Protecting Your Cryptocurrency

It has been said that over 1 million bitcoins have been stolen. To put in perspective, at time of writing this article, it would be worth approximately 12 billion dollars.

If you recently got into the crypto-world, you may have not heard of Mt. Gox. This exchange was the leading exchange for Bitcoin held in Japan. It wasn’t until 2014, when they had to shut down and file bankruptcy due to 850,000 Bitcoins being comprised from their exchange site by hijackers.

With cryptocurrency being the new hot topic of today’s assets, there are many new investors. Therefore, scammers are taking advantage and working overtime.

Saying this, today we will be talking about how to secure your digital assets and tips to watch out for.

  • As we have mentioned in the past, securing your funds off an exchange into a digital hardware wallet is the most important thing you can do in protecting your cryptocurrency. Click here to review our recommended hardware wallets and how they work.

  • Do not share your exchange password with others. Also, consider keeping your written down password into a secured vault, not left around for others.
  • Follow the advice of your used exchanges if available including: set up a google authenticator, verified email, and pin. No one should ever ask for your authentication code. The authenticator is used to confirm withdrawals, and purchases. If you have an authenticator set up, even if one comprises your account your cryptocurrency should be protected from withdrawals.

  • Customer support should only be obtained directly from your exchange’s website. Although contacting support on many exchanges will be one’s most frustrating thing in cryptocurrency, do not be impatient trying to call around for other’s help.
  • We never recommend allowing access to your computer to anyone. There are many sites that allows one to put in a code giving them permission to access and view everything in your screen. Not only is this the first step in being able to withdraw your funds, but they could also access other private data in your computer.

  • There is not a safer place for your funds than where it is already at! If one tells you, “Your funds are safer at this address:#############,” never send unless it is to your own hardware wallet address.
  • Make sure your computer is virus free and have malware protection in place.
  • Before you send your cryptocurrency to another wallet, always compare the addresses-as many viruses will automatically change your address to theirs without you even realizing it.

Exchanges will continue to be compromised, so keep only the amount on exchanges you are ready to trade. To see our list of recommended exchanges click here.

 

 

Stay tuned for more reviews, updates, and latest news on cryptocurrency.

 

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Disclaimer: Cryptocurrencies are a high risk, speculative market and subject to extreme volatility-never invest more than you are willing to lose. None of the information found on this website should be taken as investment advice or council. We are not liable for any financial losses. Some links found on the website may be affiliate or referral links. Images obtained by google.com (images). References: Ledgerwallet.com, Amazon.com, Google.com.