How Can I Safely Store My Cryptocurrency?

Security is the king of the castle when it comes to your cryptocurrency. You need to understand how you can safely store your cryptocurrency before you join any blockchains.

Bitcoin and other virtual currencies are a popular hacking target, which is why Bitcoin owners are well aware of the importance of security. 

 

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How Can I Safely Store my Cryptocurrency?

Just like real estate, gold, or stocks, cryptocurrency is an investment, and you should protect your investments. 

Here is how to protect your cryptocurrency:

Wallets

Choose a wallet that you understand. You have several options – cold wallet (not connected to the internet), hot wallet (connected to the internet), custodial (you control it), non-custodial (owned by a third party). You need to decide if you want that on your mobile, on paper, in software, or anywhere else. 

Storage

Do you take every penny out of your bank and carry it in your wallet in the real world? No, the same applies here. Leave coins you aren’t planning on spending in a cold wallet (one not connected to the internet). 

2FA

Add an extra layer of protection for your accounts and wallet. Use an authenticator service to ensure that even if someone managed to get your login details, the 2FA would stop any further action. 

Passwords

If you are using the same password for all of your accounts, you are already at risk of being hacked. You must choose complicated passwords with a range of characters. Password tips:

  • Use at least 12 characters
  • Include symbols, numbers and capital letters
  • Avoid full words 

VPN

In order to make sure that your transactions are as secure as possible, consider using VPN software. When you do access a network, make sure that you do it on a dedicated computer. If you are serious about your investments, using a single device, dedicated to your cryptocurrency will mean you are less likely to get malware or viruses. 

Social Media

You might see many ‘successful’ Bitcoin investors and owners talking boastfully about where they invest, and how much they have made. That is giving information to hackers. When they gather enough information, it is a hunting season on your cryptocurrency. Even if you don’t think you are a target, say nothing about your crypto investments. 

Go Small

Think like a thief for a minute. Is it more interesting to go for a lavish, big spender? Or is it worth the time and energy to go for the small fry? The big spender is worth the time and effort to hack. So, even if you have the cash to make large trades, consider small trades, so it doesn’t draw attention from the wrong people. 

And finally, one of the best things you can do, much like any investment, is to make sure they aren’t all in one place. Research is vital in making sure that you can join the cryptocurrency world without putting yourself or your cash at risk.

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