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One of the main benefits of cryptocurrency is that it is decentralized. Unlike assets like stock shares on deposit at a brokerage house, there is no federal insurance backing cryptocurrency investments, and there is little recourse to claim your cryptocurrency if it is lost. That makes crypto an excellent target for hackers, who can theoretically tap into your crypto storage, steal it and escape without a trace. But you can mount your own defenses to help keep your crypto investments safe, according to experts. Here are some of the best.
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Use Cold Storage
Cryptocurrency is generally stored in one of two places: hot wallets and cold wallets. A hot wallet is connected to the internet, which makes it much more accessible for your own personal use — but also much more of a target for hackers. A cold wallet, on the other hand, is stored offline and can only be accessed with a private key, which is often written down or stored on a private USB drive that never makes contact with the internet. As Parker Lewis, head of business development at bitcoin custody and loan firm Unchained Capital, told CNBC’s Make It, “The only way that…
