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  • Dennis#MD

    Efficient Tips To Keep Your Cryptos Safe

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    The world of cryptocurrencies is an exciting one. For the first time in history, humanity has begun to accept the concept of digital assets.

    Since its inception, Bitcoin has always been favoured by individuals on the cutting-edge of technology. In the early days, surfers of the deep web opted to use Bitcoin as a medium of exchange thanks to the pseudo-anonymity it offered them.

    Additionally, Bitcoin and other cryptocurrencies facilitated the seamless transfer of funds from one person to another nearly instantaneously. And all without having to make use of a bank or money transfer service.

    Nowadays Bitcoin is supported by investors due to its inflation-proof characteristics. Fearing the onset of inflation caused by the sudden surge of liquidity in the economy, investors have turned to digital assets as a method of hedging against reduced buying power.

    So what do the deep web and the economy have to do with Bitcoin?

    The answer is decentralization. Unlike fiat currencies, digital currencies such as Bitcoin and Ethereum are not issued by governments or central monetary authorities. They are instead controlled by the community itself - thus lending the currency a degree of anonymity.

    This does have its fair share of drawbacks, however. Given the decentralized nature of cryptocurrencies and their increasing value, there still exists the very real risk of theft and hack attacks by unscrupulous individuals.

    Furthermore, cryptos are purely digital assets and do not exist in any tangible form in the real world. Because of this, you may find yourself getting the short-end of the stick should you somehow lose access to your cryptocurrencies. 

    So, with all of that in mind, let’s take a look at some proven tips that will keep your crypto fortune safe. Note: some of these suggestions may appear to be fairly simple and innocuous, but you’d be surprised by how many people overlook them.

    1. Have a backup

    Backups can be a real lifesaver should you suddenly find yourself somehow being unable to access your holdings of cryptocurrencies.

    Hot wallets are online-only services that allow you to store and receive cryptocurrencies. While convenient they aren’t exactly the best choice when it comes to long-term storage options.

    With crypto wallets a favourite target for hackers everywhere, it’s best that hot wallets are used as a temporary storage point at best. You should check first the safest and best Bitcoin wallets of 2021.

    Cold wallets on the other hand while secure are reliant on the reliability of the device used to store your keys. Disaster could strike and a hard disk could be lost, damaged, or stolen. 

    It could randomly fail on its own and while the data could possibly be recovered, is that a risk you’d be willing to take?

    Rather than leaving your crypto assets up to chance, make backups of your crypto keys at regular intervals. Store them on different drives and have both offline and online backups. Having several redundancies and fail-safes in place minimizes the risk that you’ll be ever locked out of your assets.

    2. Update your software regularly

    Hackers work around the clock developing new ways to gain access to your hard-earned cryptos. To counter this, developers regularly release software patches and updates to keep their assets secure.

    This is why it’s especially important that you regularly update your crypto wallet software and anti-virus applications. New security updates will ensure that you’re protected from the latest threats.

    3. Use a paper wallet

    Ironically, one of the safest ways to store cryptos could also be the oldest and most archaic. Paper wallets are basically printouts of private keys and addresses on a piece of paper. 

    These wallets can be easily hidden and stored thus making it difficult to steal. However, they can become damaged or destroyed which is why you need to handle them with care. 

    With a paper wallet, the user is basically invulnerable to cyber-attacks or malware and an individual would need to physically steal it from you in order to gain access to your cryptos.

    These are 3 basic yet highly effective tips for securing your cryptocurrency holdings. Remember: the key to security is to make yourself a non-worthwhile target for criminals and thieves.

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