How Can You Keep Your Cryptocurrency Safe?
Cryptocurrency refers to the tradable digital form of money or digital asset, which is built on blockchain technology that exists only online. The reason why it is called so is that it uses cryptography to secure and verify transactions. Currently, there are more than one thousand types of cryptocurrencies worldwide and is seen as the lynchpin of a fairer future economy. To know more about cryptocurrency, refer to robots.net.
If you happen to owe any form of cryptocurrency or are planning to invest in it, you must be wondering if it is safe and how can you store it safely. So, we have listed a few ways to help you.
Note Everything Safely:
You must write everything you feel is important while dealing with blockchain and cryptocurrency. Private keys and passphrases are impossible to recover once lost. So, you must jot it somewhere safe.
Yes, the physical presence of any kind of sensitive information is risky. For instance, is can be accessed by someone else or get destroyed due to unforeseen circumstances. But, if you take suitable precautions like using fire and waterproof safety box, keeping more than one copy, you can negate such problems.
Some aspects of cryptocurrency and blockchain trading need passwords like logging into an exchange. To ensure that your cryptoassets are safe, you can follow the practices mentioned below.
- You must use different passwords for different accounts. If one of your accounts is somehow compromised, it would not put all your assets at risk.
- You should not keep short passwords. Your password should ideally be 15 characters long.
- You must avoid using personal information passwords as they are easily guessable. Try using a combination of letters in uppercase and small case, symbols, and numbers.
- You can use Password Manager tool even if it comes with a cost.
Enable Two Factor Authentication:
Two Factor Authentication is a system in which two unique forms of identification are needed to confirm the identity or a user. The first one is knowledge-based where you need to put your email and password, and the second one is rooted in the physical, such as having access to the device associated with that use, like the person’s smartphone.
There are applications created by Google that provide an extra layer of security. The system works by needing the user to scan a QR code. This provides the device with its unique identity and converts it into a different six-digit number every few seconds.
It is a website that is designed to look like the original one. But, a phishing site is only there to steal your private information or persuade the user to transfer money to a fake account. Such scams are very popular within the cryptocurrency and you must be wary of them.
When you are looking for the website, you must type the correct spelling every time and be cautious while following a link, which is clearly an advert. Additionally, look for the green padlock by the URL, always. Once you are sure that the website is legitimate, bookmark it.