Store and protect cryptocurrencies

✔️ Information reviewed and updated in December 2023 by Eduardo López

One of the points that you should pay attention to when making investments in cryptocurrencies is security. And, believe it or not, security is just as important as the value of the cryptocurrency and whether it will go up or down.

Today, with the increasing sophistication on the part of hackers, it is very important to learn how to protect your cryptocurrencies so that they are not stolen. Here we will tell you how to store and protect cryptocurrencies reliably. Thus, you will reduce the risks of being a victim of a scam or theft.

➡✨Who can make use of this protection?

In order to take full advantage of the security system and avoid becoming a victim of cyber crime, you need to meet certain requirements. If you are a cryptocurrency trader and want to increase your protection, first verify that you meet these points:

  • Have an account on a broker platform.
  • Have money in it.
  • Have cryptocurrencies in your Wallet.
  • Use said cryptocurrencies.

In a nutshell, In order to take full advantage of security, then you must have an account or Wallet with cryptocurrencies ready to operate. If you don't have cryptocurrencies, then you can't use security.


➡✨ Security solutions to consider

  • Leave everything as is

Believe it or not, one of the security options to take into account is to leave everything as is. That's how it is, leave your cryptocurrencies within your exchange platform without doing anything other than being aware.

If you decide to do this, it is important that you pay attention to some points such as the level of security and encryption of the information. Also You must take into account that there is a risk that the broker disappears and takes everything with him, so you have to trust the broker.

  • Multi Wallet purse

A Multi Wallet purse is intended to allow multiple currencies to be stored in a single Wallet. And we must remember that Wallets are made to store only their own cryptocurrency so having a Multi Wallet will help us make everything easier.

For some, this is one of the best options, since, having all the currencies in one place, achieving greater security becomes somewhat easier. The risk is that, if the Wallet is violated, all our currencies would also be at risk.

  • Physical wallet

Although it is not something common, There are physical Wallets which are physical electronic devices designed to store your cryptocurrencies. Its design is like that of any other USB, at least physically, since, in technology, it is much more sophisticated as it has hacking-proof encryption.

Having a physical Wallet turns out to be a great option since these are multi-cryptocurrency, that is, we can have several currencies in the same place. Today there are different types of physical Wallet whose only risk is losing the USB or having it stolen from your office.

  • Private wallet for each of your cryptocurrencies

Although this option is somewhat complicated and tedious, having a private Wallet for each of your cryptocurrencies can be a great success. This because of Each cryptocurrency developer usually creates their own Wallet using higher level security.

For example, NEO developed its own private Wallet which is known as Neo Wallet. Its technology not only allows you to store this cryptocurrency, it also allows you to generate the Token Gas. In this way, each developer has their own Wallet. Yes indeed, Take into account that, if you have a lot of cryptocurrencies, you will have to have a lot of private Wallets.

  • A combined solution

For those who seek maximum protection, without a doubt, one of the best ways to achieve this is to carry out a combination of security measures. For example, use measure number 3 (Physical wallet) as a priority, then measure 4 (Private wallet, and finally option 1 (broker).

In case of not being able to use one, there is always the other option. Even you can fragment the cryptocurrencies so that you leave the most valuable ones in the physical wallet and the rest in the private wallet or on the platform of the intermediary or broker.


➡✨Additional solutions

Although experts consider that the above measures are undoubtedly the most effective when it comes to protecting your cryptocurrencies, there are always additional measures that we can take. And there are options that can help you increase security when trading currencies. Next, we will tell you the main ones:

  • Use a VPN: The VPN is a kind of shield that is formed between the internet and your device which prevents hackers from sneaking into your computers. Today there are a large number of VPNs both free and paid that you can use.
  • Do not use open networks: A very common mistake when operating in cryptocurrencies is to do so in open networks such as airport networks, since these do not have security filters. It is better to operate only on your private Wi-Fi or mobile data network.
  • Deliver your private address: Although this may sound a bit silly, many people make the mistake of giving up their private address. This is one of the things to take care of, since By delivering this address you are giving your access codes to your Wallet and practically all your cryptocurrencies.

➡✨ Is it safe to operate with cryptocurrencies?

Yes, without a doubt it is very safe to operate with cryptocurrencies as long as you take into account the appropriate security tips. It is like any type of online operation, like buying on Amazon or transferring your money from one account to another.

So Do not think that trading cryptocurrencies is a bad thing, on the contrary, it can be very good and very safe. There are many options, so we recommend you look at the level of security and trust they offer, as well as pay attention to the experience of other users with these security measures.

Eduardo Lopez

Editor and Copywriter

I am Eduardo López Martínez, I was born in Madrid, Spain and I am 48 years old. I am a journalist and I am part of the team. Do you want to know a little more about me? I invite you to read my biography.

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