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Security in cryptocurrencies

Security is essential if you want to preserve your cryptocurrency holdings

Whilst many people’s cryptocurrency holdings have diminished over the past year, there was a point last Christmas where many people were making extraordinary amounts of money. Since then, many people have lost plenty. However, whether you are gaining money or losing money, having security in place is a weight off your shoulders.

In recent months, there have been news stories of kidnappings and extortion of people with substantial cryptocurrency portfolios. This is but one example of the danger that’s out there for those within the industry. Many cryptocurrency originals remain anonymous behind avatars on Twitter. Often, this leads to criticism that they are hiding and are scared to reveal themselves. Yet in truth, there is wisdom to this.

Anonymity

By remaining anonymous within the space, you prevent the possibility of becoming a target for would-be thieves. Within Crypto Anarchy, one’s own privacy is a key tenant. What better way to have privacy than having no one know your true identity? Most likely, you are not a celebrity within the cryptocurrency sphere. Even so, remain cautious about who you do and do not tell about your holdings in cryptocurrencies. If you go around telling people how rich you are then jealously can creep in from others and you put a target on your back.

Computer security

Making your laptop and internet connections secure is also of vital importance. Investing in a respected and comprehensive anti-virus software is a simple but great step. For a yearly subscription fee of under £100, you should be able to find one that suits your needs.

Many nowadays also incorporate VPNs (Virtual Private Networks) into such software as well. This adds another level of security on top. VPNs are not without criticism, however. If you want to use anonymous browsing software, the open source TOR network should be your go to. The Onion Router network is often criticised as a tool of criminals. However, to browse anonymously on the web, there is no better tool.

Wallet security

Of course, keeping your coins safe in a wallet goes without saying. The simplest way is to purchase a hardware wallet such as a Nano Ledger or a Trezor. Always keep your private keys safe! Adding two-factor authentication onto your online logins is another enhancing security step. Just ensure that this isn’t attached to your phone number.

These are a few simple but massively important steps to take to ensure the most basic security. If you imagine every single person wants to steal your cryptocurrencies, then you’ll rightly treat security as extremely important. If you think it won’t ever happen to you, believe me, you’re wrong. It has happened to me and many other people I know. Be safe and ensure your security.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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