The past year has witnessed the surreal growth of blockchain technology. Its innovation has resulted in giving the world a new investment option, cryptocurrency. When we look at its soaring prices, the current bitcoin value in rupees is Rs 36,66,361. According to experts, it is expected to rise in the coming year. The reason for its growth has been the inclusion of security features in the technology.
It has a two-step authentication and its algorithm makes it difficult for hackers to cause harm. Yet, there have been cases of wallet hacking and leaks of data. So, before you start thinking of diversifying your portfolio it is important to ensure all safety practices to avoid scams and security breaches. So, if you are willing to start investing in crypto coins, make sure to know about the ways to protect your digital assets. To help you out, we have compiled a list of the best ways to safeguard your digital coins.
- Use reliable wallets
The use of digital currency wallets in India has grown and it’s for the best as they are the most popular way to store cryptocurrencies. But before choosing a wallet it is important to research first the security features. It is also advised to use more than one wallet to divide your crypto for better safety. In case a wallet gets hacked, you would still have crypto invested in the other wallet.
- Choose the platform carefully
The next most important factor to consider before you buy bitcoin and other cryptos are selecting the right trading platform. It is essential that the trading exchange is trustworthy and offers secure transactions. With numerous options in the market, read reviews and ratings to choose only the best one. It is also better to trade on more than one platform for maximum safety.
- Be aware of the scams
As the investment in crypto increases, the risk of frauds and scams also rises. With phishing websites and emails, hackers have started coming up with new malicious methods to lure people. These phishing scams and hacks can result in stealing personal login information and getting access to wallets. To stay safe, make sure to install anti-virus software and stay away from unreliable sources.
- Use cold wallets
The most convenient way to store crypto is an online wallet. While it may be easy to use, it is recommended to opt for a hybrid model in wallets. It is better to store the majority of the coins in an offline wallet and retain a certain amount in the online wallets. Also, ensure to keep the scanned code or the private key password in a safe place like a locker to avoid it being lost or stolen.
- Set a strong password
The most essential tip to stay safe and protected from online thefts and scams is by using a strong password. Use a different password for all your digital wallets and ensure that it isn’t used anywhere else. It is recommended to use multi-step authentication to login into your wallet or trading platform for additional safety.
As the interest in crypto investments grow, there will be chances of scams too. However, by having information and knowledge on the subject one can stay safe. For everyone who is looking to start investing in crypto, it is advisable to opt for the best cryptocurrency exchange in India that offers secure transactions like WazirX. The first and foremost thing to look at while choosing a trading platform is its safety features. This helps in minimizing the risk of hacks and data breaches.