Did you know a lot of people have lost Bitcoins worth in tens of thousands of Dollars which could have been prevented by proper safety precautions? Because of popularity, you need to focus on security measures to keep your wallets and investment portfolios safe. Think of it, if you have a weak link in your crypto security, it wouldn’t take much to hack the wallet and move your assets.
Once you leave your wallet open and vulnerable, you’re essentially inviting “crypto thieves” to come take what you have. Chances are you may never recover your lost funds. We have outlined some best practices that can actually keep your cryptocurrency safe.
TRY OUT THIS SIMPLE EXERCISE TO MEASURE THE SECURITY OF YOUR CRYPTO WALLET:
1. Check Your Operating System: Are you using secured O.S. like UNIX and Linux to make transactions?
2.Do Not Leave Your Assets on Loose Security System: Does your system have updated antivirus and firewalls?
3.Strong Password Guidelines: Check your password length. It should be extra strong with a minimum of fifteen characters.
4.Use 2-factor authentication (2FA) on all exchanges: Is ‘2-Factor Authentication’ enabled in your mobile to authenticate your login?
5.Be careful when sending assets to other addresses: Are you using data encryption techniques to secure your wallet? You can use Cryptsetup or LUKS encryption apps to encrypt your data.
6.Backup your wallets: Do you have the backup of your data? Always keep the backup either on a thumb drive, colocation server or encryption based file servers like mega or external hard disks.
7.Store your assets in a wallet that you control the keys to: Keep your core and multi-coin Wallets separately. Have a structured process to manage your daily crypto expenses, trades, and usage.
This 10-minute exercise will help you to clearly outline the security standard of your crypto-currency wallet. If you are not following these points yet, consider it now and include it in your to-do list to secure and safe your cryptocurrency.
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