As cryptocurrency’s popularity and adoption rise so do the unscrupulous individuals and websites that try to steal them. Hackers are just one of the few dangers you might meet when investing in these digital assets.
Here are 5 ways to keep your investment safe.
Update Your Password Regularly
Most cryptocurrency investments start by buying Bitcoin in a crypto exchange. You will most likely need to create an account and when you put your digital assets in a crypto wallet.
For all your accounts that hold or use cryptocurrency, it will be wise to have a complex password (include letters, numbers and special characters). Furthermore, it’s recommended that you update the password every month or two to keep hackers from easily obtaining your investment.
You should also change your password whenever you hear about a crypto platform breach.
Consider Using a VPN For Every Transaction
When conducting crypto transfers you can employ a VPN, or virtual private network to keep the connection private and secure.
The good news is that most VPNs are cheap and protect not just your crypto but your online activity, including the websites you visit, browsing habits and the things you buy on the internet. This way your crypto transaction won’t likely be broken into by hackers who are looking to intercept the transfer.
Do Not Keep All Your Assets in One Place
As with any investment process, you should diversify as much as you can. For Bitcoin, it’s recommended that you use a crypto wallet or spread some of them on other devices or exchanges.
If your digital asset isn’t too significant you can put all of them in the most secure crypto wallet, which is a cold or paper wallet. Otherwise, if you plan on making money by trading then you should put only a bit of crypto on the exchange while keeping the rest in a secure place.
Alternatively, you can use Bitcoin Evolution for automated trading and to gain profits as you sleep or do other things.
Use a Cryptocurrency Wallet
Cryptocurrency wallets generally fall into three types- cold, hot and paper wallets.
Cold wallets are devices that store cryptocurrency, with examples being USB drives and specialized hardware designed to hold cryptocurrencies. They can be stored without an internet connection.
Hot wallets are apps and websites that can hold your digital asset for you. However, they require an online connection and are more convenient options for those who regularly trade their assets to gain a profit.
Keep an Eye Out for Scams
Scams are everywhere and assume every shape and form. You might receive an email or an SMS from someone who’s pretending to be a website moderator or crypto expert, or receive a link where you’re invited to log in to collect your ‘prize’. Both of these instances are scams and should be avoided completely.
In the same vein, you shouldn’t just provide your username, password or crypto wallet details to anyone. If a proposition comes out of the blue and seems too good to be true, it’s probably a scam.