As the popularity of cryptocurrencies continues to grow, so does the number of people looking to invest in them. However, with this increase in interest comes an increase in risk. There are a number of ways to protect your cryptocurrency investments. Timothy Enneking will explain some of them.
How to Protect Your Cryptocurrency Investments as per Timothy Enneking
Keep Your Software Up-To-Date
Another important way to protect your investment is to make sure that you keep your software up-to-date. This includes your operating system, as well as any software wallets or exchanges you are using.
Outdated software can often be exploited by hackers, so it’s important to ensure that everything you are using is up-to-date and secure. You can usually set your software to update automatically, so you don’t have to worry about doing it yourself.
Back Up Your Funds
If you are holding your cryptocurrency in a software wallet, then it’s important to make sure that you back up your funds. This way, if anything happens to your computer or phone, you will still have access to your coins.
You should also keep your backup in a safe place, such as a physical hard drive or a USB stick. This way, even if your house burns down, your funds will still be safe.
Keep a Different Password for Your Wallet
Another way to protect your investment is to make sure that you use a different password for your cryptocurrency wallet than you do for any other accounts. This way, even if someone manages to hack into one of your other accounts, they will not be able to access your cryptocurrency funds.
You should also make sure that your password is strong and unique. The best passwords are long and contain a mix of symbols, numbers, and letters.
Setting up two-factor authentication is one of the greatest ways to protect your account, according to Timothy Enneking (2FA). By asking you to provide a second code in addition to your password each time you log in, this offers an additional degree of security. A physical token or an app on your phone can both produce the code.
As a result, it is far more difficult for someone to hack into your account because they would require both the code and your password. Even if they were able to get hold of one, they would need the other to access your funds.
Use a Hardware Wallet
Timothy Enneking believes that one of the most secure ways to store your cryptocurrency is on a hardware wallet. These are physical devices that look like USB sticks and store your coins offline. This means that they can’t be hacked, as there is no way for someone to access them remotely.
Hardware wallets can be a little more expensive than software wallets, but they are worth the investment for the extra security they provide.
Check the URL Before You Enter Your Password
Make sure the URL is right each time you connect into your account. Fake websites that mimic real websites are frequently used in phishing scams.
When in doubt, hover your cursor over the link to view its destination before clicking. Don’t enter your password if the URL seems fishy; instead, get in touch with the business to confirm the legitimacy of the website.
Concluding Thoughts by Timothy Enneking
There are a number of ways to protect your cryptocurrency investments. By following these tips by Timothy Enneking, you can help to keep your coins safe from hackers and other threats.