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How To Keep Your Cryptocurrency Safe

Securing Your Cryptocurrency – Hardware Wallets

It is a fact that unprotected crypto is easily stolen which is why billions are stolen each year. Online wallets and software wallets including apps can and are constantly targeted by hackers.

When those new to the world of crypto purchase their first coins most actually leave them on the exchange. If their computer, tablet or phone is compromised then a hacker could obtain the users username and password to login to the exchange and steal the coins. If is a fact that this happens every day!

If you think about cryptocurrencies, what you really own is not physical, it’s just a “private key” which is data relating to your coins transactions on the blockchain. If anybody has access to your private keys then they have full access to your coins.

So as you can imagine if your coins are simply stored on your computer either on an exchange, online wallet or software wallet, if your computer is hacked, stolen or even breaks then you could lose access to your coins.

So what’s the answer? To securely store your cryptocurrency the best option is a hardware wallet. These are classed as “cold storage” devices, meaning that the wallet is not connected to the internet so there is no threat from cyber hacks. They are actually physical devices that in effect store your crypto’s private keys. Many look similar to USB storage devices and indeed they attach to your computer by means of USB.

Buying a Cryptocurrency Hardware Wallet

If you decide to buy a hardware wallet then we strongly suggest you buy only from the manufacturer or a from well renowned wholesaler such as Amazon. Never be tempted to save money by purchasing a second hand device as it could possibly have been tampered with and you coin lose your coins.

We strongly advice you buy one of the most popular and trusted devices listed below.

  • Ledger Nano S
  • Ledger Nano X
  • Trezor One

Recovering a Hardware Wallet

In the event of you losing your hardware wallet or if for some reason it is damaged don’t worry you will still have access to you crypto. When you run through the initial setup of your hardware wallet it generates a string of words (seed) which you should make a note of and store in a secure place. With the seed you can easiy copy all the contents of your wallet to a new device.

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