{"id":5221,"date":"2020-06-01T18:15:39","date_gmt":"2020-06-01T15:15:39","guid":{"rendered":"https:\/\/godex.io\/blog\/?p=5221"},"modified":"2021-10-15T13:36:00","modified_gmt":"2021-10-15T10:36:00","slug":"how-to-secure-your-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies","title":{"rendered":"How to secure your cryptocurrencies"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_25_1 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table of Content\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/label><input type=\"checkbox\" id=\"item\"><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies\/#what_is_the_danger_related_to_crypto_wallets\" title=\"What is the danger related to crypto wallets?\">What is the danger related to crypto wallets?<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies\/#recommendations_on_how_to_be_on_the_safe_side\" title=\"Recommendations on how to be on the safe side\">Recommendations on how to be on the safe side<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies\/#beware_of_phishing_websites_and_check_https\" title=\"Beware of Phishing Websites and check HTTPS\">Beware of Phishing Websites and check HTTPS<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies\/#select_secure_wireless_networks\" title=\"Select secure Wireless Networks\">Select secure Wireless Networks<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies\/#use_several_crypto_wallets\" title=\"Use several crypto wallets\">Use several crypto wallets<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies\/#ip_whitelisting_instruments_and_static_ip\" title=\"IP whitelisting instruments and Static IP\">IP whitelisting instruments and Static IP<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies\/#pay_attention_at_bitcoin_addresses\" title=\"Pay attention at Bitcoin Addresses\">Pay attention at Bitcoin Addresses<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies\/#never_overcomplicate\" title=\"Never overcomplicate \">Never overcomplicate <\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/godex.io\/blog\/how-to-secure-your-cryptocurrencies\/#the_benefits_of_godexio\" title=\"The Benefits of Godex.io\">The Benefits of Godex.io<\/a><\/li><\/ul><\/nav><\/div>\n\r\n<p>Almost 5 million Bitcoins are presumably lost because of thievery, abandoned private keys and foul-ups such as a trader named James Howells who accidentally tossed out his hard drive which stored 7500 BTC ($127 million) in 2013. This example is very illustrative: getting digital coins is only half the success. It is equally important secure cryptocurrencies and choose the most appropriate option to store them.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what_is_the_danger_related_to_crypto_wallets\"><\/span>What is the danger related to crypto wallets?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Crypto wallet is a key point in understanding how to make sure that your digital assets will not be hacked or stolen. They keep different types of security keys, act as intermediaries in transferring cryptocurrencies, audit their current balance and interfere with blockchain (Bitcoin, Ethereum or any other). Thus, many hacker attacks and fraudulent actions are aimed at receiving access to your digital wallet and, consequently, secret keys.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>There are several important considerations worth taking into account when opening your first crypto wallet. First of all, it is important to choose the wallet that matches your investment profile and goals. Thus, think what kind of strategy (long-term, HODL, Buy the Dip, etc.) you are pursuing, because it will eventually determine the kind of wallet suitable for your profile. Secondly, it is important to understand particular features and specifics of the crypto storage that you will decide to use. All digital wallets can theoretically be divided into two groups: cold and hot. Hot wallets (cloud-, software-, mobile- or exchange-based) require Internet access in order to be managed. In its turn, cold wallets (hardware, paper, USB or real-world items, such as physical Bitcoin Cash) offer offline storing options which allow receiving funds, but not sending them. Most traders store their cryptocurrencies on both types of wallets which is also considered to be a good security measure.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>When considering the ways to secure cryptocurrencies, remember the golden cryptocurrencies rule: \u201cdecentralisation puts the responsibility of storing the key exclusively on investor\u2019s shoulders\u201d.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Given that cryptocurrencies are governed by the blockchain technology rather than a particular body, every individual user is in charge of their own digital assets except for the cases when they pass through a crypto exchange or any other centralised entity.\u00a0<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"recommendations_on_how_to_be_on_the_safe_side\"><\/span>Recommendations on how to be on the safe side<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>So you have decided to protect your digital funds by keeping them in a particular crypto wallet. Remember that you are now responsible for storing your crypto and keeping all of your secret codes confidential. Below are the most well-known security measures:\u00a0<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Don\u2019t use cryptocurrency exchanges for keeping your crypto investments longer than needed.<\/li>\r\n<li>Always remember to activate 2FA authentication feature. If possible, choose offline 2FA tools or 2FA hardware instead of SMS.\u00a0<\/li>\r\n<li>To protect your hardware wallets, select a PIN that is hard to figure out and never share private recovery sheets online.\u00a0<\/li>\r\n<li>Don\u2019t use your name, home address or other identifiable details when discussing your crypto belongings on cryptocurrency platforms. Some hackers succeed to misappropriate funds even if a user holds them in a well-secured online or any other kind of storage.\u00a0<\/li>\r\n<li>Trust only verifiable information that you can personally check on your wallet\u2019s official website or account<\/li>\r\n<li>Always presume that your gadget can get endangered at any moment so use your smartphone or laptop with caution.\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Check <a target=\"_blank\" rel=\u201dnofollow,noopener\u201d href=\"https:\/\/godex.io\/blog\/crypto-tips\/how-to-secure-your-crypto-transactions\/\">How to secure your crypto transactions<\/a><\/p>\r\n\r\n\r\n\r\n<p>Additionally, consider the following recommendations to reduce the possibility of your crypto being lost or hacked.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"beware_of_phishing_websites_and_check_https\"><\/span><strong>Beware of Phishing Websites and check HTTPS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>Remember to verify the website URL before accessing your private information in online wallet or exchange. A lot of fraudulent sites look exactly like well-known crypto exchanges in order to steal users\u2019 log-in details. For example, authorised websites have a verified HTTPS confirmation certificate. You can browse a popular \u201cHTTPS Everywhere\u201d extension which automatically converts sites from unsafe &#8220;http&#8221; to trustworthy &#8220;https&#8221;.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"select_secure_wireless_networks\"><\/span><strong>Select secure Wireless Networks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>Never use open WiFis to log-in to your web wallet, cryptocurrency exchange or any other account that may contain your personal data. Even if you consider the WiFi point as trustworthy, ensure that it has secure encryption such as WPA or WPA2 protocol.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"use_several_crypto_wallets\"><\/span><strong>Use several crypto wallets<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>It is never a good idea to store all your crypto funds in one wallet. The best strategy for those who are interested in long-term investment is to use two or more cold wallets and one online wallet for active trading and cryptocurrencies transfers.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ip_whitelisting_instruments_and_static_ip\"><\/span><strong>IP whitelisting instruments and Static IP<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>Set a static IP address in order to protect your crypto accounts. Moreover, you can use IP Whitelist feature to limit the access to your investments and control who can view them.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"pay_attention_at_bitcoin_addresses\"><\/span><strong>Pay attention at Bitcoin Addresses<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>Some malicious software programs can change and paste an incorrect address when user makes a transaction. In most cases, the configured address is affiliated with a hacker. Only a manual check can protect you from this widespread scam.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"never_overcomplicate\"><\/span><strong>Never overcomplicate <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p>In order to reach the highest protection levels, some users apply the most advanced security tools which they don\u2019t fully understand. As a result, their actions often become irreversible and they lose their crypto funds. Complexity and safety should always be balanced.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"the_benefits_of_godexio\"><\/span>The Benefits of <a target=\"_blank\" rel=\u201dnofollow,noopener\u201d href=\"https:\/\/godex.io\/\">Godex.io<\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Godex.io offers secure, anonymous and fast cryptocurrency swaps without the need to register an account or provide personal data. This <a target=\"_blank\" rel=\u201dnofollow,noopener\u201d href=\"https:\/\/godex.io\/exchange-rate\">online exchange<\/a> allows to seamlessly trade more than 210 different cryptocurrencies as well as effectively manage the investment portfolio. Traders have an opportunity to use an excellent online exchange service while staying within their crypto wallet provided that it is integrated with Godex. There is no need to register a new online wallet when using Godex. With security as one of our key priorities, users can withdraw or exchange any cryptocurrency at any time without risking their digital funds.<\/p>\r\n\r\n\r\n\r\n<p>Check our <a target=\"_blank\" rel=\u201dnofollow,noopener\u201d href=\"https:\/\/godex.io\/blog\/crypto-tips\/step-by-step-guide-how-to-exchange-crypto-fast-and-secure-with-godex-io\/\">Step by step guide how to exchange crypto fast and secure with Godex.io<\/a>\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Knowing how to secure cryptocurrencies is an important skill to learn when aiming to become a successful cryptocurrency trader. Stay on the safe side and choose only secure and trusted storing options that suit your investment goals. And remember: your cryptocurrency security is in your hands.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Table of Contents What is the danger related to crypto wallets?Recommendations on how to be on the safe sideBeware of Phishing Websites and check HTTPSSelect secure Wireless NetworksUse several crypto walletsIP whitelisting instruments and Static IPPay attention at Bitcoin AddressesNever overcomplicate The Benefits of Godex.io Almost 5 million Bitcoins are presumably lost because of thievery, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133,135],"tags":[117,566,115,114,904,565],"yst_prominent_words":[],"class_list":["post-5221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-talks","category-hot-topics","tag-crypto-exchange","tag-crypto-safety","tag-crypto-security","tag-crypto-tips","tag-crypto-wallets","tag-safety"],"lang":"en","translations":{"en":5221},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/posts\/5221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/comments?post=5221"}],"version-history":[{"count":3,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/posts\/5221\/revisions"}],"predecessor-version":[{"id":6027,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/posts\/5221\/revisions\/6027"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/media\/5222"}],"wp:attachment":[{"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/media?parent=5221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/categories?post=5221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/tags?post=5221"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=5221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}