Cryptocurrency is among one of the most discussed topics in the world. Being technologically advanced, it has become a challenge for hackers. Many hackers are trying out new ways to counterfeit the cryptocurrency transaction processes and also intending to draw the secured cryptocurrency. That’s why it has become a matter of concern to find ways to save your cryptocurrency. Listing out some of the valuable practices to keep your cryptocurrency protected:
Don’t put your assets on exchanges
- The main thing to consider to keep your acquired asset safe is to not put it on exchanges. When assets are being put on exchanges, there exist the great possibility for them to get hacked or shut down. An exchange can be brought to a shutdown situation anytime because its processing is still considered illegitimate. Exchanges are considered as opportunities for hackers because they can acquire huge amount through it.
Secure the assets in a wallet that only you may unlock
- If you don’t own keys to your wallet, then you don’t actually own what you’ve stored in the wallet. If you have put your assets on an exchange or in an online wallet and some third parties control them, and you don’t have the key to the wallet, then you don’t have control over your assets.
- That’s why it is recommended to put your assets in a wallet that only you may unlock. Encrypting the wallet is also considered a suitable method to protect your assets stronger.
Consider a cold or hardware wallet
- Protecting your assets by storing them in hardware wallet is considered the most preferred way. Only the ones who have physical access to your wallet or hold the private key to access it can approach to your hardware wallet. Hardware wallets can also be secured by a unique code that no one else can use. Cold wallets are almost like hardware wallets. A private key is needed for anyone to access a cold wallet.
Prefer to implement Two-Factor Authentication (2FA) while trading/exchanging
- Always turn on or enable two-factor authentication to enhance the security standard when you have put your assets on exchanges. To understand it better, we can consider an example; that if a hacker hacks your password then he will be needing your 2FA code to attack your account/wallet.
- Generally, 2FA code is received through text message and it is not always possible for the hacker to get access to the device on which the code is tested.
Make sure before transferring assets to any address
- As cryptocurrency transactions are irreversible, the money would be lost it will be sent to the wrong address. To get sure, one should transfer a tiny amount first at a particular address, then after getting the confirmation, the whole amount should be transferred.