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25/08/2021

How to secure a crypto wallet

Cryptocurrency anonymity has played into the hands of cybercriminals. This feature makes it almost impossible to trace the thefts and get the money back, which many crooks take advantage of.

However, you can fully protect your money. We will tell you how to keep your digital asset secure with minimal effort.

Types of wallets
The most secure ones are considered to be:

Hardware wallets are standalone devices that look like a USB flash drive. They support up to several dozens of currencies, are tamper-proof, but are expensive.
Desktop wallets – software, which is installed on your computer.
Less secure but more user-friendly online wallets include applications, services or browser extensions.

Choosing recommended software
Having chosen an e-wallet, check the list of recommended software for your cryptocurrency type. For example, there are some options considered safe to store Bitcoin by miners, which include:

Bitcoin Core;
Electrum;
BitGo.
By focusing on proven options, you protect yourself from the risk of being cheated at the very beginning: fraudulent software is often promoted as fake wallets.

Privacy
Wallet-related data, especially private keys and passwords, should be kept confidential.

The best solution is to keep all this type of information in your memory. But because the combination of a private key is quite chaotic and long, this is virtually impossible and dangerous. It is reasonably safe to keep the key data on encrypted flash drive.

Online security
For the average cryptocurrency holder, identity theft can be a major threat. Whether you use a smartphone or a computer, it is worth following several online security rules if you have a cryptocurrency wallet or related information on your device.

Here are some of them:
1) Dubious applications and software. Even non-crypto applications should be installed with caution, as they may be phishing scams.
2) Websites with HTTPS protocol only!
3) Suspicious links. Do not open links that have been sent by strangers via email, social media or a mailing list.

You can activate additional security measures in your account settings if you use online services, e.g. two-factor authentication.

25/08/2021

Bank or cryptocurrency: the best way to keep money in 2021

We all know how the traditional banking system works, so we will not dwell on it too much. But which way of saving to choose? Undoubtedly, banks are considered the safer option by most people, but there are a couple more points to consider.

Yield
The advantage of сryptocurrency as a saving tool is the potentially high yield. Banks can offer a much lower interest rate on a deposit.

For comparison, the average deposit interest rate for up to three years is around 5%. In the meantime, Bitcoin has roughly quadrupled in value from August 2020 to August 2021, from $11,000 to $40,000.

Volatility Problem
Another important thing to consider is volatility. The dollar, euro or Japanese yen are more or less stable. Investing in these currencies is protected from risk. At the same time, cryptocurrency prices may drop in a short period of time due to the high volatility. In that case, you can lose your money.

The best option is to diversify. There is nothing that can stop you from combining both tools. This way, you can generate income and get the benefits of holding cryptocurrency and protect some of your funds at the same time.

24/08/2021