Are you looking for smart ways of avoiding losing your cryptocurrency investment? What exactly can you do to ensure that your digital assets are never lost to hackers? Hundreds if not thousands of people lose their hard earned investment in cryptocurrency to hackers every day. Here are three well-kept secrets that you should start applying today to avoid falling prey to the hackers.
Back Up Your Paraphrase
Most cryptocurrency wallets require users to create unique paraphrase as an extra security measure after setting the one-time login password as well as the pin code. Unfortunately, most people ignore this option thinking that the chances of losing their phone or forgetting the paraphrase are none existent.
If you happen to reinstall the app on a new smartphone, you will be requested to provide the paraphrase generated when you installed the cryptocurrency wallet application the first time. Woe onto you if you cannot remember it, your digital assets will be done for good.
Therefore, make sure that you write down the paraphrase generated by the cryptocurrency wallet mobile application to be on the safe side. Keep in mind that your cryptocurrency investment in digital currencies is a long-term project so make sure that the paraphrase is kept under key and lock.
Take Advantage of the Official Offline Cryptocurrency Wallet
Thanks to rocket speed growth of the cryptocurrency market, the number of mobile cryptocurrency wallets has increased tremendously on Google Play Store and Apple Play Store. Unfortunately, not all of them are legit, some will gladly accept your deposit but deny you the ability to transfer the cryptos.
One of the guaranteed ways of avoid such an occurrence as noted by zycrypto, is by downloading the official offline wallet of the digital currency you plan to buy. Do not fall prey to the fake wallets that claim to be safer, genuine, and easier to use. More importantly, check the reviews posted by other users to make the right decision. Negative reviews are signs that the wallet does not deliver what it promises.
Do a Background Check
There are thousands of cryptocurrencies in the world today. Some of them are lowly priced to attract investors who are looking for cheap cryptocurrencies with a high potential. Even though some of them are legit, there are some that are created by scammers for the sole purpose of stealing your hard-earned money.
Do an extensive background check to determine if the legitimacy of the cryptocurrencies before purchasing them. Renowned website such as Coinrevolution has expert reviews that you can use to make the right cryptocurrency investment decision.
Avoid losing your cryptocurrency investment by applying these three tips all the time. Feel free to get in touch with us for professional advice on the best cryptocurrency investment in the market.