Cryptocurrencies are not issued by banks or central authorities, therefore every crypto owner is responsible for their own security. With cryptos adaptation accelerating every day, security has never been more important in this space before than it is now.
We are listing below 5 easy and helpful tips that you can follow to secure your crypto investments.
1. Always use unique and strong passwords with 2FA on web
First off, never use the same password for everything. Always use unique and strong passwords for every platform.
You can use password managers such as Bitwarden, LastPass or 1Password for generating and storing your passwords.
Also, enable Two-Factor Authentication (2FA) everywhere. If a platform does not offer 2FA support, avoid it.
We recommend the 2FA app instead of SMS based 2FA.
2. To avoid scams on web, do your own research
It’s essential that you rely on your own research to make investment-related decisions. These days, it’s difficult to tell apart paid shills and genuine analysts who do not have an agenda.
Even if someone is making valid remarks, you should always do your own research before any action.
Learn to spot scams to avoid becoming a victim. The following three types of scams are most common in the crypto sphere.
- Trading Ponzi Schemes
- Fake coins giveaways
- Phishing emails
3. Use original sources for resources and support on web
Always go to official sources for apps, documentation or help. Never consult with strangers on Discord or Telegram for customer support.
You should also avoid clicking on links that you receive in third-party applications like Telegram and Discord.
4. Go for a hardware wallet
These are also called ‘cold’ wallets because they do not connect to the internet. Hardware wallets are the most secure type of wallets.
You can use any offline hardware like a hard drive or USB as a cold wallet. A paper wallet is also an excellent cold wallet. It is just a piece of paper with all the relevant information on it.
5. Conduct regular system updates
Hackers and scammers mostly rely on vulnerabilities they find in the old software programs or mobile apps. Therefore, we recommend that you not only update your wallet software regularly, but also keep your complete system – whether computer or mobile – up to date with the most recent updates.
Want to learn more? Check out our guide on best crypto lending platforms.
Suleman is a part-time crypto writer and full-time book addict. He holds a master’s degree in Chemical Engineering. Nothing excites Suleman like a well-organized fundamental analysis for long-term investment.