If you’ve got crypto assets, then you need to take steps to make sure your coins are secure. You don’t want some hacker stealing all your hard-earned money. This article will show you how to store your crypto!
Generate a public and private key using Cryptography
Once you’ve set up a cryptocurrency wallet, the first step is generating a public and private key pair. A public key is used to receive funds, also called an address. The private key allows you to spend those funds—it’s like the password that unlocks your wallet.
You should protect your private keys in two ways: by making sure they’re stored securely and by keeping backups of them in at least one other location besides your computer or phone (in case they get stolen or damaged). You can also use two-factor authentication (2FA) on each device where you manage your cryptocurrency accounts—this will give hackers less chance of getting in via brute force attacks using stolen passwords alone.
Store your private key only in a secure place like a vault or something
You need to store your private key in a secure place. If you don’t, someone can easily steal your crypto.
There are a few things that you should not do:
- Store your private key on a computer or phone.
- Store it on cloud services like Google Drive or Dropbox.
- Store it on USB drives.
Make sure to backup securely
The first thing you can do to prevent losing your cryptocurrency is to create a backup of your private key. This is a long string of characters that never leaves your computer. It’s also the most important thing because it opens the door to accessing all of your funds and making transactions using them.
If you lose this key or if someone else gets their hands on it, they can take control of all of your assets (and transactions). That’s why they recommend creating several copies of this file: one stored on an encrypted USB drive, another printed out and kept in a safe place (or even better — both), and one more stored on paper only (it’s good for some quick checks but not for making important decisions).
Get a hardware wallet
If you are serious about your cryptocurrency, it’s time to look into getting a hardware wallet.
Hardware wallets store private keys and public keys on their devices. The private key is a 256-bit digital code that allows you to access your money in case of an emergency. The public key is what others need so they can send funds to your wallet address.
Private keys should never be shared with anyone; they allow someone access to the funds in the digital wallet if they know them or guess them correctly. Public keys are used for transactions from one account holder to another and can be seen by anyone who wants to see them as part of the blockchain ledger (a type of distributed network).
These are some of the most common ways to secure your cryptocurrency. This post must have been helpful, and you can now learn more about the topic.