Cryptocurrencies are very fancy these days because there are many enthusiasts of them. Especially if you talk about bitcoin, the world is currently crazy about it because it is very profitable. Also, as bitcoin reached its highest price in 2021 November, it has triggered positive and high sentiments among cryptocurrency enthusiasts. People believe that cryptocurrencies are a new and incredible concept, and therefore, investing money into it can be very profitable from Bitcoin Equaliser . However, people’s confidence in these digital coins is more significant than ever. It is because recently bitcoin is the highest and made a lot of million years across the world. You also want to join the league of billionaires through cryptocurrencies, but it may not be that easy.
Even though there have been a lot of cryptocurrency exchanges keeping your coins safe with them as long as you need them, you should know how you can ensure higher safety. You should be capable of keeping yourself away from scam emails and fake applications. You would never want to get your day of hard-earned cryptocurrency stolen by some hackers. Therefore, ensuring safety is crucial, and you can only do so if you know how to do it. Between October 2020 and March 2021, almost 7000 people lost cryptocurrencies worth more than US$80 million. You don’t want to become a part of this list, and hence, you should know how you can keep your cryptocurrencies safe from hackers. There are some tips that we will give you today on cryptocurrency safety.
- Go for the best exchange.
As cryptocurrencies became popular over the years, many companies entered into the league of providing services. In this list, there are a lot of things you can get. The crucial one among them is a cryptocurrency exchange. With the exchange, you can make transactions daily in your crypto coins, and you need to make sure that the one you are using is the perfect one. There are plenty of exchanges available on the internet, but you should ensure that your first step is to check the security features. You should know if the cryptocurrency exchange will keep your coins active on the internet or will store them through the offline medium.
- Safeguard the private key
The private key is something that you will use to get access to your crypto coins. It is a password created by you or provided by the cryptocurrency wallet you are using so that you can use it for getting access to your coins. However, if you become reckless in storing the private key, you can certainly lose all your crypto coins. Therefore, ensuring your private key’s high safety and security is essential. If the private key is securely captured, the cryptocurrencies are automatically saved. It will be away from the hands of hackers.
- A different account with different coins
To diversify the cryptocurrency portfolio, most people invest in different coins. However, as long as you keep all the coins in one place, they are always at risk. You need to understand that using different accounts for different cryptocurrencies is very beneficial in this manner. Many exchanges are available on the internet that has different accounts for themselves. You can easily keep your crypto coins safe if you do the same thing. For example, suppose that you have an investment in bitcoin and Ethereum. Make sure to have different accounts so that even if one is hacked, your fair share of cryptocurrency is safe with the other one.
- Mix of wallets
But most internet websites will tell you about keeping your cryptocurrency safe by using a cold storage wallet. However, it is certainly not the right move to make. You need to ensure that using a mixture of both a hot storage wallet and cold storage wall will be helpful for you. If cryptocurrency is stored in the hot storage wallet, it will be more prone to damages and theft. On the contrary, if they are stored on the cold storage wallet, you will be capable of using them occasionally only. Therefore, you should ensure that the number of cryptos you require daily is stored on the hot storage wallet, and the rest is on The cold storage wallet for security.
- Always assume you are at risk.
Always keep in mind that you are the target of hackers. So, set up a two-factor authentication password for security. Also, go for the most secure cryptocurrency exchanges and wallets you use. Finally, make sure to keep your keys safe and always secure, and do not compromise with the security no matter what happens.