We have all seen the headlines and horror stories of huge amounts of Crypto being hacked and gone forever. There are others where an early investor had it stored on a pc or laptop which subsequently was hacked, lost, stolen or burned out. The net result was they lost the lot 🙁 For this reason, it is so important that you store your crypto in an offline wallet.
Taking responsibility for your Crypto is in your own hands. Whilst some exchanges now have online “wallets” that they claim are safe, there have been multiple occasions in the past where they have been hacked.
Therefore, the most important steps to complete prior to buying cryptocurrency is buying an offline storage hardware wallet. These wallets do cost money, but they are worth every cent.
As a rule of thumb, never leave your cryptocurrency on exchanges.
This is an extremely risky thing to do with an increased number of hackers trying to gain access to these exchanges.
The safest option that you have is to store it on an offline hardware wallet; which keeps your crypto away from the internet.
We have bought and tested a number of them and Larry will review them for you in a separate unit.
Secure Your Crypto in an Offline Wallet
Make sure you buy a brand-new wallet using one of the links we have included to ensure you are buying an official device.
Avoid buying second-hand ones from someone else for obvious reasons.
If you buy the Ledger Nano backup pack – it comes with a backup device in case one of your wallets gets lost, stolen or malfunctions.
You can then save the backup in a deposit box or other safe location.
Other safety measures you need to take.
Never, ever, use public wifi (think hotels, airports, cafes) to make Crypto transactions.
Never, ever reveal your private keys or exchange passwords to anyone whom you do not trust 100%.
To realise how important the need for an offline wallet and why you should follow the steps we have explained you need to take BEFORE, during and after buying Cryptocurrencies, check out this sobering article and note how the recurring theme is hackers getting at coins via exchanges or poor security protocols by individuals: Biggest Bitcoin Hacks
The Cryptorevolution has been like the wild west in its early days. Exchanges have learned from their experiences and there are serious attempts by governments to introduce some form of regulation. As ever do not risk money you can not afford to lose.
Conclusion by the author of the above article:
“While these Bitcoin hacks may be painful to read about, it is incredibly helpful to study them and learn about the causes behind the breaches. Many of the enhancements in crypto security have come about as a result of findings of previous incidents like those above.
Of course, hacks do still occur but they are not at the same scale as in the past. Even if a hacker was able to exfiltrate such a large number of coins today, it would be nearly impossible to launder the coins. Law enforcement and cybersecurity analysts have developed some of the most advanced blockchain auditing tools that are able to track stolen coins.
Of course, that does not mean that you at home are not susceptible to every day hacks and breaches of your personal holdings.
If you take nothing else away from this list of the 7 biggest Bitcoin hacks of all time, let it be the need to always keep your private keys and your wallet safe and secure.”
