Cryptocurrency Safety: 3 Best Security Tips

  • October 5, 2018

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Cryptocurrency Safety: 3 Best Security Tips

Question:

Do you own cryptocurrency?

If so, how secure is it? Have no idea? In today's contributed post, we explore cryptocurrency safety and 3 ways to keep your investments safe.

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Owning a cryptocurrency is a lot safer than most places you can keep money because blockchain technology makes it much harder for hackers.  

Threats are always there though and as new scams pop up, new security measures will have to be found.

So far, fake wallets have been used to trick people, and hackers have demanded blackmail payments in cryptocurrencies because they are not so easily traced.

Cryptographic keys have been stolen, and fake cryptocurrency schemes set up.

What steps can you take for greater cryptocurrency safety and protecting your investment?

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Hardware Wallets Are Great For Cryptocurrency Safety

Hardware wallets are a key step to protecting your cryptocurrency.

They are a physical device a bit like a USB drive. You use them to store your keys and currency locally, and they are not connected to the Internet.

Secure hardware wallets are easy to set up and generally cost less than $100. You have to choose a pin and a code for recovery in case you forget your pin, or in case your wallet malfunctions.

This is a very secure way to keep your cryptocurrencies, and you should make sure you keep a note of your pin and code for recovery. This should be somewhere safe, not on your computer and not anywhere that home intruders are likely to find them.

Cryptocurrencies feel safe because of all we have been told about them being decentralized, and how hard it is for hackers to access them.

However, experts advise against keeping any significant amount in a digital wallet or with a cryptocurrency exchange. These still have too many inroads to access your funds, even if it is by trickery and scamming you.

Related: How To Make Money: 2019 Guide

Microsegmentation Allows You To Conceal Crypto Assets

Microsegmentation security software protects data in cloud environments, all the time.

It does not matter if the data exists in a private or public cloud, on a laptop, a PC or some other digital device.

This gives the ability to conceal assets, including cryptocurrencies.

You can never have too much security for all of your systems.

From your smartphone to a full-blown business system, they should all be protected.

Related: Cryptocurrencies: Make Way For Modern Money

Small Amounts Are Key To Cryptocurrency Safety

Even after you have taken the highest quality security measure, you should still only ever keep a small amount in a digital wallet.

You can transfer more cash from your hardware wallet as and when you need it, but making transactions online from them can be a bit time-consuming.

Pass some over to your digital wallet so that you can buy things online or trade with them if you want to, but always leave the bulk of it in your hardware wallet.

Related: The Cryptocurrency Markets: What You Need to Know

Get Serious About Cryptocurrency Security Issues

The above is meant to bolster the safety of your cryptocurrency, but there are little things that make life much easier for hackers and scammers.

For instance, keep using the same password for everything, and never changing it can be like heaven for them, as they can access everything of your so easily.

Sometimes, it is the simple things like this that are the most dangerous, so beware and go and change all your passwords right now!

PRO TIP: Download the list of 10 Best Resources For Making Money and make more money to invest in crypto. Plus, you'll get weekly money-savings tips sent to you.

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