Cryptocurrency Wallet Security Best Practices

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Cryptocurrencies is a type of money or valuables, it is a digital asset and as humans and because of risks and threats the wise thing we do is to protect our valuables either by locking them away or by insuring them, the same way cryptocurrency too needs to be secured and protected and to do this we have cryptocurrency wallets and addresses where we can secure these digital assets.

However because of the advancement in the digital world that we live in it is important that we take more time to learn more about securing our cryptocurrency and digital assets than just leaving them in our cryptocurrency wallets because even our wallets and cryptocurrency addresses can be compromised.

Therefore, it is important that you all give me your time and pay attention as I will be discussing and explaining some of the cryptocurrency wallet security best practices in which cryptocurrency owners and users can employ and implement so as to prevent the compromisation of our digital assets and cryptocurrency.

• USE HARDWARE WALLETS FOR LONG TERM STORAGE

One of the significant cryptocurrency wallet security best practices is basically following the tip of using hardware wallets when storing cryptocurrencies for long term I recommend this tip and advice basically because hardware wallets are physical device that are used to store private keys offline, therefore by using it, our assets are free from potential online threats like hackers and malware.

Additionally, owing to the fact that the hardware wallet is a physical storage device and any attempt to access it has to be done physically therefore even when you digital devices computers or phones is being compromised or hacked it doesn't give the attacker access to your private keys or cryptocurrency wallet.

• REGULARLY UPDATE WALLET SOFTWARE

Owing to the fact that wallet software no matter how strong they are, still have and contain weakness and vulnerabilities therefore it is important that for the purpose of addressing and working on these weaknesses and vulnerabilities so as to make the protocols and algorithms of the software wallets better prepared to ensure the security of cryptocurrency and digital assets.

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Another thing is that the threats and attacks against the security of the cryptocurrencies will always be constantly growing and evolving therefore to ensure the overall performance of the software wallets and make sure that the protocols of the network is able to fight against whatever attacks or threats which malicious attackers concuct.

• USE VERY STRONG AND UNIQUE PASSWORDS

Another cryptocurrency wallet security best practice that one could do basically involves using and implementing strong and unique password, this tip, technique or best practice is one that every one of us should be very familiar with seeing as in our phones with use passwords and for many other things we signup for online.

Therefore we can understand the importance of using very strong passwords seeing as the more strong and complex our password is the harder it is for our siblings or anyone to hack or guess and as a result our phone and accounts and in this case our cryptocurrency address and wallets will be more secured, safer and less susceptible to compromise.

Additionally, there is the part of using a unique password for each account or cryptocurrency exchange and cryptocurrency wallet address we own and open because in the event whereby one account or cryptocurrency exchange is compromised it will not lead to all the rest of our accounts and passwords getting compromised, also we should manage these passwords very well because no matter how strong or unique a password is if we end up being careless with it won't matter and our wallets will be easily compromised.

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To conclude this post of mine, here is a summary of the post, this post basically outlined, discussed and explained four cryptocurrency wallet security best practices, these are basically tips cryptocurrency traders and participants most especially all of us as steemit users how can secure our steem tokens, I hope you all learnt a thing or two and thank you for making the time to engage in my contents.