One of the biggest things keeping people from getting into cryptocurrency is theft. There are constantly high profile stories about people losing everything, either through hacking or through scams. It can seem as though cryptocurrency is just too unsafe for most people to bother with. Fortunately there are a few things you can do to protect your crypto fortune - all it takes is a little education to get most people feeling safe enough to invest in the currency of the future.
First, decide which cryptocurrency you want to invest in - there are literally hundreds from which to choose and they aren’t all Bitcoin. Next, choose which exchange you are going to buy it on. Some are more secure than others, and there are also considerations to make about fees and currencies available.
But the most important thing is storage. When you store cryptocurrency in a hot wallet, that is one that is connected to the Internet for ease of use, you leave yourself open to theft from multiple different sources. If you are going to have cryptocurrency you need to store it in a cold wallet, one that is offline and can’t be accessed by anyone but you.
Hackers use a lot of different methods in order to gain access to cryptocurrency, and in fact already in 2018 $530 million worth of cryptocurrency was stolen from Coincheck because of hot wallet storage that didn’t have multi-signature protection.
Cryptocurrency is the money of the future, and all things futuristic have a learning curve. Learn more about protecting your cryptocurrency from this infographic!
Infographic Source: https://cryptogo.com/cryptocurrency-theft-security-infographic
