5 TIPS FOR PROTECTING YOUR CRYPTOCURRENCY ASSETS

5 TIPS FOR PROTECTING YOUR CRYPTOCURRENCY ASSETS

In today’s day and age, technology is emerging in the innovation landscape, especially when blockchain comes into play in the financial sector. Due to its decentralized nature, cryptocurrency gives an extra layer of identity protection. It’s safe, but still requires users to take steps to ensure their cryptocurrency assets are as secure as possible. The most important question that should be asked by those owning cryptocurrency is “how to keep my cryptocurrency safe?”

Check out our 5 Top Tips below:

1.      Do not leave your cryptocurrency on an exchange

Cryptocurrency exchanges still remain vulnerable to cyber-attacks. Besides, cryptocurrencies are still not regulated in many parts of the world. If you store your digital assets on the wallet provided by cryptocurrency exchanges, the risk is that if the exchange is hacked, you may lose your funds and be unable to get your assets back. Refer to security advice for more.

2.      Use a strong and complex password

Your password is the first layer of protection that you provide to your cryptocurrency wallet. So, setting a password which cannot be exploited is very important. Firstly, avoid using your name, birthdate or ID numbers. You have to set a password that’s impossible to guess. You can also use a complex combination of letters, numerals, and symbols to create a secure password.

3.      Never keep your private key online

You should save your private key in a secure location. Never ever keep your private key online, in an email or in the cloud to protect your cryptocurrency from any form of internet hacking. Once hackers got your private key through all of those online platforms, they can transfer your cryptocurrency assets easily.

4.      Keep a large sum of cryptocurrency in a paper wallet

You should keep a large sum of cryptocurrency in a paper wallet. Just as its name suggests, the paper wallet is a paper with your private keys and addresses printed on it. Many usually tend to laminate it and store it in the safe. As it is in the form of cold storage, you won’t expose your identity, transactions and address information. It is a secure way to keep your cryptocurrency safe as it is not connected to the internet. Please do not store your cryptocurrency in just one wallet. Diversify your risks.

5.      Enable 2-Factor Authentication (2FA) in your cryptocurrency wallet

Use a cryptocurrency wallet that requires 2FA authentication when logging in and making transactions. 2FA authentication provides an additional layer of security to your wallet. Typically, it tends to be in the form of One-Time Passcode (OTP) that is sent to your mobile phone via the registered phone number or email ID. Besides, the code also can be in the form on an app such as Google Authenticator. Everus wallet is now compatible with Google Authenticator where users are compulsory to set up, activate and verify the account, providing a second layer of security to your wallet account.

Previous Security Advice: Protecting your cryptocurrency assets

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