7 Tips To Keep Your Crypto Safe
Just like your bank account needs protection, so do your online wallets. Our cybersecurity experts list out the top 7 tips for keeping your Cryptocurrency safe.
1. Keep quiet
The first rule of Crypto: You don’t talk about your Crypto. Seriously, same as you don’t brag about your checking account balance or your stock portfolio, it’s nobody’s business to know what Cryptocurrencies you’re holding, what type of wallets you use to store them, and what your strategy is for buying and selling your Crypto. Feel free to engage with your community and hold discussions on Cryptocurrencies but be mindful of the private and sensitive information you’re sharing about yourself and your assets.
2. Get cold storage
A good rule of thumb is: If your Cryptocurrencies are worth the equivalent of 1 month’s salary – they should be kept in cold storage. Cold storage is a crypto wallet that’s not connected to the internet. The most common type of cold wallet is a hardware wallet, which is typically a small device that usually costs around $100 that connects directly to a computer. It’s by far the most secure way to store your crypto.
3. Don’t keep your crypto on an exchange
We get it, cold storage might feel a bit advanced and complicated to use, especially, if you just getting started. Yet, the risks associated with leaving your coins in an exchange’s online wallet are very high. To put it in simple words, exchanges are constantly being targeted by hackers and if the exchange gets hacked – you get hacked, and that usually results in losing your assets.
4. Try software wallets
In general, Software wallets have three categories: Desktop, Online, and Mobile. Most of them are free to use and offer many similar features, do your research and see which Software wallets meet your needs – and don’t be afraid to change them from time to time.
5. Stay private
Don’t share private keys or passwords: Just don’t, no matter what!
6. 2FA everything you can
Employ two-factor authentication to any online account which connects directly or indirectly to your crypto. Yes, it creates friction, but the extra 20-30 seconds it will take you to log in are absolutely worth the enhanced security you create on your accounts.
7. Know who you’re transacting with
If something seems too good to be true, it may likely be. If you want information about the address or wallet you’re bout to send your hard-earned crypto to, there are plenty of useful tools for that:
- Bitcoinwhoswho.com is a great tool for conducting scam investigations. This site not only provides the current balance and number of transactions but also whether the address has appeared on any websites and the IP address of the last transaction.
- oxt.me is a great website for tracking bitcoin transactions on the blockchain, it provides a visualization of the transactions history and volumes, a potential red flag could be identical graphs for inbound and outbound transactions – meaning the owner of the wallet flushes the currencies out immediately after receiving them.
Cyrus is currently working on innovative technology to keep your crypto safe. Until that service is released, keep your digital and financial accounts safe with Cyrus.
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