It is necessary to note that cryptocurrency cannot offer the exact security status for a person’s money like that of a bank. However, keeping yourself up to date on details of cryptocurrency security can help you safeguard your crypto assets. Below are ways to avoid the most common hazards of crypto security:
- Conduct The Necessary Research On The Exchanges
Research widely on crypto exchanges before you start investing any money. The crypto exchanges have a wide variety to select from. A secured crypto exchange where you can purchase Bitcoin or Solana is OKX.com.Thus, before deciding which one you want to invest on, study the reviews and talk to people who have experience investing in that crypto exchange.
- Secure Your Cryptocurrency Inside A Cold Wallet
A cold wallet is wholly offline hardware and physical wallet that can be used for storing crypto. They don’t connect to the internet. Most of the time, the cold wallets are usually in a USB drive form. Cold wallets are very secure because they are less likely to face cyber attacks offline. Select an encrypted cold wallet to be more confident.
- Use Secure Internet
Only use a secure internet connection during crypto transactions, whether making or trading. At all costs, refrain from using public WI-FI networks. When using your network, for additional security, use a VPN. It will change your location and IP address, ensuring your browsing activities are private and safe from threats. VPNs make it very secure for one to navigate the internet. An average of a third of the people in the world face cyber attacks daily.
- Have Multiple Wallets
With no limit on the number of wallets, you can have, choose to diversify your crypto investments in several wallets. One wallet can store your daily transactions while the rest crypto can be kept in a different wallet. This way, your portfolio will be safe and reduce the possibility of your account facing breaching. Avoid storing all your digital funds in one basket. The more the wallets, the more chances your crypto will be secure.
- Do Not Share Out Your Private Key
A private key is used for verifying that the people exchanging crypto are the actual owners. Refrain from sharing your private key with anyone to keep away scammers. You can ensure your private key is secure by storing it in cold storage. Cold storage ranges from printable to written paper. Hardware is likely to face malicious attacks. It is easy to recover a lost private key using a semi-fail-safe tactic. Cold storage entails printing out your private key and then deleting any left digital traces.
Phishing is a fraud conducted online using traps to access private and crucial data. Avoid any unknown and suspicious links when carrying out crypto transactions. Rampant phishing scams are using malicious emails and ads. The phishing scams can be through malicious websites, tempting ads, or fake emails. Always double-check all websites, emails, and apps for legitimacy before giving out any crypto details.
With the ever-evolving cryptocurrency world, it is solely your responsibility to secure and put in place necessary safety precautions for your digital funds.