With Cryptocurrencies gaining worldwide acceptance by the day, the need to secure your cryptocurrency assets is more important than ever, especially if you want to sleep with your two eye closed. And even if you follow all the crypto security tips in our today’s post, chances are, you can still lose money. This is because many of the service providers in the crypto space are still inexperienced, unregulated and pretty new too.
However, because we at Digital Coin News love you and want to ensure your cryptocurrency investments are secured always, we have written this cryptocurrency security tips you should always leverage to keep your investment safe at all times. We hope you find this post very useful.
Use a rational position size: When you delve into the world of cryptocurrency investment, one rule of thumb that will make you succeed is investing what you can comfortably lose. For small investors, anywhere between $200-$400 would be a great place to start. For bigger investors, $500-$1000 is what we recommend.
Limit human error as much a possible: Human error is one of the many reasons people lose their investment in the crypto space. But you know what? You can limit this to the barest minimum and here is what we at Digital Coin News will always advise you do. Before sending your cryptocurrency assets to any exchange of your choice, test it out with a small amount. If the transaction is successful, then you can proceed to send the others.
Think twice before using new services: When it comes to securing your assets in the cryptocurrency space, never leave anything to chance. So, before using that new service you must have heard of, do your due diligence and research to ensure you don’t become a victim of fraudulent scams. At Digital Coin News, we would always bring you the latest news regarding exchanges and wallets and point you to the safest and secure ones to use.
Again, you must be careful when dealing with people who ask you to send cryptocurrencies in exchange for a service, most times, these guys are there to swindle you of your investment so you have to be a step ahead of them.
Always secure your assets with external wallets: We advice that as much as possible you should always employ the use of external crypto wallets that provide private keys that guarantee restricted access to your acount to store your cryptocurrency assets.
Nevertheless, we like to add that even if you follow these tips to the letter, you could still lose your investment, no thanks to the constant hacks of digital exchanges, even the most trusted ones. We believe by now you must have read our report on the recent hack on Coincheck on our website.
Finally, you must realize that you are responsible for securing your cryptocurrency investments. That’s the more reason you should take today’s post seriously. Before you do anything in this growing crypto space, always reflect on these tips. It would be helpful when you need it most.