Cryptocurrency for Beginners: How to Secure Your Crypto
If you are new to cryptocurrency, it is exciting when you get your hands on some Bitcoin.
10:39 05 April 2021
You are finally part of this world of virtual currencies and it is very liberating. But, we hate to be deliverers of bad news. Unfortunately, hacking is on the rise and you have to be very careful when it comes to cryptocurrency. This is particularly true as digital currencies rise and hackers are turning their attention to acquiring from beginners.
However, this is not to say that you should quit bitcoin. It just means that you have to educate yourself when it comes to securing your crypto. Here is our guide for beginners.
Have a Strong Password
Let’s start from the beginning. You need to have a strong password for your cryptocurrency. This is something that is so important but it is often overlooked. In particular, you should not have the same password for two accounts. This is going to be very unsafe if a hacker was able to get hold of one of your passwords. You want your password to be unique, difficult to guess and one that you are able to remember.
The best way to have a strong password is to memorize it. You want to avoid writing it down anywhere. But, if you cannot remember your password, you can use a reliable password manager on your smartphone. This is going to help you if you forget.
Use a Hardware Wallet
When it comes to a crypto wallet, you are going to have two choices. You can choose an online wallet and a hardware offline wallet. A lot of people choose an online one because it can seem simpler and you can access your crypto from any device. However, they can be easier to hack than a hardware wallet. It is suggested that you should have both. You can keep small amounts in the online wallet while keeping most of your crypto in a hardware wallet. This is going to keep them secure.
A hardware wallet is simply a small plug-in device that you connect to your computer. It is going to store the private key and not the crypto. They are difficult to hack since you set the pin. But, the good thing is, if you lose your hardware wallet, you can use a single seed phrase and easily move the key to another hardware wallet. When you are not using a hardware wallet, it is recommended that you keep it somewhere secure such as a safety deposit box.
Turn on Two-Factor Authentication
Have you heard about two-factor authentication before? This is a system that steps up security for your crypto. Not only do you have a strong password, but you also need a device to access your account. Without these two things, you will not be able to access it. This is a very secure system that makes it very difficult to be hacked. For example, even if somebody is able to get their hands on your password, it is very unlikely that they are also going to have your mobile device. Therefore, it is recommended that you turn on two-factor authentication to secure your cryptocurrency.
Update Your Systems
It does not matter whether you are accessing cryptocurrency on your smartphone or your computer, you need to make sure that you are protected from hackers and other dangers lurking online. One of the best ways to do this is to update your systems on a regular basis. For example, if you receive a notification for a software update, make sure that you complete it as soon as possible. We are all guilty of delaying them until a later date. The problem is, we never get around to updating them until it is too late. Remember that these software system updates are released because they keep your devices safe from new threats. Unfortunately, there are new dangers every day. So, secure your crypto by updating your systems as soon as you receive the notification.
Check Your Internet Connection
Do not forget that cryptocurrency is a digital currency. In other words, you are going to need the internet to access your account. So, a good way to keep your cryptocurrency safe is to ensure that the internet connection you are using is secure. This is something that a lot of people forget about. If you are using your home Wi-Fi, make sure that it is password protected and secure. It is advised never to use a free and public Wi-Fi connection to access your cryptocurrency. If it is easy for you to get online, it is easy for anybody to do the same. They might be able to access your account if it is not a secured internet connection. So, make sure that you want until you get home.