It is important to keep your crypto safe at all times. Here are 5 easy ways you can protect your crypto.
Being an unregulated market, this leaves a lot of room for profits and high returns. However, this also means there are a lot of risks and scams you need to watch out for. If someone steals your crypto, there will be no institution that will investigate the theft or reimburse you for the loss. So, you are entirely on your own to manage and store your crypto safely. In this article, we talk about easy steps you can take to keep your stash of crypto safe.
1. Have a “crypto only” device
If you decide that you want to keep your crypto in a hot wallet, it’s best to use a phone or computer that is only for storing your crypto. This is because any type of malware can put your wallet at risk.
2. Have more than one wallet
Having only one wallet is one of the riskiest things one can do in crypto. Sure, if you’re a careful person, you’ll probably be fine. But why not give yourself some peace of mind. When you have multiple wallets, it adds another layer of security for your crypto assets. In the scenerio that your wallet gets hacked, you have not lost all of your assets.
3. Use a VPN
A VPN or virtual private network is a way to keep your identity and IP address anonymous while browsing the web. If you’re somebody who does a lot of trading, you have to be aware of crawlers that are able to identify your IP address while you are looking through things like Etherscan. If you are using a VPN, it will ensue your privacy and eliminate risks.
4. Activate two-factor authentication
This is one of the most important security steps one can take. to protect your exchange and hot wallets. It adds a lot of complexity to the security of your account that will make it that much harder to breach. Always use 2FA if you can. It’s best to use wallets which have this service available.
5. Use a hardware wallet
We’ve said this before, but hardware wallets are no doubt the safest way to store your crypto. You can buy a hardware wallet on any online retailer such as Amazon. Just don’t forget that you have your crypto on your device. There are stories from early Bitcoin holders who through away their devices and either lost alot of money or had to look for them in the junk yard.
Because crypto is such a new industry, it’s important to be as cautious as possible when holding these assets. These are some of the safest ways to protect your crypto tokens. If you liked this article you might also want to check out What Wallet should I use? – A beginners guide.
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.