Securing your cryptocurrency assets is very necessary because it’s an online asset, unlike the fiat that the banks hold and secure, with cryptocurrency the security is somehow dependent on you the owner, and the exchange. In this post, we will highlight the best possible ways to protect and secure your cryptocurrency wallets and assets, read on.
The threat to your digital currencies is mainly through cryptocurrency wallets (digital wallets) or exchange providers. A crypto wallet does not store your digital coins, but it holds a private key, which allows you to trade cryptocurrency online. This private key is your digital identity to the cryptocurrency market and anyone who gets hold of this can perform fraudulent transactions or steal your crypto coins. Cybercriminals use sophisticated techniques to compromise digital wallets and steal/transfer crypto assets without the user’s knowledge. Securing your wallet is essential when it comes to protecting your digital currency against cyberattacks.
Ways To Secure and Protect Your Cryptocurrency
1. Use Cold Wallet
What are Cold wallets? cold wallets are hardware wallets, cold wallets do not connect to the internet therefore, they are not prone to cyberattacks. Storing your private keys in a cold wallet is the most viable option as these come encrypted, keeping your keys secure if you plan on hoard huge amount of cryptos like BTC , eth, for a long time, then a cold wallet is recommended, eg of cold wallets are Nano S, Ledger etc.
2. Use Private Key Phrase Enable Hot Wallets
Hot wallets are online wallets or in device wallets, unlike cold wallets, hot wallets stores your cryptocurrency online and the providers or exchanges control the private keys, it advised that use Cryptocurrency wallets that gives you access to your Private key phrase, with the private key phrase you can move your crypto from one device to another. you can check our list of best Private Key phrase enable cryptocurrency wallets
3. Use Secured Internet
While trading or making crypto transactions, use only a secure internet connection and avoid public Wi-Fi networks. Even when accessing your home network, use a VPN for additional security. A VPN changes your IP address and location, keeping your browsing activity safe and private from threat actors.
4. Store Your Passwords and Key Phrase offline
Storing your Passwords and wallets key phrase offline is another way to secure and protect your cryptocurrency against device loss or damage, if your passwords or key phrase are written down somewhere offline then you wouldn’t have any troubles retrieving your wallet and cryptocurrency in cases of device loss or permanent damage
5. Secure your Personal Device and Wallet
Make sure your personal device is up to date with the latest virus definitions to defend against newly discovered vulnerabilities. also, use 2factor or Google Authenticator if made available by your wallet provider, this adds another layer of security to your cryptocurrency wallets.
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6. Change your password Regularly
We cannot underrate the importance of a strong password while talking about security. According to a study, three-quarters of millennials in the U.S. use the same password on more than 10 devices, apps, and other social media accounts. It also stated that most of them were using the same password in over 50 different places. Make sure you have a strong and complex password, which is difficult to guess and change on a regular basis. Use separate passwords if you have multiple wallets.
7. Avoid Phishing Links
Phishing links are malicious and clone URLs, that are sent out by hackers to random emails so as to collect the user’s login details, most of these links looks exactly like the original websites, users are always attracted to these links with free giveaways, you should be careful and don’t just click on any link sent to your email, or at worse provide your login details on them.
In the cryptocurrency space, it’s your sole responsibility to protect assets since its not control and regulated by the government, so always update yourself with the latest security news, attack techniques, and prevention strategies.
