How to maximize the safety of your digital tokens?

FinanceFeeds Editorial Team

Digitalization is the future of the investment world. These are the most preferred and growing investments in the world.

Bitcoin was the first invention or the introduction to digital investment on thequantumai.app. Bitcoin does not bear control from the government or any solo person. Bitcoin has become the most grown, hyped, and volatile virtual asset and is pushing the digital world to legal acceptance. There are around 4000 digital currencies that are traded every day, but bitcoin is the most trusted by existing and new investors.

Investment with crypto is more accessible than traditional investments, but investors want security for their digital tokens. Unfortunately, the cases of hacks and cyber-attacks are regularly hiking. To ensure the safety of your digital tokens, you should take some safety measures. First, choose an exchange with the highest security ratings, and a customer-based exchange could provide maximum security—second, use two-factor authentication to unlock your crypto wallet. Third, you can use different types of wallets to store your tokens, like cold-hot wallets, desktop wallets, hardware wallets etc.

Things to consider for the safety of your digital tokens

Invest in safe and reputable exchanges

Just like stock trading, crypto coin trading is done through the exchange. A reputable and safe exchange must be used for digital tokens. As the crypto markets are growing very fast, many hackers are attracted to it and commit fraud easily if one does not pay attention while investing and trading. Choose crypto with robust cyber security infrastructure and store the user’s coin in an armed storage facility, geographically distributed and heavily monitored storage to provide excellent security. 

Use a secure connection

A secure internet connection can reduce the hacking risk by up to 90%. Avoid using public Wi-Fi while transacting your data with crypto coins. Do not use suspicious sites to deal with your coins or buy or sell digital tokens. The safety is not yet completed. You have to add some more security if you are trading with crypto. You can use different types of anti-malware and set up your firewall to provide maximum security. Do not use your birth date or mobile number in your password. Do create a strong password to get maximum security.

Most of the routers have a default set of passwords. Update your router regularly and enable your network encryption to disable the network name broadcasting. Adding a Virtual Private Network (VPN) can add some additional security. VPN is software that hides all your online activities by communicating with your network services provider. It helps you to hide your activities and make your coins safe. Using a safe and trusted device while working with your crypto assets online is always advisable.

Take the lead- don’t be a follower

Before investing or starting a lending business, do deep research on the coin purchase. Don’t be afraid of missing out, or don’t panic through peer pressure. Running behind FOMO can lead to decimation in the investor’s portfolio. Through a survey in 2021, celebrities influenced around half of the U.S. virtual currency investors and changed their investment decisions. It is also seen that in less than one month, one reputed coin lost its value. Reading that kind of behaviour can affect crypto investors.

Don’t fall victim to phishing

Phishing is a historical common cryptography scam that can wipe out your crypto wallet. The scams trick you by providing fake mail, emails and text message. Scammers offer free cryptocurrency or NFTs to attract you, and you can connect your digital wallet with fake sites. Once you connect your wallet with sites, they wipe out your NFTs or another cryptocurrency which can affect you badly. Do not link your wallet anywhere without complete knowledge.

A well-known actor falls victim to phishing which costs him thousands of dollars. Think before investing and also while clicking on any doubted mail or link. Do not share your password or wallet recovery phase over social media. It can help you safeguard your crypto wallet and safe wallet access.

Conclusion

Many ways can be used to safeguard your crypto wallets. However, security depends on the wallet owner having complete knowledge about scams and security measures which helps to increase safety. 

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