Cryptocurrencies are booming and the growing popularity in 2021 has seen new investors entering the cryto-verse. The ease of buying cryptocurrencies across multiple crypto exchanges has made the user journey hassle-free but security of those investments is still a looming issue. The main question is how to safely store your cryptocurrency to protect it from getting lost.
Let’s begin by answering how do you keep your credit cards and cash safe? By keeping it in a wallet. Similarly, what is the safest way to store cryptocurrency to protect it from hackers? By storing it in a cryptocurrency wallet.
Types Of Wallets
Users have the option to choose from different types of wallets depending on what their need is. A software wallet is downloaded and installed on desktops and laptops and can be accessed only on that device. A hardware wallet or cold wallet is an offline, physical device that securely stores your private and public keys. It looks like a USB drive and is considered the safest wallet. Thirdly, mobile wallets like iOWN Wallet are apps installed on mobile devices and their main advantage is the easy accessibility to funds.
After deciding on which wallet works for you, below are the security threats you must be aware of:
Are Your Cryptos Safe at an Exchange?
We can all agree that as the popularity of cryptocurrencies grow, hackers are exploring innovative ways to target investors and rob them of their investments. Centralized crypto exchanges haven’t been a safe haven for investors lately and platforms like Binance, Coinbase has been at the facing brunt of the hacker’s nefarious activities this year.
Clearly, there are risks in maintaining your funds at a centralized exchange unless you are actively trading. It can be troublesome to keep moving your cryptos from exchange to the wallet and vice versa, so it is recommended to leave a small amount for trading purposes and transferring the rest.
The solution here is to move your crypto assets to a software wallet like iOWN Token, which has in-built safety features.
Don’t Share Your Private Key
When a user invests in a cryptocurrency from an exchange, they have an option to leave the ‘keys’ of their holdings within the account or move the assets to a personal crypto wallet.
Buying and leaving your cryptos with a third party would mean you are not fully in control of your assets. A user has full control when they move their cryptocurrencies independently from a third party to a hardware wallet like the Ledger Nano X or software wallet like iOWN Wallet.
Under any circumstances, you should not share your private key with any other person and store it securely. We keep warning iOWN Token holders that no admin or team member part of the iOWN Group will ever ask for your private key on Telegram or our social media pages. Be aware of hackers who might ask for private key and inform the official admins of iOWN Token group.
How To Choose a Secure Wallet?
The software wallet you shortlist should have several built-in security features to keep your investments safe. Look for these features before making up your mind on which one to opt for:
- Secret phrase: While creating a new wallet, the iOWN Wallet app shares a 12-word secret key phrase with each user. This key phrase must be stored safely as it will allow you to recover your private key and log into your wallet any time.
- Biometric, finger print: Security measures like fingerprint sensor and biometric authentication help to keep your transactions under lock and key.
- Private key ownership: You need to be the sole owner of your private key and crypto assets.
- Track crypto assets: Opt for wallets with functionality to access and store multiple assets in one place.
Keep your iOWN Token, Ethereum safe with iOWN Wallet
iOWN Wallet is your one-stop destination to buy, sell and maintain iOWN Token, ETH in one place.
Our highly secure and easy-to-use iOWN Wallet puts you in control of your cryptocurrencies. The crypto assets that you buy and store in iOWN Wallet are protected with high level of encryption and trackable on Ethereum-based blockchain explorer.