Many people are joining to cryptocurrency world every day as the first time. One of the essential criteria that everyone has to concern is safety. In fact, everyone is responsible for its cryptocurrency storage safety. If you take some simple steps in this market, you can be sure that you may not fall for scams or experience hackers’ attacks. In this article we are going to talk about how to stay safe in cryptosphere.
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Use hardware wallet or paper wallet
When you own some Bitcoins, it means that you are your own bank. In fact, you are the only person who is responsible for the safety of your asset. Always keep in mind that whoever holds the key phrase to a wallet, has control over the coins stored in that wallet.
Using a hardware wallet is one of the safe ways in order to store your cryptos. Hardware wallets store private keys offline on a USB-connected device. As a result, they are immune against remote hacking and no one can have access to them online. It also known as cold wallet or cold storage.
The second way is paper wallet. Basically, it’s piece of a paper, which the private and public keys printed out in the form of QR codes. These codes generated using paper wallet websites. Paper wallet is the safest way to store your crypto and it’s totally immune to hacking attacks.
How To Stay Safe In Cryptosphere; Use 2FA (two factor authentication)
If you are willing to use an online wallet or store your cryptos in one the exchanges, it’s recommended activating 2FA. In fact, by activating it, you add an extra security layer to your account. As a result, the hackers would not be able to get access to your account immediately. 2FA sends you a one-time password to the application on your phone for every time you want to sign in, withdraw money or transfer your cryptos.
Never share your private keys
Never give your seed phrase or private keys to anyone. By giving the private key to another person you give the ownership of your cryptos to that person. Keep in mind that reputable and eligible companies and exchanges never ask you about your private keys.
Double-check the recipient address
All the transactions on the blockchain are irreversible. For this reason, it’s essential that you double-check the recipient address. Unlike traditional banking system, once the transaction is confirmed on the network, you can’t reverse it. So, be sure that you entered the right address.
How To Stay Safe In Cryptosphere; Don’t fall for giveaway scams
Don’t ever fall for unbelievable offers. There are many scammers out there, who promise they can double your Bitcoins. They usually ask to send some Bitcoins to them first, and then they will pay you back in double. These types of offers are all scams. So, before investing with your crypto, do your own research and make sure that you are investing in a reputable project.
Use different exchanges and smaller transactions
If you are willing to send high amounts of crypto, it’s better to break it into multiple transactions and use different exchanges. Send some small amounts of crypto with an exchange first to make sure that everything works properly.