How to Keep Your Crypto Safe

 Acquiring cryptocurrency can often be easier than keeping it. Like most digital dealings, owning cryptocurrency comes with a host of necessary security measures. Not only are phishing scams on the rise, but exchange hackers are finding more and more effective ways to steal from unsuspecting investors. That’s why it’s essential to educate yourself about all things crypto when you’re starting out, especially the basics of keeping it safe.

But whether you are new to the world of crypto, or you’ve been at it for years, there’s always the risk of losing your currencies to phishing scams, hacking, or plain old mistakes. While crypto trading and investing are becoming more popular in everyday society, they are also becoming more popular with people who can exploit the system and get away with it.

There are many things you can do to avoid becoming a victim of scammers or thieves and ensure that your crypto remains safe such as choosing the right wallet and selecting a genuine altcoin faucet.

Learn to Spot Phishing Sites

When connecting to an exchange or online wallet, triple check that you are accessing the correct address. Several sites exist to imitate exchanges and steal login data. There are also several sites, ads and social media posts that will give you offers that are, frankly, too good to be true. They may include scams like ‘give us your private key and we’ll drop bitcoin into your bitcoin wallet’, or ‘send us LTC and get double the amount back’. It is also common to see a scam in the form of an altcoin faucet.

In general, always do your research and, if something seems too good to be true, it probably is.

Use a Cold Wallet

You shouldn’t keep cryptocurrency on an exchange for longer than necessary. Using a hardware device like a USB flash drive or an external hard drive can protect your crypto from hackers who often target online exchanges and wallets.

In addition to a hardware wallet, choose a strong password that cannot be guessed, cracked or remembered.

Don’t Keep Your Eggs in One Basket

Diversification is an age-old term when it comes to investing. In terms of cryptocurrency, this also applies to where you store it. Keeping your crypto in different places can minimize the impact of any loss of exchanges. Having a single bitcoin wallet, for instance, is a big mistake. Spread out your currencies in different wallets so that you can reduce your risk more efficiently. It can take a little more effort and organization, but it is a worthwhile measure against the constant possibility of loss or theft.

A good way to go about this is to use one or more cold storage mediums for long-term holdings, and a hot wallet for more frequent transactions.

Use a Secure and Trusted Network

Keep away from public Wi-Fi networks when you’re handling your cryptocurrencies online. Whether you are accessing your online wallet or exchange account, you should be doing so from a dedicated personal computer and a network that you own. Even so, always ensure that your access point has strong encryption.

Source: Get Free Crypto

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