How To Keep Your Cryptocurrency Safe?
Crypto had its ups and downs in the last couple of years and it’s hard to make an estimate of what will happen in the near future. In 2021, it reached the all-time high of $69K but in 2022 it dropped under $30K which worries some investors. But, there are a lot of them that are determined that BTC will be huge in the future.
There are many places where you can store funds, but some of them are safer than others. Some people use crypto casinos to keep their coins safe, and they use their cryptos to feel secure paying its Preakness stakes odds or making any international transactions. So, figure out the best choice for yourself based on the amount you have and what options are available.
Transfer Everything To a Wallet
In order to buy crypto, you will need to register on an exchange platform, provide some personal information and make an investment. Once you buy a certain coin, the amount will stay on the exchange platform but you can make a new wallet and transfer the funds.
This is what most people are doing and it’s a very safe thing to do considering that some platforms are breachable.
There are thousands of reports that the funds have been stolen on exchange platforms so it’s better to keep them safe in the best cryptocurrency wallet. You can keep it there if you plan to make some transactions but if you want to keep the coins, it’s better to find a safer location.
Paper Wallets or Hardware
Probably the most secure way to store crypto is to have a hardware or paper wallet. The hardware can be in the form of a USB where you can store coins but it won’t be very beneficial if you have a small amount.
These products can cost around $100 so it’s not very useful if you don’t have a few thousand in crypto.
When it comes to paper wallets, you will print the code of the wallet which you can scan when you need it. Because you will create these wallets, make sure your PC isn’t exposed and you can do it safely.
Read Reviews
Even if some wallets are considered safe, you should always read a few online reviews to check what other people experienced. It’s a common thing for these websites to get hacked where thousands of wallets are being stolen. In order to avoid this, you should find the best one with great security.
Multi-signature Wallet
Multi-signature means that at least two people will have a separate password or identification code that will be used to access the wallet. This is usually done with a person that you believe in the most like your spouse. When it comes to safety, it’s between a regular wallet and offline wallets.
Make Multiple Accounts
One of the things many people will recommend is to have multiple accounts for different purposes. If it’s bad to store hundreds of thousands of dollars in one account then split it into multiple wallets. There are many websites where you can register or you can do it on one if you consider it safe.
You can separate the budget in a few ways, one account can be used for NFT, the other can be used for spending, and the last one can be used for storing the crypto you won’t sell. This is probably the best option if you have your accounts secured properly and you want to use them from time to time.
Additional Tips
Many people still haven’t realized that having a great password can mean the difference between getting hacked and being safe. Always create a longer password and change it every few months.
Your Google account should be the safest because it will store your passwords so make sure you have two-factor authentication.
Download a few security apps on your computer and phone like a VPN or paid antivirus. These small security measurements usually mean that you won’t have any problems.
