Crypto Security
How can I keep my cryptocurrencies safe?

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Keep your software up to date

This is a pretty basic and yet important rule to remember: Keep all of your software up-to-date and execute updates as soon as they become available. Malware often exploits weaknesses in older versions of software and operating systems, so it is crucial to be prepared. We highly recommend you make updating your software a habit. You could, for instance, define a specific day and update all your devices on Fridays.

We highly recommend you make updating your software a habit. You could, for instance, define a specific day and update all your devices on Fridays.

Use an encrypted password manager

Even as an average internet user you have probably created hundreds of accounts already for the numerous services you use online. And let’s be honest: you probably use the same password for your email account, small online shops and your favourite music streaming service. So if someone finds out this one password, then he or she has access to all your accounts.

There is an easy workaround for this issue: make sure to generate and to use unique passwords - a different one for every service. There is no need to worry - you don’t need to memorise dozens or even hundreds of passwords. Using unique passwords is actually easy. You just need to store them all in an encrypted password manager, such as LastPass or Dashlane.

Make sure you set up your encrypted password manager right away to make password management safe and convenient.

Activate Two-Factor Authentication (2FA) wherever you can

Another way to significantly avert the risk of your accounts and assets getting hacked is to use Two-Factor Authentication - also called “Two-Way Authentication” or 2FA for short - whenever possible. Whether it is for your Google account or any service that involves handling cryptocurrencies, this technology is low-cost and easy to implement while adding an additional layer of security.

After downloading an authenticator app to your mobile phone and enabling two-factor authentication for services or applications, you will be asked to enter a six-digit code in addition to your password every time you log in. So download your authenticator app, look at all relevant services, apps and wallets you are using and activate 2FA. It’s a small step that makes a huge difference.

Activating 2FA on all relevant services, apps and wallets you are using is a small step that makes a huge difference.

Avoid single points of failure and diversify risks

In terms of security, any single point of failure or attack is bad. A single point of failure (SPOF) is defined as a component of a system that stops the entire system from working if it fails. This means you should not create one backup but multiple backups (for example, on different USB-sticks), multiple wallets and multiple passwords.

This is where we once again want to repeat the importance of cold storage or hardware wallets. Do not trust anything that has a constant connection to the internet or even a constant connection to your computer. Despite the fact that we just mentioned choosing a trustworthy platform for buying and selling your cryptocurrencies: please trade online but do not store online.

Do not trust in anything that has a constant connection to the internet or even a constant connection to your computer.

If you trade on an exchange, you do require some funds that stay on the exchange to establish liquidity. However, decide how much you really need for trading versus how much you might want to trade. You don’t want all of your crypto holdings sitting in an exchange wallet if said exchange suffers an attack by hackers - just remember Mt. Gox. Even the most reputable exchange may be at risk of being hacked.