7 Cryptocurrency Security Tips For 2021

Irene L. Joffman

7 Must Read Cryptocurrency Investing Tips For 2021 | Investing Haven

Cryptocurrencies are inherently safe because they are protected by encryption. It is impossible to hack the blockchain or a private key because it takes an unbelievable amount of computational power to break the algorithm. Nowadays, feedback from review websites such as AmonAvis shows that the only way to steal someone’s wallet is by taking advantage of their carelessness.

Many newcomers, especially those who are just getting started in cryptocurrency, are not careful enough. As described in this guide, it’s important to follow security tips to keep your cryptocurrencies safe and to avoid paranoid thoughts while sleeping. You can also check for more tips on La Formule Française.

  • Don’t Store Your Cryptocurrency On The Exchange

You have shown you are concerned about security when buying and selling your cryptocurrency, but you don’t know if your exchange is doing the same. Large exchanges have been hacked; some have frozen accounts due to technical glitches or hacks. Always withdraw your funds when you exit an exchange, so you can keep them from being stolen by hackers.

If you wish to keep your cryptocurrency in an exchange, then the best exchange for you could be on this list. The top three exchanges on that list have a good reputation and can be trusted for securing your crypto.

  • Stay Alert To Phishing Scams

Hackers create fake, identical versions of the exchange or web wallet page they use and send the link to the victim in a compelling message. Many people shop at these sites, entrust them with their personal information, and hackers steal that information. To avoid phishing, always check to ensure the URL you use points to a legitimate website instead of a scammer’s website.

  • Utilize Two-Factor Authentication

Two-factor authentication includes an extra security level by making it more difficult for attackers to access your exchange account or wallet since knowing the password alone is not enough to grant authorization. Many online wallets and exchanges provide 2-factor authentication services such as a unique password sent to your phone.

  • Avoid Public Wi-Fi

Wi-Fi networks can direct your browser to any webpage and can even mimic the content of the webpage you are looking at. They also intercept your network traffic and collect passwords you have typed. To access your wallet from a public Internet hotspot, use a VPN.

  • Use Complex Passwords

If you are depositing funds or creating a cryptocurrency wallet or exchange account, always use the most secure password. Try to combine all upper and lowercase letters, numbers, and symbols. If you want, you can also use online password generators such as Passwords Generator to create strong passwords for your accounts.

When creating your password, make sure that it is stored somewhere secure. The best place to store passwords is in a password manager, but you can also use an online password vault.

  • Buy A Cryptocurrency Hardware Wallet

Hardware wallets are the most secure way to store your digital assets. A hardware wallet is a specialized device that stores the user’s private keys in an impenetrable circuit. It then allows them to sign transactions with a single click. They come with digital keys that you can easily transfer to a different device in case of loss or theft.

Before purchasing cryptocurrency hardware wallets, make sure to take a look at our comparison table.

  • Don’t Get Caught In A Pump And Dump Scheme

Pump and dump is a tactic by which an influencer can get many people to purchase a cryptocurrency at the same time. By having everyone buy a coin simultaneously, a coin’s value rises astronomically, enabling the pump’s organizers and dump to “dump” on everyone who bought at a higher price.

This is a highly illegal practise and a potentially dangerous one for both traditional markets and cryptocurrency markets, and one you should avoid for both legal and security reasons. The organizers will entice you by promising you extraordinary returns, but this is simply a scheme designed to benefit an exclusive group of insiders. Hence, it is a crucial cryptocurrency security tip to steer clear of this type of activity.

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