What you need to do to keep your cryptocurrency safe!
The world of cryptocurrencies is booming! It's new and the future! There is a lot of money involved and where there is money... Scammers. Scammers looted a record $14 billion worth of cryptocurrencies in 2021!! It is therefore important that you store your coins properly! Rule 1 of the crypto world is therefore 'Not your keys, not your coins'. In other words, your coins are not really yours until YOU are the only one with access to your coins!
There are many ways to store your cryptocurrency these days. However, not all of them are as secure as they claim, which is why you should always do proper research before entering any information into an online wallet. There are only a few wallets that can be trusted at the moment. One of the best methods is to store your cryptocurrency offline in a hardware wallet such as Ledger Nano S. This way it is almost impossible for hackers to get their hands on your coins. To learn more about keeping your cryptocurrency safe, read this article!
What are the advantages of a hardware wallet?
Hardware wallets are one of the safest ways to store your cryptocurrency. They offer a high level of security as you need a physical device to access your coins. Hackers would have a hard time getting their hands on that information without the actual device. In addition, they are small, easy to carry and require no internet connection.
How do you store your cryptocurrency in a hardware wallet?
Storing your cryptocurrency in a hardware wallet can be a complicated process. However, it is important to protect your cryptocurrency from hackers.
Offline wallets, for example, combine the security of cold wallets with the convenience of fast (online) transactions without making any security concessions. Since the private keys are only stored on your hard wallet, they are never visible to the public, even if your computer or laptop is infected with a virus. The software runs on the hardware wallet itself and is therefore independent. Most hard wallets use physical buttons and PINs to prevent keyloggers and other dangerous malware. Keyloggers can read everything from your computer, but if you use physical buttons on your wallet, no one can read them. An added benefit is that this PIN ensures that even if someone gets their hands on your wallet, they still need the PIN to use it.
What if you lose your hardware wallet?
Should you lose your wallet, you can always get back to your crypto with another wallet, using a recovery seed. This seed is a random string of 24 words that serves as a backup. This sequence of words is therefore the ultimate backup of your wallet and must be stored securely, for example on a piece of paper in a safe. You only need these words if your wallet is stolen or if you have forgotten your PIN code.
On the Ledger Nano S, this recovery seed is only visible on the device itself, again making it independent of your computer.
Conclusion
Think again of rule 1 of the crypto world 'NOT YOUR KEYS, NOT YOU COINS'. Make sure your crypto is always stored securely. It would be a disaster if you suddenly lost all your earned money from the exchange!
Here is a link to the best Ledgers out there! So you can check out all the different hardware wallets. And find one that suits you best! Be sure your crypto is save!
https://shop.ledger.com/?r=d2e58ca3a6dc
Since the private keys are only stored on your hard wallet, they are never visible to the public.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit