How To Buy And Store Bitcoin Safely
With the crypto market being as big as it is, the question of safe crypto exchanges and safe crypto wallets is being raised more often. ChangeNOW, a leading cryptocurrency exchange service, has come up with this article full of cryptocurrency security tips that will hopefully help you in securing your cryptocurrency funds.
If you are new to the crypto industry you can probably hear a lot about wallets. Most of the secure wallets have their fans and opponents and each party can explain why it loves or hates one service or another. You should be ready to try a few well-rated options before you find not only a safe crypto wallet but also one best suitable for your needs.
Cryptocurrency Security Tips 2019
In general, if you have purchased a cryptocurrency and interested in how to secure a crypto wallet you can handle it in several ways. The safest option for providing crypto security is storing the crypto funds offline in the so-called “cold wallet”. It is a flash drive that protects your coins from unauthorized access. However, this method is suitable only for traders and investors who rely on long-term investments and do not plan to use the savings on a daily basis. If you plan to use your funds often, consider using a hot wallet, which is an online copy of the cold wallet. But bear in mind that with this option your funds are not protected to the fullest due to the risk of your private keys being exposed to stealing. That is why most experts recommend using both methods, for example, storing some of the coins in a hot wallet but the main bulk of the funds should be kept offline.
Remember to keep your blockchain private keys somewhere safe, as even with the most secure crypto wallet your funds will be unsafe if you lose your private keys.
Be careful when working with an unknown exchange platform. Before exchanging, track how the service works. If it is unavailable at some time or there are interruptions in work, then feel free to choose another one. First things first, do not forget to check the fee rate of the operation. It is best to start the exchange with small amounts to ensure the reliability of the selected service.
Usually, the exchange of funds (both sales and purchases) through online services requires filling in special questionnaire forms, where at first you choose the currency you wish to sell, then the target currency. After that, you enter the addresses of the respective wallets and your contact information if required. Sometimes, e-mail addresses are enough, but some exchange services may require photos of you with you documents and exchange website on the background for verification. If you prefer more privacy, choose suitable exchanges. After your application is confirmed it is assigned a number. The processing begins. To know what to expect, it is important to read the rules of exchange carefully.
Do not forget that the exchange operations are relatively slow, it can take anything from a couple of minutes to several hours. The speed depends on the workload of the service.
Hope you’ve enjoyed our awesome cryptocurrency security tips! Stay tined for more great articles on ChangeNOW!