The terms “Cryptocurrency” and “Digital Asset” have gained so much popularity over the last decade, first with the emergence of Bitcoin, then followed by other alts (alternative coins or tokens), and this continues to experience an upward trend in recent times. So naturally, security and safety issues are always on the front burner in our daily lives, and the reason is not far-fetched. In other words, security is everything.
There are numerous ways to protect your holdings, but we will discuss how to keep your digital assets safe. This article will be helpful to anyone interested in knowing how to keep their digital assets safe. In addition, we hope you’ll be able to put into practice everything you’ll learn from this write-up. So let’s jump right into it!
Keep your secret/recovery phrase.
To begin with, cryptocurrency handling is not for careless people. When setting up a crypto wallet (either software or hardware wallets), you will be required to write down some sets of phrases or words. Please note that the total number of these phrases may vary (i.e., 12, 24, or more). Furthermore, you should never give out your recovery/secret phrase, nor should you screenshot it or send it via emails, texts, or phone calls. In short, do whatever it takes to keep it safe.
Use a Cold Wallet to Keep Your Cryptocurrency Safe
I understand that the term “Cold Wallet” wallet might sound strange to you, and this is entirely normal. Let’s break it down for you. A cold wallet is a piece of device capable of receiving and storing a cryptocurrency or any digital asset, and that is not readily connected to the internet. It is otherwise referred to as an offline wallet or the more popular name, “hardware wallet,” thus adding an extra layer of security or protection to your digital assets or cryptocurrencies.
An example of these hardware wallets is the Trezor wallet and Ledger wallet. These are very portable and cheap devices that guarantee maximum security for your holdings. Despite the drawbacks of using cold wallets by active traders (i.e., losing fees while transacting) through repetitive withdrawals, it is still better to keep most of one’s assets in a hardware wallet. Try as much as possible to avoid leaving your funds on the exchange, especially the centralized exchanges, to reduce counterparty risk. Do you need more info about how to Keep Your Cryptocurrency Safe? Stay with Insights to the end of this article.
Use only secure internet connections
On several occasions, many people always want to connect to any private or public internet they find available for free. For instance, they connect to someone’s network or public network in the workplace, airports, train stations, etc. Unfortunately, sometimes this poses a significant risk to your assets.
Make sure to use a very reliable and proven internet connection and provider. In addition to that, the internet speed also needs to be at a relatively optimal level to enjoy the best available products and services. Worthy of mention is also the interaction with the so-called DeFi protocols.
Do not interact with any unsecured, unprotected, and unproven DeFi protocols to prevent your wallet from being hacked; otherwise, they have unrestricted access to your wallet and can transfer your funds at any given point in time.
In the Crypto industry, sharing or distribution of airdrops are also very common, but most airdrops in Crypto are scams. So, avoid picking free cherries in front of freight trains.
Keep multiple wallets to Keep Your Cryptocurrency Safe
Keeping multiple wallets simultaneously for enhanced security is better based on professional recommendations. Specific wallets would frequently interact with the “outside world” (i.e., the internet), while the others can be used only occasionally as the need demands.
It is also essential to do this if hackers attack any of your wallets. You can easily switch to the other wallets. Use reputable mobile software wallet applications like Trustwallet, MetaMask, or SafePal wallet.
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Protect your device from phishing
Phishing scams are increasing daily. These scammers usually attack via emails and social media groups. These bad actors always send different links to one’s email address, Telegram, or WhatsApp, hoping to get you to click on their link so that they can get unrestricted access to your device. As a result, it is advisable that while using your mobile devices or laptops, avoid clicking on links you cannot guarantee or trust. We also recommend that you change your email address and social media account passwords from time to time while ensuring that you use a very strong password. Furthermore, always enable 2FA (i.e., two-factor authentication on your accounts) and preferably use anti-spam or anti-malware software to prevent these threats.
Don’t stop learning
Generally, learning stops only after one’s last breath. Therefore, it is paramount to learn more about the Crypto industry and its functions continuously. The more helpful information gathered, the better the outcome for you regarding acquired knowledge of the industry and, most importantly, your ROI (i.e., profits).
Final words about how to keep your Cryptocurrency safe
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Conclusively, when taking profits in Crypto, ensure to keep your gains in proven, reliable. And tested Stablecoins, especially USDC and USDT, to avoid “stories that touch” and regrets. Failure to strictly adhere to the above fundamental principles and ways to keep your cryptocurrency safe, then you’ll have yourself to blame.
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