CryptopayAsks #3. How do you securely store your crypto?
It may be a challenge to provide 100% security to your bitcoins and other cryptofunds. Check our expert advice on this question.
We continue talking to our users in our #CryptopayAsks sessions. This time we asked our readers what precautions they take when storing cryptocurrencies.
Check the previous discussion regarding the Next altcoin in Cryptopay.
When speaking of crypto, taking care of your funds’ security is vital unless you want to open your wallet one day and see all your money gone for good. Remember, there’s no third-party authority to return your money in case it gets stolen or lost in any other way.
Follow these security best practices to ensure your bitcoins are safe.
Two-factor-authentication or 2FA gives an additional layer of security to your digital funds. When enabled, it requires a user to confirm his or her identity by entering a single-use code to perform any action that can compromise the funds.
Here at Cryptopay, we strongly recommend our users to switch on 2FA both for their mobile apps and desktop accounts. Check how you can do this in our Help Center.
Don’t put all your eggs in one basket
This rule applies to digital funds in the same way that it works for traditional money. Don’t store all your bitcoins in one wallet, be it a hardware wallet like Ledger or Trezor, or an online wallet like the one provided by Cryptopay.
No wallet can guarantee 100% security of your funds. A hardware wallet may be lost or destroyed, an online wallet may be compromised by third-parties. If you entrust all your saving to only one medium, you risk losing them all at once.
Provide the appropriate environment
Here’s what one of our followers on Quora said on this matter.
Use strong passwords and password managers
Such passwords as “123456”, “qwerty” and “password” hold the top positions in the list of the most common passwords for who knows how many years. Be sure not to use any of them for protecting your bitcoins.
One-word passwords are considered insecure, too, because they’re easily hacked by a simple search of words. The best way to protect your funds is to set up a password that is just a random mix of letters, numbers, and special symbols which can be kept in encrypted password managers.
What other security measures do you take in order to protect your crypto funds? Share your advice in the comments below!