The stock market and the overall economy are pulling back again. The V shaped recovery that we were promised doesn’t seem like it’s going to happen. The value of the US dollar continues to plummet and it’s more expensive than ever to pay day-to-day expenses.
Are you tired of working your butt off every day and never get ahead? You scrimp and save and try your best to do the right things financially. And then the economy takes a downturn and suddenly everything is much more expensive than it used to be. So now your best efforts to save mean nothing because you’re forced to spend more money just to survive.
Moving away from the US dollar and toward a Bitcoin IRA is a smart move. A cryptocurrency investment is an investment in the future. It’s an investment in a currency that isn’t regulated by a government or corporate entity. And when the US economy struggles, Bitcoin and other cryptocurrencies aren’t affected.
Protecting this investment is another thing in its entirety. You have to take the necessary steps to avoid being hacked at all costs. You have to use diligence and care to secure your investments. It’s certainly hard to hack cryptocurrencies but it isn’t impossible. To help you protect your cryptocurrency investment at all costs, I’m going to share some valuable pointers with you below.
Before I do, consider reviewing the best cryptocurrency IRA companies doing business today. I’ve reviewed the top 3 companies for your perusal. Please check out this review and visit their webpages to learn more about each company.
6 Tips to Protect Your Cryptocurrency Investment in a Bitcoin IRA
- Use multiple wallets to distribute your cryptocurrencies
- Thoroughly track your wallet transactions and look for suspicious activity
- Remove remote access software from your computer
- Use Linux to minimize operating system vulnerability
- Disable all cryptocurrency wallet auto updates
- Avoid malware, ads, and phishing
If you follow these tips, your cryptocurrency investments should remain safe and secure and in your possession. Read about the top cryptocurrency IRA companies by visiting my review page to learn more about them.
Tip #1: Use Multiple Wallets to Distribute Your Cryptocurrencies
Remember when people used to tell you not to put all your eggs in one basket? The same theory holds true when it comes to cryptocurrencies. It’s wise to split your funds and put them in multiple wallets. You’re less vulnerable in case someone does hack one of them.
You should have three different types of wallets. They include exchange wallets, mobile wallets, and cold wallets.
Your exchange wallet should only contain the cryptocurrencies that you intend to trade. Unless of course you’re opening a cryptocurrency IRA and intend to hold them for many years to come. Although this is the smart way to invest in cryptocurrency, you may decide to trade from time to time. So, having an exchange wallet is definitely a good idea. Just keep the intended trading amount in there and nothing more.
A mobile wallet is good if you plan to use cryptocurrencies for spending purposes. Some excellent mobile wallets include BitPay, Edge, Mycelium, and Breadwallet. Again, if you’re more focused on growing wealth with cryptocurrencies then you may not need a mobile wallet.
Finally, a cold wallet is also known as a hardware wallet. The most popular Bitcoin and crypto cold wallets are TREZOR and Ledger. They will keep your cryptocurrency coins secure. They’ll keep your private keys separate which means they’re less vulnerable to hacking and hackers.
Tip #2: Thoroughly Track Your Wallet Transactions and Look for Suspicious Activity
Set up Distill or another monitoring tool to keep track of the public address of your crypto wallet. This tool or a similar one is great because it keeps you in the loop of what’s going on with your wallet. If a suspicious transaction were ever to occur, you would immediately receive a notification letting you know about the potential problem.
Are you intending to purchase cryptocurrency IRA investments in the near future? The Distill tool is an amazing option for anyone investing for the long-term. Will you have a diversified cryptocurrency portfolio that you aren’t going to use too often? Having this tracker monitoring your wallet will alert you to unexpected and fraudulent transactions.
Tip #3: Remove Remote Access Software from Your Computer
Some worry that they’re going too far by removing or deleting all of the remote access software from their computer. Would you rather feel safe or remain vulnerable to malicious hackers? That’s the question you need to answer.
There are some very common types of software that can remotely access your computer. Some really popular examples include:
- and many more
The problem is that many of these softwares have security issues and holes that can leave your cryptocurrency investments vulnerable. If you must use these types of software, you should get a dedicated computer for your crypto investments. Or buy a new computer that you intend to use with remote access software.
You’ll appreciate being safe more than your need to use these popular types of software. You’re better off knowing your Bitcoin IRA investments are secure and protected from security vulnerabilities.
Tip #4: Use Linux to Minimize Operating System Vulnerabilities
By design, you’ll experience much more security with a Linux-based system as opposed to Windows or iOS. The Linux operating system was originally created by geeks and made for geeks. It isn’t the most user-friendly operating system available today. This may seem unfortunate to you because the OS will be harder for you to use. Guess what? It’s a lot less desirable to hackers as well. This makes it much harder for hackers to steal your coveted Bitcoin and other cryptocurrencies.
The only downside is you’ll have to learn how to use Linux first before your investments can become less vulnerable to hackers. But the time you’ll spend learning the system is worth it to keep your Bitcoin IRA investments safe and secure.
Tip #5: Disable All Cryptocurrency Wallet Auto Updates
As the owner of cryptocurrencies, you’ll need to secure a digital wallet to keep your investments safe. Once you have this wallet in place, it will put through an automatic update from time to time. These updates are specifically designed to help you minimize potential hacking and other security threats. Without installing these updates, your crypto could be exposed to dangerous threats that could potentially steal your investment.
It’s important to monitor your crypto wallets closely to see if any mobile or desktop update releases are made available. But you shouldn’t download the newest version of the update immediately. In fact, I actually recommend disabling automatic updates.
Why is this important? Every so often a new version release can be littered with bugs and cause havoc to erupt in your cryptocurrency wallet. You’ll read many angry comments and complaints after a new release appears from unhappy updaters. Instead of automatically installing these updates, you should wait a few days to see if the update is safe and bug free.
Let someone else suffer the pain of a poor or buggy update. And only install the new version once you know it’s completely benign and error-free.
Learn more about the top 3 cryptocurrency IRA companies by reading my detailed review of these businesses.
Tip #6: Avoid Malware, Ads, and Phishing
Hackers love using phishing ads with serious click bait. Users find these advertisements very tempting and cannot help themselves. They end up clicking on the ad and potentially leave themselves vulnerable to hackers at the same time.
Guess what happens? After you click on a phishing ad, you will install malware on your computer system without even knowing it. It’s very difficult to tell the difference between ads that are infected by malware and safe ads. So, you’re better off installing an ad blocker on your computer. It will block out all advertisements and remain safe and protected.
There are many different ad blocker browser extensions that you can find in the Chrome store or another browser. Two of my personal favorite ad blocking extensions for Google Chrome’s browser include:
Try either of those or test them both and see which one you like the best. Or if you prefer to go without using an ad blocker extension, just remember to avoid clicking on advertisements. You might end up clicking on malware by accident and infect your computer.
Opening a cryptocurrency IRA is definitely a great idea. As you already know, a cryptocurrency investment is an investment in your future. It’s a way to protect yourself from the vulnerable economic climate happening right now. And it’s a great hedge against inflation, the falling US dollar, and geopolitical uncertainty.
You can remain defenseless or you can take the necessary steps needed to protect your cryptocurrency investment. The choice is yours so I’ll leave it up to you. Just know that I’ve laid out an excellent plan. And I shared six powerful tips to help you keep your investments secure and protected.
Click here to read my review of the top three cryptocurrency IRA companies providing their services right now. These are the best in the business and they’re worthy of further investigation on your part.[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
Very insightful article on protecting your cryptocurrency. I started investing in crypto at the beginning of the year, I haven’t put in a lot of money but it has made a good profit so far. When I looked into the best ways to keep my crypto safe I thought a hard wallet was the safest option as it was less likely to get hacked. I haven’t needed to buy one yet though as I haven’t invested enough.
Hello, Katie! Thank you for sharing your experience with cryptocurrency with us. A hard wallet is a good option but a cryptocurrency IRA is the best option for storing your cryptos in the long term. Thank you for the feedback and the compliments, Katie!
I think this is a great idea, seeing as how there’s so much uncertainty in the stock market right now. I have some cryptocurrency investments, but they’re not wrapped up in my IRA. I currently have a Roth IRA that’s fairly well balanced out with a combination of stocks, medium and long-term bonds, commodities, and gold. I bought the crypto that I have separately and some time after acquiring that IRA, otherwise I might have wanted some way to include them. I’m only now beginning to understand crypto a little better and I’m starting to feel more confident about it. So glad you shared this. It definitely gives me something to think about!
Hello Mark! I’m glad that you have an IRA that also includes gold. A self-directed gold IRA with one of our reputable companies can help you set up a gold or crypto IRA that includes gold and crypto. Thank you for the feedback, Mark!
Oh wow, thank you so much for sharing this information. I have no idea that bitcoin has IRA now. I am currently using coinbase but I would love to check cryptocurrency IRS out since I Am not planning to touch it. I have never thought about these remote access software before. I am going to monitor it and disable most of them. Thanks again for the tips.
Hello Nuttanee! I’m glad that you have learned about how a Bitcoin IRA works through my article. This is the best way to invest in cryptocurrency if you have a retirement plan that you can rollover. Thank you for the feedback, Nuttanee!
Here you are again teaching me another very valuable lesson that I need to know about my crypto currency ira. I have been looking to get into it because I find that it is one of the very best investments that I can get out there so I want to get investing and now you taught me how to protect what I’ve acquired.
Hello Jackie! I’m glad my article taught you about how to invest in a cryptocurrency IRA. Thank you for dropping by and giving your feedback!
I do like investing in bitcoin but the security issue is a great concern. Because everything is done online, there is a great vulnerability from hackers.
After reading your post about all these port of vulnerability, I wonder if the simple authenticator is safe enough. I have a Localbitcoin account and the only safety disposition I have is that two-factor safety option. Do you think it is a good security option?
Hello Adyns68! You have raised some very important issues here about security with cryptocurrency. This is the reason I do not recommend anything besides a cryptocurrency IRA where your cryptocurrency is held secure with a reputable broker that you work with. This is why I recommend the best cryptocurrency IRA companies. I cannot say anything about the two-factor safety option but I do know that a cryptocurrency IRA provides a higher amount of security. Thank you for the feedback and the inquiries!