With so many individuals not taking the vital steps and failing to secure their digital currencies, Crypto is a target for hackers. Let’s take a look at some of the ways in which you can keep your cryptocurrencies away from the bad guys.
Take Control
Anything we don’t control can be taken away in a minute. Ensure to keep your cryptocurrency in a wallet whereby you hold the ‘keys’. If your funds are on exchange or in an online wallet, then you are not in control, meaning you cannot govern what happens to your funds. Try to encrypt your wallet for an extra level of security.
Double-up on Security
When you store your crypto in exchanges in order to trade them, up your security by enabling a 2 factor authentication. This way, potential hackers will need that code in addition to your password. Unless hackers have access to your phone — as the 2 factor is usually sent via sms — they will not be able to gain access!
Have Back Up
It is vital to keep at least one offline backup of each of your wallets. This could be in the form of a USB or external hard drive, or even print out your private keys and place somewhere safe.
Don’t Leave Your Funds on Exchanges
By leaving your funds in exchanges, you are heightening your chances of losing everything. Exchanges can shut down at any point and are more prone to hackers due to the trillions of dollars they tend to hold.
The bottom line is: If you are not in control of your keys, you are not in control of your funds.
