5 tips to Keep Your Crypto Safe and Secured
Cryptocurrency is prone to hacking. While there are legitimate blockchains, there are also projects who were intended to be used for fraud and money laundering. The Security and Exchange Commission issued several notices for different fraud issues concerning cryptocurrency. Despite that, there have been a lot of ways to monitor and keep your assets safer.
This article is specially written for crypto beginners and still studying the concepts of cryptocurrency. If you already know these things, you may skip this article and read my other write-ups.
So, without further adieu, here’s a simple guide to make your tokens more secured:
- Be a wise trader
Cryptocurrency is a journey of studying. Your knowledge will be your greatest investment in this kind of industry. Do not fall for giveaway scams and endorsements you see online. Some of these are baits and their main objective is to gain your trust. Always protect yourself from mobile phishing,
2. Explore but be responsible
If you are still new in this business, you might want to explore different exchanges (i.e. KuCoin, Binance or Uniswap) and see what suits you and your tokens. I advise you to start with small transactions first, before you finally take risk on everything in your wallet.
3. Trust no one
Swear, even if it’s your hottest girl, treat anyone as a stranger when it comes to money. I learned this real hard, because I always give my key passwords to my girl. Anyway, do not give any important and personal information to anyone. By doing so, you’d be essentially giving away the keys to the castle.
By any chance, if you’ll be needing any help from other people, like support team or customer service, do not give your keys when they are trying to help you resolve issues.
4. Monitor your finances
Invest only what you can lose. Always make sure that you keep track of your investment, including expenses and gains. The best way is to get a secured wallet; it could be a paper wallet or hardware wallet. These are the two types I first knew about when I was still exploring. $BTC.
If you’re not familiar yet, here’s a simple definition:
Paper wallet — a piece of paper containing a printed out crypto address and its private key in the form of QR codes generated through paper wallet websites. These codes can be scanned to execute crypto transactions.
Hardware wallet — a hardware wallet is another method to store crypto, isolating user private keys from the internet by keeping them offline in a USB-connected device.
In my case, I use paper wallet as it is highly resistant to online hacking attacks and is often considered an option for cold storage.
5. Collect and select
Among all the financial advice I mentioned above, I think that this is the most important one. You may also apply this to your daily life.
Have your options laid before you, then choose the best one. Believe me, there are tons of fishes in the sea, and so, same goes with cryptocurrency. Do not just settle for the most popular coins or networks, rather be courageous. and trust the underrated tokens.
I hope that I was able to at least ease your worries in investing. Stay tuned for more tips and advice!