10 Tips to Secure Your Crypto Assets

2018 brought to us some of the most advanced hacks, thefts, and scams related to cryptocurrencies. We need to assess how safe our crypto assets are in our wallets. While various measures have been taken to upgrade the security of wallets to prevent further attacks, these seem futile as HODLers themselves have failed to take proper preventive measures. Scammers and hackers have proved to outsmart all defenses. Hence, the only way to safeguard crypto asset is by educating people.

In this article, we have curated a list of top 10 ways to keep your defenses strong and crypto assets protected.

1. Use a Cold Wallet

Though you require a regular crypto wallet(desktop/mobile/web) to trade cryptocurrencies via crypto exchanges, it is recommended to opt for cold wallets when it comes to storing the major chunk of your holdings. Cold wallets keep your crypto assets disintegrated from the internet and hence protected from all sorts of hacks and thefts.

2. Set-up 2FA

Two-factor authentications act as an additional layer of security for your crypto assets that means whenever you try logging into your wallet account, you’d be asked for a 6 digit unique code randomly generated by your authenticator application. As preferred by most, you can opt for Google Authenticator for generating random codes.

3. Beware of Phishing Attacks

Phishing attacks are one of the traditional hacking methods used by hackers. Whenever you receive emails related to your crypto wallets, double check the address the email was sent from. Also, if there are any links attached to the email, make sure to read the web-address before filling in any information on that page. Look for the HTTPS sign before the website address.

4. Don’t Store Assets on Exchanges

The previous year saw the theft of hundreds of million dollars through the hacking of various cryptocurrency exchanges. Huge dents were left to both the companies and the users. Hence, it is strongly advised not to store your assets on exchanges for a very long time.

5. Say No to Auto-Updates

While auto-updates make things easier for you, there are certain risks you are prone to while they are ‘ON.’ When new updates for crypto applications are launched, they might come packed with unknown bugs. To prevent these from causing you a loss, it’s recommended that you wait a few days after the release of updates before installing them.

6. Always Triple Check Wallet Address

As crypto transactions are irreversible, you must try and confirm the wallet address as many times as possible before you process the transaction. Even if there’s a slight mistake in the wallet address, your cryptos will be lost forever.

7. Prefer Linux Over Windows

You might find the installation and operations offered by Windows much easier than Linux, but would you forsake your assets’ security for slight comfort? Many experts consider Linux to be more secure than Windows. If you are a professional investor, it’s better to use Linux OS or hire somebody to do it for you rather than relying on Windows OS.

8. Keep Away from Public Networks

If you’re used to connecting your device to public network/Wi-Fi, it’s time to pause and rethink before you do it the next time. Devices connected to the public network are easier to hack and gain access. Hence, you must be cautious of what networks you connect your device.

9. Set Strong Passwords

Cool passwords won’t be so cool if your crypto assets get stolen. So, the very basic thing you must keep in mind is to set a strong and unique password. Also, try to change your password as often as possible.

10. Be Cautious About What You Share on Social Media

Much can be made out of what you share on social platforms. You must be very careful about not sharing any such information on these platforms which can be connected together to gain access to your crypto wallets/accounts.

Crypto Education is the Way Forward

Crypto verse is still in the initial stages, and with so much content available on the internet, it is difficult to differentiate between the correct and incorrect information. To fight this pain point, Platon Finance is coming up with a comprehensive crypto education platform, Platon Club. It gives club members access to comprehensive and reliable crypto information. Platon Finance believes that crypto education can lead to faster crypto adoption. It has been recently awarded as the ‘The Best Fintech Product’ at Zug Summit 2019. For more information on the project, visit https://platonfinance.com

Join us now to know more.