Security-mindedness should be second nature to every member of the cryptocurrency community. Since the emergence of Bitcoin in 2009, the global crypto market has become a breeding ground for cybercriminals despite its stunning growth. This is mostly because the cryptocurrency markets are extremely volatile and hardly regulated. Therefore, securing your digital currency is imperative.

There are many reasons for securing your cryptocurrency, aside from prevention of theft. If you know or understand what Market Cap in cryptocurrency means, keeping your digital currencies safe becomes an obligation. Market cap – or capitalization – is a vital metric for assessing cryptocurrency. It is similar to stocks, though the primary difference involves ownership, as digital currencies don’t indicate the possession of company stocks.

Here are some top tips for securing your cryptocurrency:

Never keep most or all of your cryptocurrency on an exchange

Do not keep most or all of your digital currencies on an exchange. Doing so leaves you at risk in case the exchange somehow gets hacked or goes bankrupt. Instead, the safest place to store your cryptocurrency is in a non-custodial wallet. Non-custodial wallets give you 100 percent control of your private keys.

Use strong, multiple passwords

Most internet users create passwords that anyone can easily guess, such as birth dates, plate numbers, etc. Do not do this: instead, create strong and multiple passwords no one can guess easily.

The passwords should be a long string of combinations of symbols, numbers, uppercase and lowercase letters.

Create multiple passwords and change them from time to time. Use a specific password for a month or two before switching to a new one. Don’t store your passwords in a browser like Google Chrome or Firefox. Anyone who accesses your device will also access those passwords.

Enable two-factor authentication

Despite creating and using multiple strong passwords, something can still go wrong, and they can still get compromised, though this doesn’t happen too often. However, there’s also nothing wrong with adding a second layer of security. This is where two-factor authentication comes in.

You can enable two-factor authentication using your mobile device or cellphone. You can install a two-factor authentication application on your smartphone. This will enhance the security level of your cryptocurrency account.

Never make use of public Wi-Fi networks

Avoid using public Wi-Fi for any transaction. Hackers can easily access public Wi-Fi networks and track every transaction – fiat money or otherwise – on such networks, including buying or selling digital currency.

Therefore, always use a powerful virtual private network (VPN). VPNs also encrypt data, including downloads, uploads, movements, etc., from external sources.

Securing your cryptocurrency may seem daunting or even time-consuming. However, implementing these proactive approaches will prevent hackers from accessing your digital coins.