Do you have no idea how to secure your cryptocurrency wallet because you're new to the industry?This blog is for you; let's dive into the concept!! Nowadays, all are buying and selling crypto easily because many exchanges are there in all countries; for security, some exchanges only stand alone. So, there is no guarantee for your crypto that is stored safely; we can only protect our crypto with a secure wallet. One real-life incident happened in 2021: a programmer and crypto enthusiast lost 7000 Bitcoin, now worth $203 million, because he forgot his wallet password. To avoid the same incident, this blog guide will explore the many storage device options and how to secure your funds.
In the traditional way, we kept our money in the bank and some other things. For cryptocurrency, you need a wallet. A crypto wallet is a physical device like pendrive or software program that stores your crypto assets, private keys (Secure key), and various wallet addresses that should be stored in the same place.
Step 1: Check out the best cryptocurrency exchange platform located in your region
Step 2: Open an account with your favourite crypto exchange
Step 3: Complete the KYC process
Step 4: Deposit some amount of cryptocurrency that you want to store
Step 1: Buy a cold wallet device. That should be on Bluetooth features..
Step 2: Download the required software on your Desktop
Step 3: Save your seed (recovery) phrase. Save your seed phrase safely. If you lose your seed phrase, you will lose your crypto.
Step 4: Create a new crypto wallet address.
Step 5: Send your crypto to the right address on your cold wallet. Ensure you were sending your cryptocurrency to the right address. Otherwise, you can lose your crypto.
Step 1: Set up your preferred hot wallet. It will take up to 15 minutes, depending on your internet connection.
Step 2: KYC is mandatory for setting up your hot wallet
Step 3: Now your hot wallet is ready to store your crypto
Before you create an account with a crypto exchange platform you must analyze the following things.
Here is the Top 7 essential safety measure for beginner crypto investors
