Keeping your crypto safe is critical. Not only can hackers use stolen funds to buy goods or invest, but they can also use digital currency to purchase services that offer anonymity. This makes cryptocurrency a perfect tool for criminals who want to remain anonymous. That’s why it’s so important to keep your digital wallet secure at all times.
Whether you are just getting started or have been immersed in the world of cryptocurrencies for some time now, you will undoubtedly come across different security tips along the way. Keep reading to learn more about how you can keep your crypto safe from hackers and other cybercriminals.
Don’t hold too much crypto on an online wallet
If you want to hold your crypto for a long period of time. Then your best option is cold storage. Online wallet or exchange as long as it is connected to the internet it can be hackable. Hackers can take control of the private keys and steal your funds.
If you have hundreds of thousands of dollars worth of crypto, then it’s not a good idea to keep them on an online wallet. Unless you can afford to lose that kind of money.
You can also verify the reputation of the brand behind your digital wallet
Before you start using an online wallet. Does the brand have a good reputation? Is it safe to use? Does it have a good track record when it comes to security?
You should also check out what other customers are saying about the wallet online. If you find complaints about poor customer service or lack of security, then it might not be such a good idea to use that particular digital wallet.
Avoid Reusing Weak Passwords
One of the most common mistakes when it comes to making crypto safe is reusing the same password across lots of different platforms. If you do this, then you are putting yourself and your cryptocurrency at risk. If a hacker gets into your wallet, then they can access all of your other accounts as well.
It is important to make sure that you use strong passwords across all of your digital platforms. A strong password will help reduce the chances of a hacker compromising your digital wallet. This is because hackers have to work hard to hack into these platforms, which means that they will often make mistakes and miss out on the obvious weak passwords.
One way of making sure that you are using strong passwords is to use a password manager. These tools can generate different passwords for each account that you have. They can also generate different types of passwords based on what type of data you want to protect (e.g., bank details, personal information, etc.).
Backup Your Wallet
Another way to keep your cryptocurrency safe from hackers is to regularly backup your wallet. While you may think that you are saving all of your wallet information with one backup, this is not the case. Hackers can easily change the information that is stored in the wallet, so only take a copy of the wallet information.
Never keep the seed or any other important information in the same file as your backup. There are a few things that you can do to ensure that your wallet backup is as secure as possible.
First, make sure that only you have access to the information contained in your backup. Secondly, make keep your backup somewhere safe, such as a fireproof safe or bank vault.
Don’t Use Anonymity Services From Unknown Sources
There are many services that allow you to generate and store multiple wallet addresses. Some of these services may offer anonymity and allow you to generate wallet addresses that are completely untraceable.
While these services do offer a means to keep your funds completely anonymous, they are not safe. All bitcoin transactions are publicly visible, which means that you can use these services without worrying about keeping your funds safe from hackers.
If you want to keep your funds completely anonymous, there are plenty of ways that you can do this without using an unknown source. For example, you can use a bitcoin mixer, which combines all of your bitcoin transactions and mixes them together with other people’s transactions. Publicly viewable bitcoin transactions are the easiest way to keep your funds safe from hackers.
Always Save your Private Key
Most wallets will have an option to print out your private key. This is one of the most important pieces of information that you need to make your crypto safe. If you lose your private key, there is no way to recover it, which means that all of the funds on that wallet address are gone forever.
If you have a paper wallet, you should keep this piece of information in a safe place. The best place to store this information is in a safe deposit box. You can also store it on an encrypted flash drive or on an external hard drive.
Use a Hardware Wallet
If you are looking to keep your cryptocurrency safe from hackers, hardware wallets are essential. These wallets are offline and consist of a secure device that stores your keys. The only way that you can access the cryptocurrency on your hardware wallet is by plugging the device into your computer.
When you are using a hardware wallet, the keys are not stored on your computer or in an online account. Instead, they are stored offline and protected by a pin and a physical button. If someone were to get access to your hardware wallet, they still would not be able to use it without knowing the pin and pressing the physical button.
The most popular hardware wallets on the market right now include:
Trezor – Trezor is one of the most popular hardware wallets in existence right now. It was created by SatoshiLabs and has over 100,000 users worldwide. Trezor is compatible with Windows (7+), Mac OS X (10.8+), Linux (Ubuntu 12.04+), and Android (4.1+).
Ledger Nano S – Ledger Nano S was developed in France by a team of cryptographic experts who wanted to make an easy-to-use crypto safe wallet for everyone to use online. This device supports Bitcoin, Ethereum, Litecoin, Dogecoin, Zcash and Dash among other coins that will be added as more become available in 2020/2021/2022, etc…
Keepkey – Keepkey was developed by a company called Darla Labs LLC which is based out of California in 2013 before being purchased by ShapeShift exchange in 2016 for $12 million dollars. Keepkey is a smartcard with a small OLED display that shows the current balance, transaction history, and other important information. Keepkey is not compatible with Windows (7+), Mac OS X (10.8+), and Linux (Ubuntu 12.04+).
When it comes to keeping your cryptocurrency safe, the best way to protect your funds is to double-check every link and backup your wallet. You can also use a hardware wallet, which keeps your keys offline and completely separate from your computer. By doing this, your funds are protected from hackers, thieves, and other online threats.