Cryptocurrency is becoming more popular and we have seen Bitcoin cross the $50,000 mark a couple of times. There are several new investors in the crypto space and here we are going to share 5 steps on how to keep your crypto wallet safe. since the beginning of crypto trading in 2009, there have been different reports of crypto heists and hacks.
The steps in this article will guide you on how to keep your crypto wallet safe. a crypto wallet does not store your crypto. It has a private key that lets you trade your digital assets online. The key is your identity to the cryptocurrency market and anyone who has access to your private keys can perform transactions on your behalf. They can even go further by stealing your crypto asset. you can check our guide on How to Buy Dogecoin in Nigeria
Cybercriminals have been on their toes and now and then we see headlines on the internet about how people lose large sums of money at the hands of hackers. If you want to invest in crypto then it is important to protect your investment using the steps that I am going to share with you.
How to Keep your Crypto Wallet Safe – 5 Quick Steps
Make use of Secure Internet
You are advised not to use a public connection like Wi-Fi when you want to trade your crypto so that you will not be a victim of loss.
Using a secure internet is encouraged when you want to make crypto transactions and when you want to access your home network because it changes your IP address and location and secures you from threat actors.
Employ a Cold Wallet – How to keep your crypto wallet safe
A cold wallet is far different from a hot wallet because a cold wallet can not be connected to the internet and as such, they can not be affected or attack by cyberattacks.
The cold wallet is the most secure place where you can save your crypto. It is also known as a hardware wallet. A cold wallet keeps your coin from been affected when other people’s coins Are been affected.
Have More than One Wallet
It has never been said that there is a limit to the wallet you can use to trade crypto, for this course you are advised to maintain multiple wallets for your crypto investment. By doing this you will have no or little loss of your coins.
If you want to use one wallet in a day, you can take the one you want to use and leave the rest in another account instead of taking it all out of the wallet.
Use a Complex Password
There is nothing to argue that a strong password is one of the ways to keep your crypto wallet safe. Even when you are using more than one wallet to trade your crypto each of the accounts you own should have its password. Anyhow, a person will not have access to your account by guessing. You can also ensure you change your password regularly.
Also setting OPT of two-factor security or multiple-factor security is a way to secure your account.
Make Sure Recipients Wallet is Correct
Before sending a coin to your recipient make sure you are well assured that the wallet is correct. A single mistake can make you lose your coin or transfer it to another person.
It is also important you know that a single letter mistake can change the destination of your coin. Always go through the letters again and again carefully before making a transaction. A double-check of transaction detail is never bad but rather advantageous.
Hackers always come up with updated techniques on how to steal your digital assets. It’s up to you to adopt some strategies that will help protect your investments. The safety precautions we share above are very important and if you adopt them then your investments will be safe.