Every country has its currency that is acceptable within the country. A country’s currency is also part of the national symbol for that country and it is accepted for a transaction. To use your currency outside the borders of one’s country, you’ll need to change the currency at a bureau de change to the currency of your destination country in order to make the needed transactions.
In today’s world, there is a new currency known as the cryptocurrency that is accepted in most of the world and it can be exchanged online for goods and services between people from the same country or different country. It is a payment system that doesn’t require the authorization of a bank for transactions to be established. It is a digital system that enables anyone anywhere to send and receive money. There are more than 10,000 cryptocurrencies that are in the market and they are being used to trade.
Since cryptocurrencies are valuable, it is important to keep your cryptocurrencies safe. Below is a list of how you safely secure your cryptocurrency.
· Have both online and offline wallets.
Most people in cryptocurrency are familiar with an online wallet because it is through these online wallets that transactions are being made. Although e-wallets are safe to an extent depending on the wallet you use, they can also be hacked. That is why it is advised that you have an offline wallet. The offline wallet also known as cold wallet are devices that store cryptographic keys which are required to access cryptocurrency funds. So you can divide your funds into two, store some parts online and store the other part offline but ensure to keep your offline wallet safe from theft and physical disaster.
· Use a strong password
For your cryptocurrency accounts, you must use a strong password. Avoid using names or numbers that could be easily guessed like; your birth month, year of birth or address. When creating your passwords, it is important to create different passwords for each account, no two accounts should have the same password.
· Work with trusted mobile app and wallets
Most hackers gain their way into our phones and laptops through apps, so you must prevent them by getting your apps from a reliable source. Also, ensure that the brokers you use and the wallet which you trade with are very reliable in terms of security. The wallet you trade with should have the following security measures
- A recovery phrase
- A pin
- Certified security level
- Ease of use
· Use two-way authentication code
Relying on phone numbers for verification is not the smartest move since messages to a particular number can be ported to another device.
· Use a safe email
One of the easiest ways people get hacked is through their emails. Ensure that your email is safe to use do not open files that you are not sure of. Meet all the security requirement options given to you by your email app.