5 Crypto Tips: How to Keep Your Bitcoins and Other Coins Safe

  • Darryn Pollock
    Cryptotips

    The cryptocurrency space still has lots of scary and dark places, so keep those coins safe with these tips


5 Crypto Tips: How to Keep Your Bitcoins and Other Coins Safe

Cryptotip 1

This may sound obvious, but then again it may not, but never share your private key with anyone. Its obvious because that is basically tour pin, but for many crypto users, a private key is an ethereal piece of information as many of them will be using centralized exchanges which do not hand out users’ own private keys.

Cryptotip 2

When it comes to using exchanges, especially the centralized ones which are like honey to hackers, do all you can to secure your account - so, use 2FA. Two Factor Authentication is offered by most exchanges and makes it a lot harder than simply knowing your password to access your account. This multi-factor authentication means there is another piece of information that is needed that only the user has one them. Great for sensitive information and Bitcoin.

Cryptotip 3

If you are getting big into the crypto game, it is probably a good idea to diversify, that is to say, not only your coins - which your portfolio is up to you - but also how and where you hold them. A large sum of coins or money held in one account means the target on your back is bigger, and it also means you are only one step from losing it all.

Cryptotip 4

Even if you are going to be even smarter, and you are holding large sums of coins for growth, it is probably wise to take the risk out entirely and get them offline and into a Cold Wallet. A cold wallet is a storage space for your coin that is not connected to the Internet, and thus, not accessible by hackers. Of course, your coins then take up a physical object that is prone to be lost, physically stolen or damaged, so don’t be clumsy with it.

Cryptotip 5

Have common sense. Again, it sounds basic, but in the world of cryptocurrencies, there is such hype and excitement about this money making space that the unbelievable is often true. That opens the doors for scammers and fraudster. So, if you feel something is a bit odd in an offer or opportunity, don’t be gung-ho, check it out thoroughly before making the plunge.

Cover image via u.today
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