3 Simple Ways to Make Crypto Safer For Beginners
Cryptocurrencies have become more and more popular as a viable economic resource and as its publicly perceived value increases so do the security risks. In fact one of the most popular questions brought up by those wary about getting into crpyo is “Is it safe?”. Frankly, safety requires responsible behavior and responsibility is something that has to be learned. Luckily you’ve come to the right place!
Be Responsible With Your Passwords
Firstly, don’t be lazy when it comes to creating your “secure” passwords in the first place. Be sure to use super strong characters both upper and lower case, with numbers and even special characters like exclamation points and question marks if you’re feeling a bit mysterious. Passwords with a character count of at least 12 random characters are the most optimal ones to use. As my mother used to say the longer the better (not sure why she used to say that, but she said it a lot). Notice the use of the word random. That word is key because using names and/or phrases would be a major mistake as any would-be hacker could simply do an in-depth background check and guess what your password is with enough time and effort. Remember that the best passwords tend to look like the manic scrawling of a psychotic madman.
And if you’re afraid of forgetting your incredibly lengthy and secure password, simply write it on a piece of unhackable paper and keep it safe in a secure location like your wallet, your private locker, or dresser.
Make sure that you absolutely do not under any circumstances reveal your password in any way whatsoever. You’d be surprised how many people have accidentally had their passwords leaked to the world through an innocent screen cap or selfie. Stay vigilant, and stay responsible.
Keep Your Wallet Offline
The crypto term for an offline wallet is referred to as cold storage (aka cold wallets). Using cold storage allows you to ensure that your crypto assets are safe from the prying eyes and sticky fingers of the world wide web. Another wonderful thing about using cold storage is that it requires your input to connect to the internet, and only you and you alone have access to it. Three of the most popular types of of cold storage include:
- USB Drives, while affordable, aren’t super safe as anyone with access to your flash drive will have access to your entire wallet.
- Paper Wallets are the cheapest option as they contain public and private keys written on a simple piece of paper.
- Cryptocurrency Hardware Wallets are considered the safest and most robust form of cold storage as it requires offline private keys to access your funds. It also allows the user to have their funds recovered via a backup if ever their device is broken or lost.
Our Hot Take: Hardware Wallets are definitely the way to go and if you want a solid recommendation check out Coinsutra’s great list of best hardware wallets one of them being the outstanding Ledger Nano S. If Hardware Wallets are a bit too pricey for your taste (and we don’t blame you ’cause they honestly are) the next best thing is using a Paper Wallet instead. You can check out this handy video by Cryptocurrency Edutainment to quickly learn how to set yourself up with one. Lastly USB drives should be treated as a last resort or a hot fix until you have the means to get either a Hardware wallet or a paper wallet. Don’t say we didn’t warn you.
Encrypt and Backup That Data
Lastly, an extremely simple (albeit requiring a certain amount of technical know-how) is making sure your data is encrypted so that your assets are kept locked away from potential threats and making absolutely sure that your data is safely backed up in a secure external hard disk or even thumb drive.
When it comes to encrypting your data that depends fully on your operating system of choice. Linux users can use encryption apps like Cryptsetup or LUKS. Mac users can use FileCrypt. And PC users can use VeraCrypt. These apps work overtime and making sure your secret data (passwords, pirvate keys etc.) is unhackable and totally secure. This is an absolute must for everyone interested in getting into crypto! We know this all sounds like a lot of work all in the name of safety and security, but you can’t expect to find results if you don’t put in the effort. That’s what my underpaid personal trainer yelled at me on his way out of my criminally unused gym and I think it applies here ;)
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