Over the past few years, more people have started to deal and trade with cryptocurrency and made it mainstream. One big benefit of cryptocurrency is that it is hard for anyone to hack or manipulate due to its decentralized, secure network system, where everyone helps each other maintain the privacy and security of the crypto assets.
This crypto investment trend started in 2021 when a sudden surge was noticed in the value of Bitcoin and Ethereum. All the eyes started to focus on cryptocurrency due to these reasons. This article will explore how to keep your cryptocurrencies safe by implementing these top 5 practices. Let’s get started!
5 Proven Methods for Crypto Security
Not all crypto companies provide the required amount of security as banks do. Therefore, you need to adopt these practices to ensure your digital assets’ safety:
1. Pick a Cold Storage Wallet
Cold storage or hardware wallets are considered the safest options when dealing with cryptocurrency as they do not leave private keys online in the middle of countless cyber threats. Some of the leading cold storage wallets include Ledger Nano S Plus, Trezor Model T, and Trezor Model One.
2. Pick a Secure Wallet
Investors sometimes do due diligence and do not pick the right crypto wallet. Choose a wallet that comprises all the security measures, especially a strong encryption system, to keep your private keys safe.
To that end, choose hot wallets or digital wallets as they are easy to use and quicker, and most importantly, they apply all the necessary security measures. Moreover, ensure safety by applying 2-factor authentication, strong encryptions, and other essential security mechanisms.
3. Keep Your Private Keys Safe
To ensure your digital assets are safe, keep your private keys secret all the time. They are passwords for your crypto wallets; therefore, keep them away from the reach of people. Moreover, it is advisable to scribble them down and keep them in a safe place. The easiest way to lose digital assets is to lose the keys.
4. Use Strong Passwords
Investors must always choose the strong and difficult combination passwords for their crypto accounts. Password duplication across different accounts must be avoided. It is also a good idea to start using password managers if you are a regular crypto trader. These applications are safe and keep passwords away from hackers. Try not to set the flimsy and common passwords, as they are easily detectable by the criminals.
Subsequently, adding layers of security to your crypto accounts for additional security. For example, add 2-factor authentication so only authorized persons can access your account.
5. Use Public Wi-Fi Wisely
Using public Wi-Fi wisely is crucial to safeguarding your crypto account. Avoid logging into your account or conducting transactions over unsecured networks. Instead, utilize VPNs or mobile data for added security. Always verify network authenticity and employ two-factor authentication for extra protection against unauthorized access.
Closing Thoughts
The practices mentioned above are nothing compared to the pain, time, and money a security breach can bring to your digital assets.
By being extra careful while accessing and managing the crypto accounts, you can keep your account safe and secure every time.
