Security Issues in Cryptocurrency: Six (6) Ways to Secure Our Coins

By Hirose Yamasaki | Hirose Yamasaki | 24 Apr 2023

Hi Cryptorians

This time, I want to talk about the security issues in cryptocurrency. Always remember that "not your keys, not your cryptocurrency". Please be careful in securing your hard-earned cryptocurrency so that it will be well secured as your wealth asset. We have heard numerous things about the cryptocurrency hacking issue, like what happened to the Mt. Gox exchange, what happened to even newer exchanges like Kucoin, and many more. Just to name a few big hacks that happened around us.

Even big companies and resourceful ones sometimes fail to secure their assets compared to individuals like us. Thus, numerous cases have already occurred of individuals losing the cryptocurrency. But not well mentioned as per the big company losing its.

Thus, this time, I will share the six (6) ways to secure our coins.

1. Don't ever expose private keys. Always remember this "not your keys, not your cryptocurrency". Store your keys in a safe place, don't store them online; don't write them on a piece of paper, as they might fade in the future. Be vigilant with your key storage.

2. Don't ever save private details online. Keep the important details offline; online, there are always hazards that might affect the storage.

3. Don't ever use private email. Only use one email for all logins; this would be hazardous, as when one account gets exposed, the rest will be exposed too. used a separate email for every Exchange account and for other details. In addition, to add an extra layer of security, please add two-factor authentication (2FA).

4. Use a password generator. When using a password generator application like Bitwarden, it will suggest an "impossible to hack" password that is always stored in a safe vault. Again, these vaults also need to be registered using a dedicated email.

5. Use a private virtual network (VPN). Add an extra layer of security by using a VPN, as any hacker will not know our dedicated IP address that we are using. Normal people are not doing these, but when our assets are getting bigger, it is a must for us to add an extra layer of security. By using VP that changes every 1 minute or 3 minutes, of course the hackers can't hack into our account.

6. Use a cold wallet with private key storage. The final layer to safe guard your cryptocurrency is, of course, using the cold wallet with additional private key storage like Safepal Cypher, which will keep your private keys safe in whatever situation (water and fire resistance). The usage of a cold wallet will prevent any online hacking, secure it in total offline without any trace of online presence.

That's all for the six (6) ways to safeguard your hard-earned cryptocurrency. Always be cautious, my friend.