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Top 10 things you can do to keep your crypto safe

When it comes to managing your own crypto finances, you are responsible for everything. You are your own server, firewall, anti-virus, vault and security system. This means that your funds are only as safe as you are.

Having wallet and exchange software on your personal device opens you up to many security holes. Imagine if your bank’s employees started carrying around your private banking information everywhere they went. It doesn’t seem very safe, but that’s exactly what you are doing.

The basics

If you’re new to this space, here’s a short video from security.org on how to keep your crypto safe. A beginner’s guide.

Protect your crypto – A beginner’s guide

There are many levels to the safety and security of your private information. In this article, we can tackle these security issues but you, as the custodian, you will have to decide how much risk you want to take when diving into this non-regulated industry.

The following list presents the top 10 essential practices for keeping your cryptocurrency investments secure. These strategies range from fundamental precautions on how to handle access to your devices to more advanced measures like utilizing hardware wallets for long-term storage.

By adopting these practices, you not only protect your assets from external threats but also fortify your entire digital life against potential vulnerabilities. Whether you’re a seasoned investor or a newcomer to the world of cryptocurrency, these tips offer a comprehensive guide to ensuring your digital wealth remains under your control, safeguarded against the ever-evolving threats in the digital realm.

Here’s our list of the top 10 things you can do to keep your crypto safe

1. Access to your device: Do not trust others’ access to your device. Anyone can easily and quickly send funds out.

2. Passwords: Use strong passwords with everything that you do online. Password managers like 1Password and LastPass highly recommended.

3. 2FA: Always enable 2FA when you can and use an authenticator app like Google or Microsoft Authenticator. This means that the person logging in must also have your device.

4. Secure your wi-fi network. Create three networks. One network for yourself that only you have access to. One for your family and one for guests. Learn how to secure your network here at Kaspersky.

5. Store your long-term investments off the exchange. Use hot/cold wallets and hardware devices. For more on wallets and hardware devices, you can learn more here at Exodus.

6. Dedicated devices for transactions only. Having a dedicated computer or mobile device for one purpose. Less visibility online, less chances of becoming infected. This set-up can include a dedicated device for 2FA only.

7. Back up your recovery seed phrase. It’s best to have an offline paper version safely stored away in safe or safe-deposit box. Anyone with access to your recovery seed can send your funds out. Don’t store this information in the cloud.

8. It’s definitely a scam. If someone reaches out to you on Social Media (Telegram) and offers you investment advice, it’s definitely a scam. If you get an email asking you to verify your recovery seed or credentials, it’s definitely a scam. If it sounds too good to be true, it’s definitely a scam. We have a great article here on how not to get scammed.

9. Use security software for malware, viruses protection and phishing attempts. Malwarebytes and PhishFort are free software that can be added to your existing antivirus.

10. Be quiet. Don’t advertise that you invest in crypto. Don’t be a target. Nobody needs to know.

Unregulated

It’s still the wild west when it comes to the cryptocurrency industry as a whole. Currently, this sector is being monitored by OFAC for government compliance but is not yet federally regulated in the U.S. This means that your funds are not insured.

Thousands of people have lost money from Exchanges going down, finance companies blocking withdrawals, bankrupt start-ups, government compliance, pump and dump ponzi schemes, scammers everywhere and ignorance of the technology.

Summary

These measures I’ve listed not only protect your cryptocurrency assets but also enhance your overall digital security posture, highlighting the importance of comprehensive cybersecurity awareness in the digital age.

This industry is still a dangerous place and you need to take every precaution to ensure the safety of your investment. If this all seems like too much to think about, there are other investment opportunities with much less risk.


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