The worldwide cryptocurrency market has expanded at an astounding rate since the creation of Bitcoin in 2009, drawing investors from all walks of life. However, the cryptocurrency markets are still in their infancy; they are incredibly volatile, scarcely regulated, and the ideal environment for fraudsters and hackers to thrive.If you want to write a blog on Cryptocurrency and you are looking at the guest blog platform then you can choose our Cryptocurrency Write For Us category.
Any knowledgeable trader is aware of how crucial it is to secure your bitcoin. So, how can you protect your cryptocurrency the best?
1. Trade on Trusted and Secure Exchanges
Similar to equities, cryptocurrencies are typically bought and traded on exchanges. Dozens of the hundreds of bitcoin exchanges have substantial trading volumes.
The best and safest cryptocurrency platforms are probably Kraken, Gemini, Coinbase, Crypto.com, and Binance, but only a small number can be said to be completely safe.
Nearly every nation may access Kraken, which boasts a committed group of cybersecurity experts. While Coinbase and Crypto.com both demonstrated remarkable transparency when they experienced security breaches, Gemini, which is governed by the New York State Department of Financial Services, is extremely focused on security.
2. Keep Your Coins in Several Cold Wallets
Keeping the majority of your cryptocurrency in exchange may seem like the ideal course of action if you trade rather than just holding it, but it is unwise from a cybersecurity standpoint. While it is true that there are secure exchanges, there are also breaches and arbitrary withdrawal halts on some platforms, particularly during downturns.
Without a doubt, the best course of action would be to keep your cryptocurrency separate from exchanges and in several wallets—ideally hardware or cold wallets.
Even while some software wallets claim to be safe, cold wallets are better in almost every aspect—including cybersecurity—since they can't even be accessed online.
The best practice for cryptocurrency is to split up your holdings among several cold wallets, with only a small amount kept in a software wallet or, if you trade, on an exchange.
3. Utilize a secure website
While it can seem like common sense, there is more to using a safe internet to access your cryptocurrency accounts than just avoiding public Wi-Fi networks and dubious websites.
Since you'll probably do the majority of your cryptocurrency trading from home, you should at the very least put up a rudimentary security system.
To begin with, make sure your anti-malware program is up to date and correctly configured, then test your firewall for vulnerabilities to see if your internet is secure.
Employ Multiple Passwords and Two-Factor Authentication
While one in five respondents to a 2020 survey by the American cybersecurity company Digital Guardian acknowledged having their internet accounts compromised, 61 percent of respondents indicated they use the same password on multiple websites.
Simultaneously, 89 percent of poll participants expressed confidence in their password management strategies.
However, it is not advisable to use the same password across other platforms, as this is generally the worst thing you can do to increase the security of your online accounts.
Make sure you use strong, one-of-a-kind passwords and change them on a regular basis—at least a few times a year—to protect your cryptocurrency. Don't save your passwords in plain text if you have trouble remembering them. Rather, think about purchasing a safe password organizer.
