Blockchain is revolutionizing the world. A new innovation has replaced traditional institutions, where group consensus governs instead of centralized authority. In a world where cryptocurrencies are gaining momentum and blockchain technology is taking over, it’s becoming more important for individuals to understand how to protect themselves. Instead of relying on a central authority. Crypto assets can be protected by a few simple tasks, but no foolproof method has yet been developed.
Knowing the difference between a public and private key is the first step of crypto security. Crypto balances have two keys. It’s like your account’s address and is used publicly (people send coins to you with this key). You can access your account funds through your private key, so whoever controls the key controls the assets. This is why your private keys should be kept secure.
Stay Safe While Trading
Hackers know that crypto action happens on the internet. You can significantly reduce the likelihood of your private key being compromised by taking a few simple precautions whenever you trade online.
Be sure to use an email address that has never been breached by a third party when setting up an account on an exchange. Hackers can get your private keys if they manage to hack into your email. If you want to use crypto accounts, you might want to set up a new, secure email account. It might be a good idea to use encryption software like ProtonMail.
- SAFE COMPUTER
Do not store any crypto on compromised or third-party computers, or log into exchanges or wallets on compromised or third-party computers.
- PASSWORD
All your accounts should have a unique password. While a convenient program such as Password1 is convenient, a long, complicated, and unique password is much more effective in protecting your assets. Keep your passwords safe by writing them down and storing them in a safe place, or use LastPass to help you remember them.
- 2 Factor-Authentication
Authenticate with two factors when entering your account and when enabling transactions. Authentication can be added to your accounts through Google Authenticator or and other 2FA App such as Authy or Microsoft Authenticator.
NOTE: You will lose your keys if you delete the Authenticator app or reset your phone without backing them up beforehand. Before resetting your phone, you should back up your keys. Otherwise, you will lose your keys!
- PHISHING
Make sure you stay away from malware, ponzi schemes, and phishing. Ensure your computer is not infected with viruses. The URL of a scam website often looks the same as that of the legitimate website. Avoid websites that ask for your private keys, passwords, or remote access. Whenever you use a wallet or exchange, bookmark it so you can access the website only through the bookmarks and prevent phishing and malware attacks.
- KEEP QUIET!!
Don’t become a target! It is easier for hackers to come after you if they know more about your crypto holdings and patterns. Please do not disclose how much Crypto you have made online or where your money is stored in wallets and exchanges.
How to Store Your Asset
- COLD STORAGE
You may want to consider storing large amounts of currency offline. No matter which hardware wallet you choose or whether you use a paper wallet, you’ll be much safer keeping your currency offline in your Hardware Wallet (Cold Wallet). Don’t store more than what you want to trade in your “hot wallet”, or exchange. Hot wallet is like the wallet you carry around every day, while cold wallet is like your savings account. If you aren’t actively trading with your hot wallet, don’t keep money in it.
- BACKUPS
Ensure that your wallets are backed up. You are toast if you lose your wallet unless you know the 64 character private key by heart. Crypto has been lost by people forgetting their seed, their password, or private keys, or because their hard drive failed, too many times. Whenever you lose access to your wallet, you lose your Crypto, and you can never get it back unless you have your seed phrase. To prevent this, make backups and keep them securely stored.
- DIVERSIFICATION
You must diversify! You shouldn’t put all your eggs in one basket. Diversify your Crypto storage options. Multi-wallet security is much stronger than one-wallet security. Cryptography becomes more secure as each individual becomes better at protecting his or her cryptocurrency. You can greatly increase the safety of your cryptocurrency assets and decrease the likelihood of getting hacked if you take a few preventative steps.
Conclusion
With seed phrase backups and other wallet setup options, you can only choose the best way to pick and set up your Crypto wallet and other digital assets. This will enable you to avoid tragic events occurring. When it comes to staying safe in the crypto world, keeping up to date on information and updates about cryptocurrency security is usually the best option.
