Cryptocurrency wallets tend to be safe. Some best practices, including storing your seed phrase, private key, and pin and/or password on something offline, can be handy to be on the safe side. Although the same goes true for your crypto accounts, any platform where you cannot access your private keys directly can be risky.
Generally, losing a cryptocurrency can be the result of getting your crypto account hacked, going MIA, and losing your seed phrase or private key. Similarly, sending your digital currency to the wrong address can also lead to the loss of your cryptocurrency.
How to Avoid Losing Cryptocurrencies
The above scenarios can happen with anyone at any time. However, using insured custodial services and best security practices can help you avoid the inconvenience caused by any of the above situations.
Let’s look at some of the ways to secure your crypto accounts and wallets here.
The Basics
Writing down your seed phrase, private key, public key, and pin or password may not be a good idea to secure your crypto wallets or accounts. Instead, consider doing copy-paste for each of the above somewhere safe. Losing this information will, of course, cause you to lose your cryptocurrency. Make sure you remember the storage location so that you can retrieve your keys or password whenever needed. With this information, you can secure your cryptocurrencies unless the third-party platform you are storing crypto coins on gets hacked.
It is a must to save this information and avoid sharing or losing it. You can create a safe backup of your detail and keep it in another location, especially if you lose access to your primary place or misplace the device itself. Most crypto accounts do not have a private key, public key, pin, password, and seed phrase. It means you do not need to record lots of information except for the relevant details of each crypto account.
Advanced Ways to Secure Your Crypto Accounts and Wallets
Besides copying and pasting your keys and passwords, you can benefit from several other advanced ways to maximize the security of your crypto wallets and accounts.
- Password Programs
Of course, you can get superior security by employing effective password programs, such as Google 2FA or LastPass. These programs are handy for the best protection of your cryptocurrency accounts and wallets.
- Secure Offline Devices
Bonus points for securing your offline device with a strong password. Get more secure offline gadgets, such as a protected and encrypted USB drive and a reputable hardware crypto wallet. It will allow you to take advantage of the best protection for your crypto account passwords.
- Create Strong Passwords
Never create a password containing your birthday or wedding date or any information, which is easy to fetch. Create a strong password with numeric and alphanumeric letters and make sure to use different passwords for each crypto account. You can refer to effective password programs like LastPass to get a hard-to-fetch password for your cryptocurrency account.
- Use Google 2FA
When ensuring protection for your crypto account, employ Google 2FA where applicable. Generally, you can benefit from such a software-based authenticator for custodial services to get the best security against your crypto accounts being hanged. Consider backing up your 2FA on other devices through seed phrase recording when you are setting it up. In case of losing your 2FA, custodial support services can help you recover your crypto accounts.
- Secure Your Public Key
If you have a non-custodial crypto wallet, you will use your public key as the address to receive digital money, whereas your private key serves as your password to unlock the wallet. Make sure to keep your private key somewhere offline secure, such as on an encrypted USB. With custodial wallets, you do not have access to seed phrases or a private key.
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