It’s important to remember that ‘banking’ with cryptocurrency is not the same as banking with a traditional bank. It is completely unregulated.
You can’t cancel or reverse a transaction if you accidentally make a mistake. So take the time to triple check any transactions you do decide to make.
If you haven’t read it yet, check out this overview of Cryptocurrencies vs Traditional Banking.
Keeping Your Keys Secure
Don’t forget that, at all times, you are the only one in full control of your password and private key, there is no bank or organisation you can contact to reset or recover them if you forget them, lose them or have them stolen.
So, one of the best things you can do to protect your accounts is to make sure you protect your private key and not have it anywhere easily accessible.
Most reputable wallet providers recommend making a secure copy of your private key and password and don’t store it on your computer or in the cloud. Just think if that system is compromised, attackers will have all they need to take your funds.
Instead print it, laminate it (to prevent ink dissolving or water damage) and store it in a difficult physical location (in case of fire or flood) and ideally in something highly secure like a safe or safety deposit box.
If you have more than just ‘play’ money in cryptocurrencies, it’s worth investing in a hardware wallet to store your cryptocurrency. If you’d like to learn more, we’ve got an overview of both software wallets and hardware wallets.
Your Computer and Browser
Your Internet browser on your computer or mobile will also handle the interactions with these keys so it’s SUPER important that you practice good security measures to protect your computer, mobile and browser and therefore protect your accounts.
If you haven’t seen it already, check out our handy Basic Security Tips.