Security is a big deal because unfortunately there are people out there trying to break into your crypto accounts and wallets to steal your precious coins. In this increasing high-stakes game of cat and mouse, it’s important to take the necessary steps to safeguard yourself.
In the latest video, BeInCrypto, a famous Youtuber Channel focused on Crypto, has summed up the best ways to keep your crypto in your hands but not someone else’s, and there are 9 crypto security tips out there!
One of the easiest things you can do is choose a complex password. This password will be your first line of defense use a sufficiently random one to secure all your accounts.
A password that has more complexity than password123 will give any hacker gunning for your keys a lot of work to try and crack aim for a nice long sequence of numbers symbols letters upper and lowercase, the wilder the better.
Along with having a good password for anything associated with your crypto is making sure that when you’re accessing your wallets, you are not on public wi-fi. It may be fairly convenient to log on using that free high-speed wi-fi the next time, you need to realize that someone could possibly be watching what you do make sure you stay away from anything you wouldn’t want other people to see, definitely anything crypto-related.
And if you just have to access a financial account or wallet use a VPN (Virtual Private Network), which will help keep you at least a little bit safer if you’ve safely cleared the first two hurdles.
The next safety item to watch out for with your cryptocurrency is a bit more nuanced: scammer. Some people may instead try to trick you and actually let you lead them to your coins. This happens a lot.
They aren’t going through the trouble of setting up a completely brand new website that looks exactly like that friendly exchange you always go to. In reality, they’ve set up a trap lurking in the darkness, waiting to take your precious coins.
Even some of the biggest exchanges have fallen victim, so you definitely want to keep your crypto eyes out for anything suspicious or out of the ordinary.
Caution on Exchanges
Next, we all know that with great power comes great responsibility. There is a list of hacked exchanges employed by people that are paid to supposedly secure crypto is ever-expanding.
With crypto, you have the ability to become your own bank, which is revolutionary. We have an asset that you can own 100% and nobody can stop us take the time to learn how to secure it properly and keep it in a wallet where you control the keys, giving it to someone else that has that power like exchange is somewhat antithetical to cryptocurrency.
However, that’s not to say that using an exchange is all bad. An exchange that has already been hacked is likely to have bolstered its security, learning from its mistakes. As regulations surrounding the industry continue to expand, we can expect further consumer protections to be put into place.
While you’re surfing the web, make sure to know exactly what you’re downloading to your device. If for any reason, you’re unsure of what you are about to open or click on take a moment and think about who is sending me this, what website am I on, am I really sure about this opening, the wrong thing could install a program. That might give someone easy access to all of your crypto and really anything that you’re keeping on your device.
If you were storing a large amount of cryptocurrency getting yourself a hardware wallet is a no-brainer. A hardware wallet is a device used specifically for storing cryptocurrency. This device is separate from your computer or phone and it pretty much just does one thing: it keeps your crypto safe.
These devices have high-grade security that is very difficult for even the most seasoned crypto thief to hack. Two of the top brands are Trezor and Ledger. They can be costly but for the peace of mind, they are well worth it. This added expense technology is always improving as people say one step ahead of hackers.
Two Factor Authentication
If you decide to OTP for storing your crypto in a custodial exchange wallet or any account that’s associated with your crypto, a good practice is to enable two-factor authentication. This provides an added layer of security in order to access your account along with your password.
You will need to provide a generated code from an external source. There are popular apps for this such as Google Authenticator that is fairly straightforward to set up. This means that anyone trying to hack your account will need two things that are difficult to obtain: a password and a code generated from another one of your devices.
Along with using two-factor authentication on crypto accounts, it’s best practice to use this on any account where security is important to try to stay away from SMS verification as hackers can easily bypass this method through slim swapping.
We can all agree that some things are better left unsaid. Don’t tell someone just how much crypto you have. Of course, you’re probably proud of what you have, counting all of your coins, watching the price go up.
But seriously, it’s a security risk just keep quiet about how much crypto you have because one day $1.02 is worth huge sums of money people will be jealous. We’re just playing crazy and might jump on an opportunity to separate you from your crypto.
Check The Adress
When you’re ready to send those funds somewhere maybe to cold storage on your brand new treasure always, double-check the address crypto is short for cryptography and if you didn’t know cryptography is pretty complex, just take a look at your address something that’s straight out of a sci-fi movie.
Please just take the time to check and make sure that you’re sending your funds where you want them to go because once you click send, it’s final, you’re not getting them back even if they are being whisked away to the wrong place.