How to hide your coins

Apr 17, 2021 at 11:42 // PR
Guest Author
The best ways to protect your coins

We live in an era of growing economic uncertainty, specialized cybercrime, and hacking. Knowing how to safely hide your coins has become primary for cryptocurrency holders.

Whether they take reasonable steps, use tools without storage, or even store the original phrases in their brain, there is no glut in the steps you can take to protect your asset. Today we'll take a closer look at the best ways to protect your coins.

Choose a Bitcoin wallet that cares about privacy

The first and most important step to take at the beginning of your cryptocurrency investment is to choose a reliable wallet. It must have a high level of security, two-factor authentication, and other important features. We can confidently recommend one of these modern projects - It is a cross-platform multi-currency wallet that allows the user to store various cryptocurrencies in one application in the most convenient, comfortable, and secure way, as well as make transfers.


Anonymity and moderate social secrecy

When it comes to anonymity, make sure that all records, notes, or other information in your account that might link your real identity to accounts and usernames are encrypted. Phone numbers must not be publicly disclosed, and you can use a secure virtual number service to route public calls to your device. The better you protect sensitive information, the less likely it is that an attacker or hacker will be able to connect and gain access to your coins.

Also, knowing when to be silent is a great security tool. In general, you shouldn't publicly share your phone number. Also, for example, you shouldn't shout in front of the whole bar that you just made a huge profit and are paying everyone for drinks tonight. The more people learn about your success, the more it can generate interest for cybercriminals who want to get as much information as possible to access your accounts. Such openness can even jeopardize your safety since one of the fastest ways for criminals to get into someone else's device can be to steal it.

Cold storage

Cold storage is offline storage for coins and private keys for added security. Since private keys are never transmitted over the Internet, cold storage options can be much more secure than other methods. Examples include hardware wallets that allow you to spend without leaving your device's private keys, paper wallets that are created offline. Probably the best option is to store your wallet in your brain, you certainly can't get into it and hack it, but this method also has certain difficulties.

Reducing the level of trust

Trust between people can be a wonderful thing, but when it comes to holding coins, the less trust the better. Satoshi himself (the creator of Bitcoin) called this the main problem of traditional financial systems.

Therefore, when hiding your money, it is always important to remember the reason why we diligently hide this asset: so that you do not have to trust any central organization to keep your money safe and sound. After all, things like human forgetfulness and the need to trust certain tools or developers can always be a problem, but the sooner we get to reducing trust, it is the better, no matter how difficult, in moments.

Disclaimer. This press release is paid and provided by a third-party source. This press release is for informational purposes only and should not be viewed as an endorsement by CoinIdol. We take no responsibility and give no guarantees, warranties or representations, implied or otherwise, for the content or accuracy. Readers should do their own research before investing funds in any company.

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