5 Tips for Keeping Your Cryptocurrency Safe and Secure
Cryptocurrencies and their underlying blockchain technology have been hot topics in both the media and technology communities. From bitcoin to Ethereum and beyond, there are over 1,000 different cryptocurrencies available to trade on a variety of exchanges. Thankfully, this resource will help you take a step back and help you keep your cryptocurrency transactions safe and secure.
1. Use hardware wallets
Hardware wallets are the safest and most secure way to store your cryptocurrency. They’re also more convenient than software wallets, which require you to download a program to your computer before using them.
Hardware wallets are physical devices that contain private keys that allow users to access their cryptocurrencies through an app or website interface. The hardware wallet stores these private keys in an encrypted state, meaning they can only be accessed by the user who owns them (or their designated agent). This makes it impossible for hackers or cybercriminals to steal any funds stored on these devices—even if they gain physical access through hacking techniques like phishing attacks or malware infections!
2. Enable Cross-Platform Syncing
If you want to keep your cryptocurrency safe and secure, then it’s important to ensure that your wallet is cross-platform compatible. This means that if a hacker were able to get into one of your devices, they would also be able to access any other device with which it was connected.
The easiest way for this feature is by using a mobile app like “MyEtherWallet”. These apps provide users with an easy way of accessing their private keys on multiple platforms as well as easily exporting them in case something happens (like losing access or getting hacked).
3. Make a backup.
Cryptocurrency is volatile and can be lost, stolen, or destroyed at the touch of a button. That’s why it’s important to make regular backups of your wallet(s) and private keys in case something goes wrong with your hardware or software.
You can do this by exporting the private keys from an encrypted paper wallet onto an external hard drive or storage device (like a USB stick). If you store all of these things on different devices, then when one gets damaged during an accident or fails completely, all hope isn’t lost!
4. Store your private keys offline
Keeping your private keys in a safe place is the most important step you can take to ensure that you don’t lose access to your cryptocurrency. If you have any doubts about whether or not someone has access to them, storing them on an offline device is always best.
This can be as simple as writing down a code or generating an image of the key on a piece of paper and storing it somewhere safely (like in a fireproof safe). There are also many other options available for storing these types of files: hardware wallets like TREZOR and Ledger Nano S; brain wallets using Coinomi; paper wallets printed from Electrum; and even brainwallets created with Scatter through their mobile app!
5. Don’t Keep All Your Cryptocurrency in One Place
You should not keep all your cryptocurrency in one place. This is true even if you have a single wallet and the address that corresponds to it, as many exchanges allow users to create multiple accounts. If someone has access to one of these wallets and wants access to the rest of your funds, they could easily do so by hacking into their account or by simply using some common social engineering tactics on other users at the exchange who don’t know what’s going on (for example someone convincing another person at an online retailer that their account has been breached).
It’s also important not just to keep all your cryptocurrency on an exchange; make sure it’s spread out across several different devices, including phones and computers as well! If hackers were able to steal just one device with lots of funds stored there then those bad guys would be able to use those funds however they wanted without having any trouble getting out again because once they got into something like Coinbase they could just send money back out again later (or maybe even before) without ever having had any real security measures put in place first.”
Cryptocurrency is a highly risky investment unless you take the necessary precautions to ensure its safety. If you’re new to cryptocurrency, then it’s important that you keep these tips in mind before diving in headfirst.