In the crypto industry, as in any financial sector, following basic security practices is crucial. Protecting your assets is not just a matter of convenience, but a necessity.
In this article, we have put together a selection of proven methods to secure your digital assets, helping you safeguard your investments.
Choosing a Reliable Service
Before selecting a platform to purchase cryptocurrency, it is important to evaluate its reputation and terms of operation. There are various options including centralized and decentralized exchanges, cryptocurrency ATMs, P2P platforms, and more. Each service offers unique features and varying security levels. When choosing a platform, consider your needs and comfort with the proposed terms and security measures.
Where to Store Cryptocurrency
There are several methods for storing cryptocurrency, each with its pros and cons, including exchange accounts, staking, and cryptocurrency wallets.
A cryptocurrency wallet is a tool for storing public and private keys required to access your digital assets.
Wallets can be classified based on different criteria:
By Storage Type:
- Custodial: Managed by third parties who have access to private keys.
- Non-Custodial: Fully owned by you, with full responsibility for key security.
By Connection Type:
- Cold Wallets: Offer high security by being offline.
- Hot Wallets: Convenient for regular use but less secure.
The security of your funds depends on the confidentiality of your keys. If an attacker gains access to them, your assets are at risk.
For more details on wallet types, see our article.
How to Protecting Your Crypto Assets
Protecting your crypto assets starts with solid account security.
Follow these recommendations to minimize risk:
1. Diversify Your Funds
Avoid keeping all assets in one wallet to minimize potential loss from hacks.
2. Use Hardware Wallets
Store cryptocurrency on a separate device that isn’t connected to the internet.
3. Create Strong Passwords
Use complex, unique passwords for each account, and manage them with a password manager.
4. Use Dedicated Email Accounts
Set up a separate, secure email specifically for cryptocurrency activity to reduce hacking risk.
5. Purchase Separate SIM Cards
Use SIM cards not linked to your main number. Consider using virtual anonymous SIM, while taking your local legislation into account.
6. Use Trusted VPN Services
Always use a trusted VPN service to protect your connection and prevent data leaks.
7. Enable Two-Factor Authentication
Enable 2FA for extra protection, reducing unauthorized access risks.
8. Enable Multi-Signature Verification
Use multi-signature for transaction approval, requiring multiple account approvals.
9. Secure Storage for Devices
Store devices containing keys in a secure location, such as a safe.
10. Avoid Publicly Sharing Wallet Addresses
Avoid posting wallet addresses publicly and use secure crypto-processors for payments.
11. Beware of Phishing Scams
Be alert for phishing attacks. Avoid suspicious messages and untrusted downloads to prevent malware installation.
12. Regularly Update Software
Keep software up-to-date to avoid vulnerabilities and defend against new threats.
13. Stay Informed on Crypto Security
Follow reliable sources to stay informed about emerging threats and protection methods.
Private Keys and Seed Phrases
Private keys are the foundation of your crypto security, serving as unique codes for accessing funds. Losing or compromising them could result in total asset loss.
Seed phrases are sets of words allowing you to restore private keys. Store your seed phrases securely, offline, to reduce theft risk.
Protecting Your Seed Phrase:
- Avoid storing seed phrases on internet-connected devices to minimize the risk of cyber attacks.
- Use offline storage, like a physical devise or a paper and make sure to have a backup.
- If using a physical medium, choose a secure, durable option. Consider using a safe or a bank deposit box. Some people choose to engrave the phrase on metal for durability.
Steps to Take if Hacked
If you suspect your wallet has been compromised, immediately:
1. Transfer assets to another wallet.
2. Change passwords for all linked accounts.
3. Log out from the compromised wallet on all devices.
4. Contact wallet support.
5. Reset any affected device settings.
Using these simple methods can significantly improve your asset security.
Follow the above recommendations and purchase $SP on trusted platforms:
- Buy $SP on Ston.fi
- Buy $SP on xRocket
- Buy $SP in Spintria Wallet
Remember, the safety of your assets is in your hands.
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