5 Steps in Keeping Your Cryptocurrency Secure

Cryptocurrency has been getting more and more attention; it has been on the news more and has piqued the interest of more investors. This is because more cryptocurrencies are being developed, and also cryptocurrencies are gaining more market value. Recently, the first and the leading cryptocurrency, Bitcoin, has risen up in value, reaching up to the high of $62 thousand dollars in October 2021. 

The market price fluctuations of Bitcoin, as well as other cryptocurrencies, have always been erratic; thus, prices can be extremely low and extremely high, consequently attracting the attention of both investors and cybercriminals. Thus the need to know how to secure your cryptocurrency is a high priority in order to be a successful crypto investor. 

Threats and risks to your cryptocurrencies mostly come either through your crypto wallets where you store your crypto or sometimes to your chosen exchange provider. A crypto wallet does not just store your cryptos; it also holds your private key, which allows you to trade online; thus, while trading online, this private key can be compromised since hackers use complex techniques to get your private key and gain access to your digital wallets. When this happens, you might lose all of your hard-earned cryptos and become a victim of cyber theft. For this reason, you would need to have a user-friendly and secure online trading platform that would allow you to trade online while minimizing the risks of your wallet getting hacked. You can check Bitcoin Evolution, one of the best platforms in 2022.

However, getting into a trusted online trading platform is not the end of it. You should know and study crypto security measures that you could take to lessen your investment risks. If you want to secure your cryptocurrency but do not know how to start and what steps to take, this article is for you. This article will explain and discuss the things you need to consider and do in order to keep your crypto secure. Here are some of the ways to help you keep your cryptocurrency secure:

1. You should use a cold wallet

A cold wallet or hardware wallet is a plug-in device that you use to more securely store your crypto since it can be used offline, unlike its counterpart which is the hot wallet that needs to be connected to the internet. Thus using a cold wallet will minimize the risks of online hacking and keep your crypto safe from cyber theft. In addition, using a cold wallet is a viable option for keeping your crypto secure, for your private keys that will be stored here are encrypted, which will keep your private keys safe and secure. 

2. You should keep your internet secure

You need to be online while trading; thus, your internet connection plays a big part–a very crucial one–in keeping your crypto investments secure. You should not do crypto trading while using a public internet connection while you are in the hotel, most definitely not in internet cafes. 

Even when you are at home using a VPN for additional security, a VPN will change your IP address and location; doing this will keep your browsing activity safe and private from threats. 

3. You should use multiple wallets

Using multiple wallets keep your crypto more secure there’s no limit to wallet creation, so why not maximize this?  Using this strategy will also diversify your investments; you can store different crypto for each wallet you have; you should also limit the volume of crypto you store in each wallet; thus, even when one of them is compromised, you will not lose it all. 

You can use one wallet for your daily transactions and keep your other crypto on your other wallets. Doing this will limit the risks which could come to your other crypto wallets. However, since you maintain multiple wallets, you should keep in mind and never forget your keyphrase because losing this will mean you will have no access to your crypto. 

4. You should keep your personal device secure

Using a cold wallet means you are safe from online hacks minimizing your risks from cyber theft; however since it is a plug-in device, you would need to take extra measures to keep your device safe and secure from viruses and other malicious malware.  

Keeping your device up to date with the latest virus definitions will keep your divide safe from newly discovered vulnerabilities. Additionally, using a strong antivirus and firewall will improve your device from hackers from taking advantage of your device’s weakness. 

Furthermore, never download anything malicious from the internist, especially from untrusted pop-up sites. This could be a hacking software that could steal your personal data as well as your keyphrase. 

5. You should change your keyphrase regularly

Keeping your keyphrase or password strong and complex through combining random numbers and letters is crucial and should not be underrated. Although this is not the end of it, you should also keep on changing your keyphrase; this would make it harder to crack and hack. 

Another thing you should keep in mind is that having multiple wallets means you should have multiple and different keyphrases for each one of them. 

Additionally, you should opt to use two-factor authentication or even multi-factor authentication; through this, you’ll have multiple walls to defend you from outside threats thus, keeping your crypto more secure. 

The cryptocurrency gaining more and more attention will attract an increased number of investors. On the flip side, it will also attract increased attention from cybercriminals too. Thus putting forth hard work and effort into keeping your crypto secure is a high priority. Not just your profit gains will keep you going in the crypto market, the steps you take to make your crypto secure will also play a vital role in keeping you in the crypto market in the long run. Since you would want to avoid losing your hard-earned money from cyber theft, securing your crypto is a must. Keep yourself up to date with the latest crypto security news, attack techniques, and of course, prevention strategies. 

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