Security Guide to Keep Your Cryptocurrencies Safe

May 06, 2018 Quick read

The cryptocurrencies are getting popular day-by-day and it has been the centre of attention for many investors and miners alike. The cryptocurrencies themselves are secured, all thanks to Blockchain protecting its data transfers and account details. But the Blockchain can only extend itself to the limits to the cryptocurrency data. Once you mine the coins or invest and get some coins the coins can only protect themselves from getting corrupted whereas the wallets are vulnerable to theft and attacks.

There are many measures that are recommended by many “so-called” security experts to protect your wallets. These methods are not necessarily foolproof secured as there are many tools and technologies evolved enough to bypass the security that you have employed. The only thing that is possible is to make the security robust enough to make it time-consuming for the attacker. If your security measures are robust enough to consume the time of the attacker, the attacker will most likely search for an easy target rather than continue their attack on you.

The wallets that are available in the commercial market are of two types that are cold storage wallet and hot storage wallet. The cold storage wallet is offline storage so the attacks are very least expected whereas the hot storage wallets are always connected online and is prone to various kinds of attacks. There are many types of hot storage wallets that are connected to the internet such as paper wallet, mobile wallet, desktop wallet, etc. For this kind of wallets, security is a must-have factor. Here are some steps to follow to keep your wallet safe from any kinds of attacks.

Create a secure network for your device

The device you work on or store you cryptocurrencies on is generally connected to the general network which might not be secure. It is recommended by certified experts to create a secure network for the devices that you use for storing cryptocurrencies. The wallets can remain secure and also perform transactions without any imminent threat of attack. The devices that you use to store crypto coins should not be connected with public Wi-Fi networks or connect with unstable insecure websites. You can use two devices, one to transact with others and one to especially store crypto coins.

Secure your device

The device on which you store your crypto coins should be protected by a firewall and an efficient anti-virus. The computer is never safe and that should be understood by the wallet owners. The firewall and other security measures will take care of security vulnerability of your device regardless of the platform or brand.

Use robust wallet and passwords for those wallets

There are many wallets that are provided by cryptocurrencies. Some wallets are specifically designed to store the particular cryptocurrencies, but there are some wallets that can store other cryptocurrencies. The selection of your wallet should be based on the robustness and the technology that it employs to protect your wallet. The wallet should be protected with a secure password so that nobody else can access your wallet without your permission.

Use third-party crypto security entities

There are many third-party entities that can help you secure your crypto investments. Companies like LedgerhHQ and Trezor are leading the security of the crypto wallets and its interests. The extra layer of security can help your wallets be more secure against attacks. This software can ensure that your cryptocurrencies remain safe and secure at all times.

The crypto coins that you may have mined or gained from online cryptocurrency exchanges  valuable and it should be secured with robust security measures. The wallet owner should remain vigilant and should not trust unreliable online entities. Securing your wallet doesn’t only mean to use a robust wallet but also to secure the device on which the wallet works on.