How to protect your cryptocurrencies the best you can?
The world of cryptocurrencies can be subject and is subject to many scams and thefts. These acts erode the confidence of users in the technology and can result in a bad reputation. Yet it should be remembered that even our traditionnal fiat money is subject to scams and other thefts. IN any case, when you hold cryptocurrency, you should always keep them safe, and add as many security layers as possible.
We thought that it would be interesting to provide you with some tips that will help you to secure your cryptocurrencies. Let’s face it, nobody likes to be the target of a scam, nor we enjoy losing our money. So if you feel your crypto are not secure enough, this article is for you !
Secure your accounts and email adresses first
It is possible that when you use some services related to cryptocurrencies – such as exchange sites and mining pools – you will need to create an account. It is important to secure the access to these accounts and protect your email address as much as possible.
Create a dedicated email address
Creating a dedicated email address is an interesting solution that has several advantages.
At first, the advantage is practical, since you will have a space dedicated to your activity. Secondly, your new account will not have any vulnerabilities. Indeed, your main email address is probably corrupted because of the dozens or even hundreds of accounts on third-party platforms, sites and services which are associated with it. These same sites may have been subjected to cyber attacks that have made it possible for hackers to collect users data. For this reason, creating a dedicated email address limits the risks and protects you from possible attacks.
To find out if your email address is compromised, use the service Haveibeenpwned by clicking here.
When you create an email address – dedicated to your activity as described above – you can create an alias. An alias is a declination of your main email address. The address will be different but your messages will still be redirected to the same inbox. This allows you to have a unique email address for each of your services while remaining on your dedicated space.
Have a complex password
This may seem obvious, but using a very complex and unique password for each third-party service you use is a great way to protect yourself from hackers. Feel free to produce passwords of at least ten characters, using upper and lower case letters, numbers and symbols.
You can also use third-party password management services such as Dashlane, LastPass or 1Password. They will allow you to generate complex and random passwords while storing them in a dedicated space.
2FA or 2 Factor Authentication, is a two-step verification method to access to your email address. This system offers you additional security in case your password is compromised.
Wallets that you can use to secure your cryptocurrencies
Use reputable and trusted wallets
Using wallets that are known and trusted by the community is important. Using services that have not yet been proven can create some risks.
Feel free to benchmark the different wallets in circulation, depending on the coin you have. As for the wallets for Ethereum and Ethereum Classic, we have made a list where we give our favorite wallets. You can find this article by clicking here.
You can also buy a hardware wallet
Even if using a reputable online or software wallet can effectively avoid potential risks of account theft. There are still risks and that is why the most secure solution is still a hardware wallet.
The physical wallet is a small object that will keep your information and accounts offline. Your data will be exclusively available for consultation through the physical wallet. To date, this is the best solution in terms of security but it is not free.
You can find a list where we give our favorite hardware wallets by clicking here.
Segment your savings into several wallets
I’m sure you’ve heard the expression “Put all one’s eggs in one basket”. Well, you have to do the same with your cryptocurrencies. Indeed, if your account is compromised and you have all your savings in your wallet, you can say goodbye to all your cryptocurrencies.
It is because of this possibility that you have to separate your savings on different wallets. In case one of your wallets is compromised, you will only lose a small part of your savings.
Others tips for more security
Do not connect to public networks
Being connected to and using a public Internet network is at risk since it is not secure and can be used by everyone. The risks of piracy are very high. Avoid connecting to this type of network as much as possible !
Be careful and think twice
Last but not the least, think twice ! Indeed, the success of a scam is due to the credulity and lack of suspicion of the victims. Be suspicious of what is being offered, be informed about the latest scams available to avoid falling into the trap, avoid cryptocurrency games that are Ponzi scheme… Generally speaking, do not act impulsively when your cryptocurrencies are at stake…