Beginner’s Guide in Securing Your Cryptocurrency
The widespread acceptance and use of cryptocurrency as a means of standard exchange is increasing on a daily basis. While cryptocurrency enthusiasts all over the world might rejoice in the revelation, the issue regarding ways to keep cryptocurrency safe and secure is becoming a major concern. There is a surprising security risk regarding popular digital wallets, and few investors are aware of it. Like anything valuable, you must put in measures to secure and protect your cryptocurrency.
Here are five useful tips to make your crypto assets more secure.
1. Lock Your Laptop
Whether you’re working from home or in public places (traditional office or cafes), it is important that you keep your computer locked whenever you step out. Set up keyboard shortcuts or corners to lock up your screen quickly, or incorporate Bluetooth functionalities to secure your laptop. For Windows 10 users, Dynamic Lock can come in handy as it helps secure your computer when your phone goes beyond a given distance from your laptop.
2. Offline Storage Is Highly Recommended
Most investors tend to hold their crypto assets in hot (online) wallets, due to the easier access. However, this level of convenience is a risky affair considering currencies hacked from the hot wallets are generally unrecoverable. Only keep small amounts of crypto in your mobile wallets.
An offline storage option means you store your digital crypto assets in an offline format, which is only accessible physically by someone present. The assets can be stored in offline hardware wallets, paper wallets, or USB drives. These allow you to realize the ultimate security for your cryptocurrency by encrypting your Bitcoin wallet and then storing the data in the offline storage backup.
3. Use Only Trusted Networks
While public Wi-Fi offers an unmatched level of convenience, it is a goldmine for hackers who steal data. Hackers often set up fake networks bearing familiar names, distributed malware to devices, sniff all kinds of unencrypted data, thus enabling them to use a back door to access your personal information. Therefore, avoid accessing your wallet or exchange account over a public Wi-Fi. It is advisable that you use only trusted networks when trading.
4. Check That the Site URL is Correct
One of the most common ways hackers use to gain access to exchange accounts is through the use of numerous phishing sites. It is worth noting that phishing sites masquerade as legitimate websites like online banking sites, wallet sites, crypto exchange sites, and social media sites. The phishing sites are scam sites that look exactly like the genuine websites they pretend to be. To fix the issue, be very skeptical on opening suspicious links sent to you by certain links and email advertisements. It is actually safer to manually type in the correct website URL.
5. Use Difficult Passwords
Use extremely secure passwords for your cryptocurrency exchange accounts; make it almost impossible for hackers to guess your passwords. Combine upper and lower case letters, symbols, and numbers. Another critical point you must remember is to avoid using anything personal (name, current identification markers, and Birthdate) to safeguard your account from any from social engineering.
Even though the tips we outline above have been an eye-opener for you, the most important step you must take to secure your cryptocurrency is to implement the recommended tips religiously. If you forget any of them, the consequences can be disastrous. To enhance the security of your crypto, lock your laptop, resort to offline storage, use secure, trusted networks, check URLs, and use difficult passwords.