7 Steps to Protect Cryptocurrency Assets

7 Steps to Protect Cryptocurrency Assets

Now you can protect cryptocurrency assets much better than at the beginning of the decade. Nevertheless, investors still face many risks. New fraud schemes and the revival of the old ones threaten them.

Here are 7 simple steps to help digital coins owners protect their assets against attacks

1. Be careful storing cryptocurrencies

First, never give out the wallet key to another person, even if you trust him. Secondly, always type the recipient’s address of your payment manually, and do not copy the address. It reduces the risk that malicious programs will artificially replace the copied address to an entirely different recipient of the digital money.

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2. Remember your password

Create strong and unique passwords of 15 symbols using numbers and letters. Generate a password by using special programs on the Internet. Of course, you can encounter the difficulty of remembering such password, but you can write it down in a notebook. This advice is not universal because many people fear hackers can steal the password. However, it is almost impossible. The thief needs to know about its existence, know where to look for, and then find it. It may take a lot of time and effort.

3. Use hardware wallets

The main way to protect your digital accumulation is to hold them in a hardware wallet. It is a USB-driver without Internet access, storing the keys and currency locally. Experts recommend not leaving large amount on the accounts in the online exchanges and purses. Swindlers have too many ways to access your wallet on the Internet.

4. Store currency on several wallets

The experts strongly advise investors to use multiple hardware wallets. It will reduce the theft risk of your money by hackers or loss due to your negligence. For example, there is the cryptocurrencies amount in your wallet equivalent to $20 000. Spreading it into several purses at once minimize the risks of losing savings. In the event of your negligence, hackers would get access to only one wallet. The rest of the savings will remain safe.

5. Do not keep money in the online purses

It is difficult to confirm the transactions with hardware wallets. If you need more flexible assets access, experts suggest keeping few online wallets. Key point — save the amount you can afford to lose. The experts strongly advise investors to use multiple hardware wallets. It will reduce the theft risk of your money by hackers or loss due to your negligence.

Besides, pay attention to where you store private keys. Make sure that they are encrypted and do not use devices for many different tasks, for example, desktop PC.

6. Be careful with WI-FI

It is important to be careful when you get connected to questionable Wi-Fi networks, especially if you installed the wallet on a smartphone, tablet or laptop. An unsecured network can intercept incoming and outgoing data and get access to your files.

7. Use protective software

Fraudsters often use different virus programs that steal your cryptocurrency savings. If your computer appears to have a modern antivirus, it will block all malicious attempts of suspicious programs to hack your device and access your data.

Experts also urge investors to register only on those trading venues that have the permission for service transactions with cryptocurrencies.

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