Being a serious investor in crypto means being aware of the associated risks. While the digital world comes with great potential, there’s one thing that’s very clear: it isn’t entirely safe. If you wish to safeguard your assets, you will need an actual security strategy. Let’s go through some in-depth explanations of practical steps for keeping cryptocurrency safe and sound.
Use Strong Passwords and Enable Two-Factor Authentication
Non-atomic passwords might be a pain sometimes, but they are the first line of protection against cyber threats. For your crypto accounts, use a unique password mixed with letters, numbers, and special characters. And don’t just stop there; enable two-factor authentication to add another layer of protection. Sure, it might feel like an extra step, but the peace of mind is worth it. Imagine being able to confidently know that even when someone guessed your password, they still had to overcome a second code.
Adopt Cold Storage for Long-Term Holdings
For long-term investors, cold storage is where it is at. Hot wallets can be supremely convenient, but they are online and thus more vulnerable. Cold storage, as in hardware wallets, protects while offline, virtually impenetrable. A vault in the palm of your hand. If you’re going to be holding on to your crypto for more than a little while, it would be a good idea to invest in a hardware wallet. It’s pretty much an upfront investment that could save you big time in the future.
Be Careful About Phishing Scams
Phishing scams are everywhere; they’re getting more real with each day passing. All these scammers want is for you to click on a link or share sensitive information. So, what could you do?
The e-mail address needs to be double-checked, and in cases of doubt, go directly to the official site without clicking on any link. Bookmark your crypto sites. That may sound old-school, but it’s an easy habit that could keep you from landing on a fake page created to steal your information.
Diversify and Secure Your Private Keys
They are like the keys to your crypto kingdom-you lose them, and you will have lost everything. Writing them on paper and storing them in a safe is one alternative to keeping them in a digital format. To further secure their keys, many divide them into shards and even store those shards in different locations. Overkill, you say? Not when one is talking about something as integral as laying down security over investments.
Keep Track of Your Assets Using Block Explorers
Keeping tabs on your investments is crucial, and an eth block explorer is an invaluable tool for just that. A block explorer, in simple terms, is something like a search engine where you can look up in real time certain transactions, addresses, wallet balances on-chain regarding blockchain transactions. To Ethereum investors, this means tracking each transaction, reaffirming wallet activity, and even estimating gas fees. A block explorer provides a clear window into the blockchain that offers insight if you need to find out whether or not suspicious activity is going on or if your transactions are being routed to appropriate addresses. This will help you catch any suspicious developments of your assets before things get big.
Take a few extra steps today to save you from major headaches tomorrow. Crypto is constantly changing, but there is one thing the remains steadfast: the need for security. Make sure that you always are ready for the risks involved in crypto investments.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)
