing scams are on the rise and you better stay vigilant because they are inventing new ways to con you out of your cryptocurrencies each day. They use popular online platforms like YouTube ads, Google, Facebook the App Store, and Google Play Store to gain access to your sensitive information. What they do is mimic or reproduce popular domains and trick you into divulging your sensitive information.
Once the phishing scam agents get hold of your private key they can steal your cryptocurrency holdings within minutes.
Take note of the destination address
Many people have fallen victim to entering the wrong cryptocurrency address and sending their cryptocurrency to the wrong person. This can result in the funds being lost forever and no way to recover them.
What you can do is triple-check each address before you press send. Furthermore, hackers can use malicious programs that can edit your copy and paste function on your computer so it’s best to type in the address yourself.
Keep your holdings private
Don’t divulge how much bitcoin or cryptocurrency you have to anyone. This can garner the attention of attackers and put you at risk. The best practice is to keep information to yourself and not to brag and flaunt your cryptocurrency holdings to anyone.
Use two-factor authentication
Secure your cryptocurrency accounts with two-factor verification. It’s best to use hardware or software two-factor authentication instruments rather than SMS.
Taking full responsibility for your cryptocurrency holdings will fall on you. Do everything you can to secure them and keep them away from unscrupulous hackers. Secure your wallets and constantly keep up to date with the latest security news, attack techniques, and prevention strategies.
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