Bitcoin revolutionized the trading universe two years ago when it reached a staggering price of over $20 thousand. After that, the cryptocurrency market quickly became a popular solution among business persons who wanted to diversify investment portfolios.

By Jacob Dillon

Today, Bitcoin and other cryptocurrencies are worth over $300 billion in total, so grabbing just a small piece of the cake can earn you a fortune. However, trading the likes of Ethereum and other digital coins comes with a few risks of its own.

The biggest threat comes from hackers because they steal almost $3 million worth of assets from exchange networks daily. Its an obvious signal that you need to take care of safety risks and learn how to protect your assets.

In this article, we will show you how to secure your cryptocurrency in case of emergencies. Lets take a look!

There are several ways to protect your cryptocurrencies, but you should also learn why security breaches happen in the first place.

Most crypto owners use electronic wallets to store and trade digital coins. Such wallets come with two types of keys:

The problem occurs when you rely on third-party providers (the so-called exchange networks such as GDAX or Coinbase) because they store both of your keys. Although reliable exchange platforms take care of security, no one is immune to malware attacks and there is always a risk of hackers acquiring your keys.

This is not only a theoretical possibility but rather a real-life threat. A few months ago, Japan-based cryptocurrency exchange Bitpoint, has been hacked for $32 million in crypto assets.

Now, the biggest questions are how to react to hacker threats and what to do in case of emergencies. There is no perfect solution here, so we prepared five highly practical tips for you.

The average person might think that crypto administration is 100% digital, but this is not exactly the case. You can use a hardware wallet to store coins and keep them out of reach of online hackers. As physical devices, hardware wallets are resistant to malicious software and viruses.

Jake Gardner, a data security analyst at Forex Broker, adds that physical wallets make you a sole owner of the private key, so you dont have to share it with anyone: Wallets also build a strong security mechanism to prevent thieves from discovering your private keys even if they steal the actual device.

If for whatever reason you are not interested in hardware wallets, you can choose between these three alternatives:

One of the most reasonable things you can do for all accounts and services (crypto-related or not) is to set up two-factor authentication. Cryptocurrencies are by no means an exception here, so we strongly encourage you to use Google Authenticator and maximize the safety of your digital assets.

While Google Authenticator is certainly a nice option, control freaks will demand even more protection for their crypto transfers. YubiKey is the most convenient option because it forces cryptocurrency owners to insert a physical device (USB) into the PC in order to gain access to their online accounts.

YubiKey is small and you can carry it around on a keychain, so you can hardly ever lose it. The bottom line is that YubiKey represents a simpler and much safer solution than Google Authenticator.

The last advice on our list is to use common sense and act the way it seems safest and most natural. What does it mean? Well, we can mention a few basic tricks here:

Following these rules, you should be able to defend your accounts and cryptocurrency transactions 365 days a year and it will be easier to react in unplanned or emergency situations.

Cryptocurrency trading can be one of the most profitable investment solutions for clever investors, but the industry is still full of risks that can make or break their business plans in seconds. Security breaches are the biggest threat of all, thus making it fundamental to focus on state of the art safety measures.

In this post, we showed five ways to secure your cryptocurrency in case of emergencies. Do you already use some of these mechanisms? Which one do you consider to be the safest for your trading habits? Share your opinions in comments we would love to see your experiences with cryptocurrency trading!

AUTHOR BIO

Jacob Dillon is a blockchain developer and a part-time blogger from Australia. Jacob is a passionate cryptocurrency analyst, but he is no stranger to other topics such as self-branding and personal development. Jacob is a father of two lovely kids and an amateur long-distance runner.

Im Not a Writer Im a Blogger : A New Way to Express Yourself https://t.co/turyITvHKK

Jacob Dillon (@JacobDi44311642) December 12, 2018

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How To Secure Your Cryptocurrency In Case Of Emergencies, 5 tips - Irish Tech News