Keep Your Crypto By Keeping it Safe
Once you invest in cryptocurrency you’ll want to take extra steps to protect it and to always have a way back to it whether you or someone else are trying to access it, move it or trade it.
First, enable two-factor authentication (2FA) on each of your email and crypto exchange accounts. It requires another step but is well worth the additional layer of security on all channels to and away from you. Google Authenticator or a hardware key are two of the best 2FA options for reducing hacking risks.
Use different passwords for each of your online accounts. Most people use just one password, maybe two or three, across everything from social media to bank accounts. If one of those accounts is compromised then all accounts with that password are compromised.
Use a password manager. Creating and keeping track of passwords, whether you write them in a book hidden in a closet or catalog them online, is complicated work. How many times have you forgotten a password and couldn’t find where you wrote it down or where you stored it?
Password managers like Dashlane create and store a complicated distinct password for every account you use. Make sure to select a password manager with a monitoring feature that lets you know when one of your accounts is compromised so you can check the account and re-secure it with a new password.
You should consider using a hardware wallet. Hacks on crypto exchanges/platforms are too frequent and billions of dollars worth of crypto have been stolen. A properly configured and backed up hardware wallet is one of the safest ways to store personal crypto investments off the exchanges. And, hardware wallets store keys to your crypto within the device itself.
Finally, there’s a lot of phishing in crypto. Make sure that you always double-check the URL you are using. Then check again. Make sure it’s exactly the right name and domain type. And for all things online but especially when you are participating in crypto avoid clicking ads/links on random websites, emails or texts.
In today’s world, you cannot talk about investing without talking about crypto. Blockchain and crypto currencies have greatly altered the investing landscape in recent years. How does someone make smart decisions with something so new?