CRYPTOCURRENCY is exclusive in comparison to cash because of its inherently ethereal nature – but like anything valuable, bitcoin crypto has to be protected.
In a year where £840million ($1.1billion) of cryptocurrency has already been stolen, Express.co.uk completely reveals how best to keep to keep your crypto safe.
Cryptocurrency like bitcoin is a wholly digital entity requiring an internet connection for any transaction.
According to Steven Russo, founder of digital security company Krypti, this connectedness makes bitcoin more and more susceptible to hacking.
Mr Russo exclusively told express.co.uk: “Blockchain itself is safe, but there are two vulnerabilities: the storage of keys and therefore the transaction and use of the keys.
“Well over a billion dollars of cryptocurrency has already been stolen, therefore it’s a fairly solid statement to mention exchanges aren't secure.”
Bitcoin wallet keys are the most vulnerable to theft because they give users access to their cryptocurrencies.
The latest in a string of brazen thefts saw £46million ($60million) of digital coins plundered from a Japanese exchange.
And in January 2018, over 660,000 crypto wallets were stolen from exchange service BlackWallet, costing crypto owners hundreds of thousands of pounds in losses.
Mr Russo also outlined the second major vulnerability with cryptocurrency, that issues the transaction and use of cryptocurrency keys.
He said: “If you needed to send me some cryptocurrency, whether you're inside or outside an exchange, you'd have to type in literally a few 30 digit number, that represents your crypto coin and my address.
“If even one single mistake is formed in that entire address, that money might terribly quickly be lost and you'd ne'er retrieve it."
The crypto security professional said trusted crypto wallets enable users to send and receive digital currency, as well as monitor their balance.
He added moving money is often a "big vulnerability".
In order to best shield your bitcoin and alternative crypto assets, you must invest in a physical crypto wallet – a hardware device almost like a USB pen-drive.
Hardware wallets are an unbelievably popular method of storing your tokens and are key to creating transactions.
These crypto wallets are password protected and come with a private key that only you must understand.
You can also opt for an online cryptocurrency wallet from a reputable source.
Much like hardware wallets, online storage services will provide you with a private key to keep your digital tokens secure.
Depending on which wallet type you choose, you can always transfer between the two.
And always keep in mind not to store you coins on a crypto exchange – once you buy or exchange bitcoin or any other cryptocurrency, immediately deposit it to your private wallet.
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