As the popularity of cryptocurrencies continues to grow, so does the number of people looking to invest in them. However, with this increase in interest comes an increase in risk. There are a number of ways to protect your cryptocurrency investments. William Schantz will explain some of them.
How to Protect Your Cryptocurrency Investments
According to William Schantz, one of the best ways to protect your account is to enable two-factor authentication (2FA). This adds an extra layer of security by requiring you to enter a second code, in addition to your password, whenever you log in. The code can be generated by an app on your phone or a physical token.
This makes it much harder for someone to hack into your account, as they would need both your password and the code. Even if they managed to get hold of one, they would still be unable to access your funds without the other.
Keep Your Software Up-To-Date
Another important way to protect your investment is to make sure that you keep your software up-to-date. This includes your operating system, as well as any software wallets or exchanges you are using.
Outdated software can often be exploited by hackers, so it’s important to ensure that everything you are using is up-to-date and secure. You can usually set your software to update automatically, so you don’t have to worry about doing it yourself.
Back Up Your Funds
If you are holding your cryptocurrency in a software wallet, then it’s important to make sure that you backup your funds. This way, if anything happens to your computer or phone, you will still have access to your coins.
You should also keep your backup in a safe place, such as a physical hard drive or a USB stick. This way, even if your house burns down, your funds will still be safe.
Use a Hardware Wallet
William Schantz believes that one of the most secure ways to store your cryptocurrency is on a hardware wallet. These are physical devices that look like USB sticks and store your coins offline. This means that they can’t be hacked, as there is no way for someone to access them remotely.
Hardware wallets can be a little more expensive than software wallets, but they are worth the investment for the extra security they provide.
Keep a Different Password for Your Wallet
Another way to protect your investment is to make sure that you use a different password for your cryptocurrency wallet than you do for any other accounts. This way, even if someone manages to hack into one of your other accounts, they will not be able to access your cryptocurrency funds.
You should also make sure that your password is strong and unique. The best passwords are long and contain a mix of letters, numbers, and symbols.
Check the URL Before You Enter Your Password
When you are logging into your account, always make sure that the URL is correct. Many phishing scams involve fake websites that look identical to the real thing.
If you are ever unsure, you can hover over the link to see where it will take you before you click on it. If the URL looks suspicious, then don’t enter your password and contact the company to check if the website is legitimate.
There are a number of ways to protect your cryptocurrency investments. By following these tips by William Schantz, you can keep your coins safe from hackers and other threats.