Cryptocurrency and Metaverse

4 Ways To Keep Your Crypto Wallets Safe From Hackers

Cryptocurrencies are gaining grounds in spite of the clamp down by authorities. Bitcoin hits its highest of over $64,000 in 2021 and has since fallen a little below $20,000 at the time of writing. As the crypto market advances, hackers are also upping their game to steal the funds of traders. So you have to keep your crypto wallets safe.

Are there any best ways to secure crypto wallets? Yes, and I will show you soon. A lot of crypto wallets are hacked by scammers every day, and unfortunately, people fall for fake emails and messages.

Though there are ways to prevent investment fraud, online scams are becoming more common and sophisticated.

Let’s start on what to know before investing in crypto and then we can discuss how to keep those crypto investments safe.

Tips on how to invest in crypto

Without a doubt, cryptocurrencies have been the most fascinating and talked-about investment in the last decade.

Even though its origin still remains a mystery, a lot of people are making some good money from trading cryptocurrencies.

Read This: 12 Top Cryptocurrencies To Invest In 2022

Here you go on some tips to get the best of crypto;

1. Start Small

invest in Crypto

Crypto can be wild sometimes, and ‘greed’ shouldn’t be part of the game for you. The behavior of the coins is highly unpredictable and extremely volatile. 

For the past 6 months, the price of bitcoin has fallen from a little over $46,900 to $ 20,034, losing more than 57% of its value.

So never invest more than you can afford to lose. Though it can get exciting sometimes, don’t be so taken away by the upswings. Remember to always maintain your financial discipline.

2. Buy-and-Hold Mentality

The volatility of crypto doesn’t make it ideal for short term holdings, unless you’re ready to seat behind the screen and watch the daily market. You are not going to get time to do that, are you?

So the true way is to invest for the long term. In other words, it’s not advisable to buy crypto in the morning and expect to sell it in the evening, in a day, week, or month later.

For instance, bitcoin hits its all-time high of $ 64,000 November and has now crashed to $ 20,034 and that shows the virtue of patience.

3. Keep it safe

Unlike stocks, real estate and other related investments, crypto is not physical. It is strictly an internet thing and has to be secured and safe, so you might want to avoid trading or buying cryptos on a public Wi-Fi network.

The next points put more light on how to secure your crypto investments.

How to keep crypto wallets from hackers

1. To Secure Your Crypto Wallets, Never Share Private Keys

Never share you crypto recovery code

Crypto wallets are not meant to be shared. They are for ‘private’ use, such as account recovery. Therefore, under no circumstance should you reply an email, message or anonymous call that asks for your password, personal information or private keys.

This may not look like a big deal, but scammers as becoming increasingly complex and advance. 

2. Always Check Websites URL

These days, it costs next to nothing to build a website, and scammers are taking advantage of this.

They build websites that looks similar to original websites with domain like “.org”, “.xyz” or “.online” to trick people.

Always make sure you click on the right website URL before inputting your login credentials or personal information.

3. Keep Your Passwords/Pins Private

No credible crypto exchange platform will ask you to send them your passwords or pins for any verification or reset. So don’t respond to such notifications or alerts.

Also, avoid taking screenshots of your passwords and pins or writing them in obvious places.

4. Use a Backup Storage

Keep crypto safe with hardwallet

Since crypto is digital, investors continue to suffer losses to hackers every day. So you can you a hardware wallet (which is handheld, offline device) to securely store your private key that you can use to transfer your crypto holdings at any time.

Hardware wallets can serve as a ‘seed backup’ of your recovery phrase which you can use to access your crypto wallet when forget your pin or password.

According to Business Insider, many investors holding large quantities of bitcoin engrave their seed phrases onto metal plates and then store these plates somewhere safe (such as a bank deposit vault).

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