How To Protect Your Crypto! 5 Ways To Keep Your Cryptocurrency Safe!
By: The Crypto Lifestyle
Tags: Ledger, Crypto, Crypto Security, VPN, Cryptocurrency

Crypto Security!

Welcome TCLers. We’d like to get into an important subject we think people in the Crypto Currency space don’t know enough, security.

We’ve put together a list of what we think are the most important ways or tools to have and use to make sure you are tightly secured here within the crypto space.

Let’s get started.

VPN

Virtual Private Network

#1 on our list had to be a VPN. With the mass increase in digital technology, the addition of a more malicious vulnerability is inevitable. With Virtual Private Networks, you’re masked and secured via encryption. Ultimate privacy from data logs, passwords, and prying eyes on a public network. It’s important to keep your IP and data from being tracked/logged. A lot of users use their phone for a lot of crypto transactions as well. This is why it’s important to make sure the company you decide to get VPN from has options of cellphone VPN as well! This can prevent DDos attacks to your accounts and machine’s network. Very important!

#2 COLD STORAGE WALLETS

Storing your crypto safely is a must here in this space. Cold storage wallet is a piece tangible hardware the size of a USB. This has a private key associated with it. a long string of numbers and letters that make up your wallet. Like a password. With it, a private key. if you want to keep your private wallet safe, you have to keep your private or Seed phrase safe.

You’ve probably heard the term “Not your keys, not your wallet.” This phrase in fact, is absolutely true. Many exchanges and dApps that offer services sometimes offer non custodial wallets, aka, they take care of it FOR you. This can be a great feature and can feel like peace of mind but this is actually one of the biggest risks to your assets. There are a slew of risks that come with using a 3rd parties wallet. First off if anything happens to your funds, you’d have to speak with their support. If anything happens with the exchange’s integrity, a hack or a shut down via SEC. Your funds are at risk as well. The best option is to keep your heaviest of funds on your off chain, cold storage wallet and your passwords as safe as possible.

#3 AVOID RUG PULLS

The DeFi space is such an amazing space. A spawning place of code, protocol, disruptive technology

in our earlier mediums we spoke about Honeyswap and BunnySwap and how some of these protocols get their liquidity pulled. Seeing high yield opportunities like shown here, can be a magnet for investors, yet you never truly know if these protocols are safe. A lot of them can be malicious projects with backdoor codes or minting codes that can dilute the pool of liquidity leaving you with nothing to cash out with except the worthless Liquidity Pool Token LPT. All in all it’s best to seriously DYOR Do your own research and before investing into ANY project, at least do some digging to give yourself more assurance.

#4. Keep Passwords Safe

There are some nice tangible tools you can add to your library. For example, steel wallets with metal plating. Indestructible un burnable, you get the idea. Some have clever mechanisms that the owner can set up. These can get a little expensive. Another option is to put them into a notebook and put that notebook within safekeeping. Saving passwords within your computer can be risky. If your machine is hacked and all files are open, your seed phrases/private phrases are compromised instantly!

#5 BEWARE OF SCAMMERS