It seems as though hardly a day goes by when there isn’t news of some cryptocurrency fraud or theft. Whether it’s outright theft or embezzlement of cryptocurrency, or theft by deception such as phishing or hacking, the stakes can be quite high when it comes to keeping your cryptocurrency investments safe. Cryptocurrency investors need to do everything they can to keep their assets safe.
That’s particularly true if you’re a Bitcoin or cryptocurrency investor investing large amounts of money in cryptocurrency, such as through a cryptocurrency IRA. Cryptocurrency IRAs require that your cryptocurrency assets be stored with a custodian, who is responsible for safekeeping. And that safekeeping can provide far better security than you would otherwise be able to provide for yourself. Even the most secure of investors is no match for the deviousness and cunning of cryptocurrency thieves, especially if those investors keep their cryptocurrencies in hot wallets or enter their login credentials or private keys online.
Hackers take advantage of the trusting nature of many computer users to create apps filled with malware, that either steal user credentials, cryptocurrency private keys, or that take advantage of users’ computers and electronic devices to mine cryptocurrencies. The threat is growing all the time in a world in which new products and new companies are coming to the fore in an industry in which innovation is still ongoing. But that makes security even more important.
It may seem paradoxical for something that only exists in the digital ether, but the safest way to keep your cryptocurrency assets secure is to ensure that they remain offline. Keeping private keys written on paper, keeping cold wallets, and storing cryptocurrency assets in secure vaults are all methods for keeping cryptocurrency assets out of the prying hands of hackers and thieves. Especially when it comes to cryptocurrency retirement savings, you can’t be too secure with your money.