In the current scenario of prevalent high profile exchange hacks and assorted/garden variety attacks on individual entities using spyware, malware, ransomware etc. for stealing crypto assets, it is more important than ever to review your cryptocurrency security and make certain that there are powerful mechanisms to ensure just that – your funds stay safe and are transferred or converted under authorization, not otherwise. Read below guidelines to ensure just that, after all crypto is poised to increase its value greatly in the long run.
Not your keys, not your funds
The absolute basic of crypto security is to take responsibility for your crypto assets yourself, rather than outsourcing the security aspect to exchanges. Exchanges are frequently hacked for surprising reasons and many have never refunded their customers properly – if at all. So it is wise to keep your funds in private wallets, rather than on exchanges.
Keep separate devices for crypto assets or get a hardware wallet
It sounds expensive, paranoid and unnecessary. But it is hard to put a price on security, especially when there are thousands if not millions of dollars of assets at stake. Keeping a separate smartphone or PC for crypto wallets, which is reserved for only that, reduces the error rate of downloading viruses/malwares/spywares or getting your device compromised through other means.
A hardware wallet is extremely safe, since your private keys never leave your device nor you have to expose them directly every time for transactions, they are stored safely on the hardware wallet.
Make multiple wallets
Because it is not wise to keep all your eggs in one basket. They are easy to make and add a layer of complexity in your overall security strategy. Even if one is hacked, still your funds on other wallets are secure.
Never store private keys or pass phrases on computer files
They are better stored manually on handwritten papers,…