Tips for storing your crypto safely

Safeguarding a fortune is not easy as is. Still, do you know what’s even more difficult?

Keeping digital currencies safe from hackers, thieves, scammers, and other scoundrels. 

The cryptocurrency boom in recent years has minted more than its fair share of millionaires. Folks who saw their investments multiplied by more than a thousand times overnight.

But this gold rush has also caused there to be an explosion of cybercrime. Unlike robbing a bank, hacking into crypto wallets is difficult to trace. And this situation is compounded further by the unregulated nature of the crypto market.

Because of this, victims of cryptocurrency theft are often left with little to no legal recourse. If you walk into a bank with an AK-47, you’d be facing life in prison. But crypto wallet robbers often get away with it unscathed.

This is why you need to do everything in your power to protect your assets. Crypto theft is no joke and has resulted in untold amounts of losses. 

Oftentimes, scammers rely on social engineering to mislead and manipulate you. Their intention is to trick crypto holders into revealing sensitive information.

Fortunately, it is very easy to stay safe as long as you maintain a constant look out. Having spoken to cyber security experts, we’ve prepared a set of rules that will protect you and your assets.

1. Only work with trusted sites

This is the simplest yet most overlooked rule when it comes to cybersecurity. And when you’re talking about the security of potentially millions of dollars, take no chances.

Take the usage of hot wallets for example. Hot wallets are an easy and convenient way to store your cryptocurrencies. 

However, they are not without their fair share of risks. For starters, they are vulnerable to hacks and cyber heists. Security breaches are extremely common given how valuable cryptocurrencies are nowadays.

That’s why you should only work with trusted sites when performing transactions, trading crypto, or storing it. Established businesses have a reputation to uphold which means they probably have more security measures in place.

2. Never reveal sensitive information

Scammers often use social engineering tactics in order to trick you into handing over sensitive information. They prey on human emotions such as greed and fear as these have a tendency to blur their victim’s judgement.

For example, a scammer may trick you into revealing your password by claiming that your account has been compromised. And now they’ll need your existing password in order to safeguard your account.

While most of us would think that we’d be smarter than that, fear or greed can have a strange effect on us.

So when in doubt, take a deep breath before proceeding and only use secure messaging apps. And for goodness sakes, remember that no one except a scammer will ask you for your password and account details.

3. Perform transactions with home Wi-Fi

Free Wi-Fi is a haven for hackers looking to access sensitive information. As a rule of thumb, avoid making use of free Wi-Fi no matter how tempting it may be.

If you do use it, do not perform any transactions while connected. You’ll be horrified at how easily a hacker will be able to gain access to your accounts and steal data when you’re connected to public Wi-Fi.

4. Change passwords regularly

Yes, remember all of our passwords can be quite a hassle. And let’s not pretend that the majority of us are guilty of using the same password for a variety of applications. Should a hacker get his hands on just one password, chances are he could bust everything else open.

This is why you need to regularly change your passwords to reduce the likelihood of a security breach. Also, take extra steps to make your password extra difficult to hack into..

5. Use both hot and cold wallets to store crypto

Hot wallets while convenient are a favourite target for hackers and cyber thieves. That’s why you should only store a token amount of coins on your hot wallet.

Safeguard the remainder by storing them in a cold wallet. Cold wallets are impossible to hack into and can be physically secured. Thus making sure that no one can get their hands on your cryptocurrencies.

If you intend to get into the market for cryptos, always have safety at the back of your mind. This will most definitely help you sleep better at night.

Contributed by Crypto Mode.