Negosentro | Tips to store your crypto and ensure maximum safety | In 2022 it is safe to say that cryptocurrency is one of the most valuable assets you can own. Like any other currency or asset that you protect, crypto also needs extra protection. It is strongly advisable to get a crypto wallet before you start investing in cryptocurrency. This will ensure your digital assets are safe from any imminent threats. As advanced as technology has gotten, cyber security is still an issue. If not properly stored, you may end up losing out on a sizable amount. You will not only lose your profits but also your investment altogether. For example, given the current Ethereum to INR value, can you imagine losing up to 3 or 4 Ethereum.
Here are some of the Ways You Can ensure your Crypto is safe.
Using a Crypto wallet
A multisig wallet is the safest bet to store all of cryptocurrency. It does not store your coins but it holds the private key which is used to trade cryptocurrency online. The private key is known only to you whereas the public key is used to receive crypto from others. There are various types of crypto wallets that you can use. Doge to INR.
Use a cold wallet to be safe
Cold wallets are considered the safest wallets as they are not connected to the internet and are not vulnerable to cyberattacks. There are many cold wallets you can use and most of them have a piece of hardware in which you can hold your private keys. A cold wallet can be an external thumb drive or a piece of paper with a QR code. These can be plugged into your devices and you can make the transaction post that. If you are planning to use cryptocurrency as a currency for payments, most kinds of cold wallets are not always convenient. The accessibility of your cryptocurrency depends on the physical condition of your cold wallet and in case of any damage you may lose out on a lot of money. It is also essential to keep them in a secure location like a safe or a locker. If you are using a thumb drive it is recommended that you keep checking the condition of the drive and ensure it is working after regular intervals.
Use a secure line while transacting
If you are using a hot wallet which is an app on your phone then it is recommended that you use a secure network connection and avoid public Wi-Fi. Add extra security measures to your home network by using a VPN that changes your IP address and location. It also keeps your browsing activity safe and private information safe from external threats.
Make use of multiple types of wallets
If you are actively investing in cryptocurrency then it is wise to maintain multiple wallets and divide them equally amongst all. For example, if you regularly use cryptocurrency for payment then keep a small amount of the cryptocurrency you are looking to spend in your hot wallet. Along with Bitcoin store other cryptocurrencies of lesser value. If you spread out your cryptocurrency according to their value then if you lose a wallet due to circumstances the loss will be as less as possible. For example, put your Doge to INR in multiple wallets so that in case of a mishap you don’t end up losing all Doge.
Keep scanning your device for bugs
Malware viruses or any other cyber-attack technique should be expected and you should make arrangements proactively. Use a powerful antivirus and firewall to keep out any unwanted breaches. Keep updating the same to ensure there is no weakness in your defense.
Keep changing your password regularly
A lot of people have claimed that they lost millions of dollars because they forgot the password of their wallets. There is no backup for the password and you need to remember it correctly. That being said it is important to keep changing the passwords and keep the pattern unpredictable. Don’t use a common password or a password you are using for some other app as well. Avoid writing on your password and leaving it in an accessible place.
Authenticate the sources
Whenever you are making a purchase or making any kind of transaction related to cryptocurrency make sure you are dealing with an authorized dealer and not getting catfished. There have been many cases where a ghost company has made deals with people and people have paid for services or products that they never received.
Use these tips for keeping your crypto safe!