How do I keep my cryptocurrency assets secure?
One question that often comes up in the cryptocurrency universe is “How do I keep my cryptocurrency assets secure?“
Here are some suggestions:
Let’s start with wallets. Do not keep your assets on an exchange address longer than you must. These exchange addresses are only as safe as the security of the exchange itself. You should avoid keeping large amounts here for any length of time.
A better option is a browser extension wallet or a wallet app but do your own research. Make sure the wallet you choose is safe, reputable, and established. Document all your passwords, seed phrases, private keys, and pin codes. Keep these stored securely on paper or somewhere other than on your electronic devices. AND NEVER SHARE THEM. These items exist only for your use. If you give these to anyone, you are giving that party control of your wallet and your funds.
Finally, there are hardware wallets, which are generally considered the safest for long-term holdings. They do not need to stay connected to the internet, therefore there is more safety from hacking. They can safely be moved and locked away, and they have become more affordable. Whatever wallet you decide on, make sure it is fully encrypted and frequently backed up. Only connect wallets to networks that you know and trust.
Since crypto trading requires internet access, many safety tips regarding crypto mirror tips involving internet use.
Here are some examples:
Use 2-factor authorization. Users who do not use 2FA are a much higher tier of the target than those who do. It may feel quick and easy to disregard 2FA, but those few extra seconds you need to make the extra confirmation are worth it!
Use strong passwords. Do not use the same password universally or across multiple platforms or accounts. And update your passwords regularly.
Think before you click! Bookmark links to accounts and services you use often. Phishing can occur in SMS messaging, email, and social media. Use good judgment and remember if someone you do not know randomly contacts you with an opportunity that seems too good to be true, then this “opportunity is most likely neither good nor true.
Maintain a strict chain of custody for your devices. Do not use shared devices. It is a good idea to have a separate device dedicated to your cryptocurrency investments and projects. Leave this dedicated device home and locked away as much as possible.
Finally, remember that decentralization gives you full control of your assets without any outside interference. This is very appealing to many of us, but it includes a great responsibility. Protecting your cryptocurrency falls ultimately on your shoulders. Keep yourself updated regarding the newest security measures as well as the latest trends in scams. We will probably never live in a world where dishonesty and human error can be eliminated completely, but by following these tips, you are providing yourself with a strong safety net.
