5 tips to secure your cryptocurrencies

Cryptocurrencies have been in the mainstream over the past few years. This has made many individuals invest in digital coins like Bitcoin and Ethereum. Some individuals have even gone ahead to buy theta but have given little thought to how to secure their digital currency.

Protecting your cryptocurrency should be the essential thing in your mind. But how can you go about it, you ask? Unfortunately, the internet is rife with news about malicious hacks on digital currency exchanges and individuals.

Fortunately, you can secure your digital coins, but only if you adhere to these 5 top tips:

Store your digital currency in multiple cold wallets

Most cryptocurrency owners believe that keeping most of their digital coins in crypto exchanges is the safest way of storing them. But this is far from the truth, as evidenced by the breaches that occur from time to time. Some platforms even halt withdrawals without warning or on a whim. This usually occurs during downturns and may prevent you from accessing your cryptocurrency.

You can avoid all these by storing your digital currency in multiple wallets, i.e., hardware or cold wallets. Some software wallets are safe, but cold wallets are way superior in terms of security since they are not accessible through the internet.

A cold wallet stores your address and a private key on something that can’t be connected to the internet. It has parallel software, enabling you to view your portfolio without exposing your private key.

Therefore, distribute your digital coins across multiple cold wallets. Keep a very small portion of your crypto in a software wallet. Only keep a handful on a crypto exchange if you make trades daily.

Always buy cryptocurrency from a trusted source

Scams come in various types and forms. But the most obvious way hackers steal crypto is when unsuspecting individuals attempt to buy digital currency on fake crypto websites.

These sites nearly always look like the real deal, like legitimate crypto exchange platforms. But don’t be taken in by just any crypto-exchange website you encounter.

Always double-check any crypto exchange website to ensure you are on the right site. Check the spelling of the URL, including KYC, certificates, linked social media platforms, accessible support with a real human, and reviews from past users.

Avoid making use of public Wi-Fi connections

The crypto universe is nearly constantly besieged by cyber-attacks. That is why using secure connections when conducting transactions to purchase digital coins is a must.

Never use a public Wi-Fi connection for any transaction, even if it involves fiat money. Hackers can easily track transactions conducted over public Wi-Fi networks, including selling or buying cryptocurrency.

Therefore, ensure you always use a powerful VPN (a virtual private network). This is a program that allows users to change their IP addresses and location, irrespective of their location worldwide.

Good VPNs also encrypt data – including movements, uploads, downloads, etc. – from external sources. These prevent such sources from getting wind of day-to-day actions.

Use multiple strong passwords

Most people use passwords that can easily be guessed, such as their date of birth. Don’t do this; Instead, create multiple passwords that no one can quickly identify, track or use.

Ensure the passwords are long strings and combinations of numbers, symbols, uppercase, and lowercase letters. Change the passwords from time to time, i.e., never use a particular password for too long before switching to the next one.

Enable 2FA

Passwords can be compromised, though it takes time or is downright impossible if it is a mix of characters, symbols, and numbers. However, as a second layer of security, ensure you enable 2FA (two-factor authentication) using your cellphone or mobile device.

You can also use multiple passwords, including an authentication app or 2FA method, whenever you need to log into your account or wallet. This increases the security level of your cryptocurrency account.

Conclusion

Securing your digital coins of cryptocurrency may seem time-consuming and daunting. But the proactive approaches highlighted will always pay off if you stick to them without fail.