• Written by: Prasanna
• Tue, 13 Sep 2022
•   Germany

Here are some security guidelines to sufficiently protect your cryptocurrencies from attackers. Let's take a look at it in more detail.

How to Protect your Cryptocurrencies?

Not your keys, not your coins

Separate devices or hardware wallets for handling cryptocurrencies

Create multiple wallets

Never store private keys on the computer

Private keys or passphrases are best written down by hand on a piece of paper and kept on it, as this makes it almost inconceivable for hackers to get hold of them. Of course, there is still a slight risk here. The hackers could possibly hack the webcam at a suitable moment and thus spy on the private keys. Yet, this is much less likely than an attack that only operates on the computer. To cover the sheet of paper from a tipped water glass or other contamination, it is better if you laminate it. 

Multi-signature wallets

As the name implies, this kind of wallet utilizes multiple signatures (private keys or authorization codes) instead of a private key. A transaction can then only be executed if all (or 2 out of 3) of the needed keys are entered.

Install security software on the devices 

The installation of existing anti-virus programs, anti-malware software, and firewalls to protect the devices is also one of the definitely crucial basics to save your own computer, private data, and cryptocurrencies from cyber attacks.

Never talk about money

For many, this may be an ancient principle that has long since lost its truth, but it is exactly this that can defend against attacks on one’s wealth. After all, if no one knows that you have a large number of cryptocurrencies, then you are a challenging target for attackers who always look for wealthy potential victims.