One of the biggest cryptocurrency mishaps was the death of QuadrigaCX’s founder Gerald Cotton dying untimely, leaving behind $190 million of cryptocurrency that was inaccessible to investors. Such situations can happen to anyone and if you happen to be an avid crypto investor, you need to ensure you do not lose your digital currency to unfortunate events or hackers.
Since digital currencies are not regulated in most parts of the world, not taking precautionary measures will leave you in a world of trouble. So here in this article, we will give you some important measures on how to secure your cryptocurrency including ELLIPAL’s crypto cold storage.
Here are the 5 best ways to safeguard your cryptocurrency:
Use Reputable Wallets: You should always use wallets that are reputable and offer the best features. With cryptocurrency being so popular, there are unscrupulous people out there who are out to scam you. You should do some minimum research to ensure you are not investing in some shady service.
Bifurcate Your Investments: There is no need to keep all of your investments in one place. Instead, you should minimize your potential losses by keeping your currencies spread out. While it does make things more time consuming, it is worth the effort. In the end, you are the investor and it is up to you to make the right calls. And by bifurcate your investments we not only mean investing in multiple cryptocurrencies but also making use of multiple storage services.
Use Strong Passwords: If you are someone who keeps using simple passwords online, you should break the habit for cryptocurrency. You can make use of password managers and create encrypted passwords which are far more reliable than simple one-word passwords. Making use of two-factor authentication is also a must to ensure you get the maximum protection possible. Two-factor authentication added a second layer of protection to your existing passwords by making use of one-time passwords and codes.
Backup You’re Keys: Even if you make use of offline wallets, keeping a backup of your private keys is essential in case you lose. You would rather be safe than sorry. Make backups of your cryptocurrency as frequently as possible. This is where a cryptocurrency storage wallet comes in. Keep a backup in an offline wallet along with your cloud data is the best way forward.
Use A Cold Storage Wallet: This is the number one advice that we have to offer. Offline crypto cold storage wallets are the best for cryptocurrency. Most hackers target online exchanges and offline wallets have all the necessary means to prevent anyone from getting access to your cryptocurrency. There are physical buttons that need to be pressed even when using USB wallets, so there is no way someone could access your wallet remotely.
If you are looking for cold storage wallets to keep yourself safe, you should always opt for a reliable brand. ELLIPAL is one of the top choices in the international market thanks to their proven expertise at offering to secure with the latest cryptocurrency cold storage wallet for cryptocurrency owners. You also get access to a mobile app to monitor your investments securely and keep track of your digital assets.