How to Keep Your Crypto Safe?

When participating in the Web3 space, knowing how to keep your crypto assets safe is essential

Key Things to Remember

Here are some tips to protect your crypto.

Always use a secure connection when accessing your crypto wallet, and be cautious of what you click.
Know the difference between a cold wallet and a hot wallet and how best to use them.
Use a burner wallet when necessary.Know the risks involved and exercise as much caution as possible.

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Learning the best way to secure your crypto is a must for everyone who holds crypto. In 2022 alone, billions of dollars worth of crypto got lost or stolen because of either human carelessness, malicious attacks, or bugs in the code. Because of the way Bitcoin, Ethereum, and other types of cryptocurrencies work, once you lose your crypto, it’s often very difficult or impossible to get it back.

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Here are some steps you can take to keep your crypto safe.

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1. Don’t lose your password or seed phrase.

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This is a common mistake, and many have lost access to their cryptocurrencies because of this. The seed phrase is a set of words that act as a master password for your crypto wallets. Your seed phrase is given to you every time you create a new crypto wallet; lose it, and you lose your crypto.

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Keep it as safe as possible, and don’t share it with anyone. Unlike with traditional currencies, there is no customer service to help you retrieve your money back. The best thing to do is to write it down in a notebook, make several backup copies, and keep those in a safe place.

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2. Don’t save your password or seed phrase on your phone, computer, or cloud storage.

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Hackers may find a way to bypass security and steal your data if a device is connected to the internet. Remember, if they have your seed phrase or password, they can easily steal your cryptocurrencies.

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3. Don’t connect your crypto wallet when you’re using a public network.

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Avoid using public Wi-Fi when connecting your crypto wallet to other applications as much as possible. Also, refrain from connecting your crypto wallet when you’re on someone else’s computer. There is a risk that malicious programs running in the background of that computer may be recording your keystrokes.

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4. Be careful what you click on.

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The basics of cybersecurity apply to everything you do online, especially anything involving crypto. People fall victim to phishing schemes more often than you think.

Don’t click on a link or pop up unless you’re sure it is safe.
Run links through a link scanner before you click.
Be careful when downloading files online.
Stay away from websites that don’t use HTTPS.

For extra safety, you can dedicate a separate device just for connecting your wallet.

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5. Store most of your crypto in a cold wallet.

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When storing or holding cryptocurrencies long-term, it’s better to keep them in a cold wallet. Cold wallets are physical wallets that are only connected to the internet when in use. Unlike hot wallets like Metamask or Trust wallet which are online wallets connected to the internet 24/7, cold wallets offer increased protection for your cryptocurrencies.

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When someone needs to send crypto from a cold wallet, they need to physically confirm the transaction on the external device. This immediately adds layers of protection against online attacks.

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Be sure to buy your hardware wallet from a trusted seller. Faulty devices can malfunction, and secondhand devices may contain malicious programs intended to steal your crypto.

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6. Double-check wallet addresses before hitting send.

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If you’re sending crypto to a new address, do a test first. Send a small amount of crypto, and if the transaction is successful, proceed to send the full amount. Before you confirm any transaction, remember to check the address before you proceed.

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7. Use a burner wallet.

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Use a burner wallet whenever connecting your wallet to a website or when you buy, send, receive, or spend your crypto. A burner wallet is a separate wallet created just for sending and receiving crypto to keep your main wallet from being exposed to hackers and phishing sites. You can transfer the funds to your main wallet afterward. This way, even if the security of the burner wallet gets compromised, the rest of your crypto remains safe. If you are a heavy crypto user, spreading your funds across multiple wallets is a good practice.

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8. Only connect your wallet to trusted sites and apps.

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Authorizing a decentralized app to send or receive crypto on your behalf can be risky. Once the program has access to your wallet, it may secretly withdraw your funds without your knowledge. Only connect your wallet to trusted sites and social media platforms.

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9. Install an antivirus and added security measures.

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Keep the firewall on when surfing the internet, use 2-factor authentication for added security, and keep your wallet apps up to date to avoid vulnerabilities that hackers can exploit. It’s important to stay aware of the latest news in the crypto space, and if you hear of active threats, take extra steps to keep your crypto safe.

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The crypto space is vast, and with everything going on, it’s easy to make mistakes along the way. But if you keep the tips mentioned in mind, you’re in the right direction. Stay safe out there!

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