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Most of us that have ties to some form of digital asset are aware of what is known as cryptocurrency — the financial asset that has revolutionized the way we think about money, trading, banks, and how we might live in the future. Crypto is one thing that aims to change our world, thanks to the blockchain technology that underpins it and other forms of emerging digital technology such as smart contracts and NFTs (Non-fungible Tokens). The digital asset world is yet to really explode, which is evident with what is happening on the Metaverse, Web3 projects, and blockchain projects. Digital assets promise to be the revolution that comes along once every one hundred years that makes us richer, smarter, more efficient, and more entertained than ever before.

Hold on, there’s more to this story that we have to consider and unfortunately, it isn’t all sunny skies. On the other hand, there are numerous drawbacks to anything that is connected and this also means that cryptocurrency is a risky business, to say the least. Once the internet is involved, there are several issues to deal with and consider. Yes, the rewards that can be reaped are out of this world, but equally so are the risks that you may draw unto yourself if you do not give enough care and attention to how and what you do with digital assets like cryptocurrency. 

Playing with cryptocurrency safely means taking a lot of factors into consideration. These factors can vary from having cybersecurity tools at your disposal and active on the systems tied to your crypto transactions as well to your general awareness of the types of crypto scams that are out there. It also means understanding where to store your sensitive crypto information, as well as the amount and location of the hard-earned money you’ve digitized. 

What is Cryptocurrency?

Cryptocurrency has been around ever since the anonymous user known as ‘Satoshi Nakamoto’ revealed blockchain technology and Bitcoin on tech forums ten or so years ago. Yes, it really has been that long! Coming back to blockchain, it is a technology that is ‘decentralized’ and encrypted, meaning that it cannot be directly sabotaged or monitored. Now, thanks to the blockchain that carries cryptocurrencies, there are over 400,000 cryptocurrency transactions taking place every day. The legendary Bitcoin has also surged in value and popularity since its unveiling and has made many people very, very wealthy in the meantime. Conversely, many have lost hard-earned money thanks to not being careful in the crypto market or about their security. 

Today, not only is there Bitcoin but there are so many other coins to invest in and buy with as well. The crypto industry has since flourished, with mixers, exchanges, bridges, and more dotting the internet horizon. Today, users have the ability to quickly convert their FIAT (USD, Euro, etc) money into cryptocurrency online and store that in a software or hardware wallet. Most people will invest an amount of money in crypto that they are willing to forfeit simply because cryptocurrency is such a volatile currency. Sometimes, a single Bitcoin can jump up tens of thousands of dollars in value and fall the next day. Yes, it is a gamble, but it has paid off for many people. On the other hand, others have gambled away their cash.

Crypto is a versatile method of payment if it is supported. Of course, paying for groceries with cryptocurrency isn’t available in every country out there, yet. FIAT is still the way to go for most, which also means working with the bank and its interest rates, credit, and so forth (which crypto users despise). However, crypto is not going anywhere anytime soon, and that is a fact. 

You might be looking at investing a few hundred dollars (or a few thousand) in a diverse cryptocurrency portfolio. For this reason, before you do any of that, let’s look at how you can do that in as safe and efficient a way as possible. In the digital asset world, it pays to be very well informed and extremely cautious at all times simply because that is the nature of the game.

Can You Really Work With Crypto Safely?

Working with digital currencies safely and efficiently requires a bit of common sense as well as some essential network security tools (and a quality privacy browser). First, let’s understand why you need to protect yourself while conducting any sort of crypto transaction.

As we said earlier, anything that is connected can be compromised. What is meant by that is that your money can be compromised because it flows through the internet. For instance, your software wallet or your browser wallet can be hacked and your funds were stolen. Furthermore, the exchange you use might be siphoned off their assets, leaving you penniless (temporarily, in the best case). You might even lose that hardware wallet somewhere, or accidentally reveal your private key and seed phrase to someone. Clearly, you never want these things to happen so here are a few recommendations;

• Use a Virtual Private Network to encrypt your internet connection first before conducting crypto transactions
• Use a hardware wallet like a USB key that is offline instead of a risky browser extension, web app, or desktop program
• Don’t fall for crypto scams on social media and phishing scams via email
• Use a well-reviewed crypto exchange and skip the unknown ones. The same goes for any crypto software you opt for
• Use a privacy browser that can block tracking, and third-party cookies and hide your hardware identifiers while online
• Consult with a digital asset professional before you splurge on worthless digital assets and hopeless crypto fads

That’s it! It’s quite simply you using your common sense and protecting yourself with premium cybersecurity software that will greatly reduce your risk when it comes to cryptocurrency. Of course, it is not recommended that you invest any more than you’re willing to lose because, remember, cryptocurrency is still considered to be a gamble.