Posted on: 27 November, 2019
Author: Nancy Whitman
Cryptocurrency, dubbed by some as digital gold, has been making great changes in the global investment landscape over the past decade. Digital assets such as Bitcoin, Ethereum, and XRP represent a new asset class that’s is fast becoming an alluring addition to investor portfolios worldwide. However, just like any investment option, there are a number of potential risks associated with digital assets. Let’s discuss how you can help secure your digital assets through the use of a safety deposit box. Why are Digital Assets Alluring? Part of the appeal of cryptocurrency is that unlike fiat money, its value is defined by people’s demand, it cannot be manipulated by governments, they’re accessible worldwide, and they are highly secure. Moreover, they are supplied in limited quantities and you cannot simply print more if it, they cannot be copied or altered, and the transactions made are irreversible. In addition, investors lean towards digital assets because of the transparency that blockchain provides and because anyone who has access to the internet and has funds to spare, is able to make an investment in it. Digital Investments have Security Risks However, given the nature of cryptocurrency, it is still open to security risks such as hacking and theft. While blockchains have long been giving investors peace of mind with the security it provides to cryptocurrency, new reports are suggesting that they aren’t as safe as they used to be. There are also reports of cryptocurrency theft which begs the question: how do we keep a watchful eye over our digital assets? Cold Storage to minimize your Security Risk In order to make digital assets safe from the threats of security risks, it’s important to understand how to properly and securely store them. One of the most popular security options available for crypto investors today is known as cold storage. Cold storage or cold wallets allow you to store your private keys to your digital assets offline and away from hackers. Cold storage usually comes in two formats—hardware wallets or paper wallets. Hardware wallets are USB drives that hold private keys. They are a go-to option for investors since they are lightweight and easy to carry, even if you’re on the move. On the other hand, paper wallets are pieces of paper that contain a wallet’s private keys. These usually contain QR codes and are commonly used to store digital assets for long periods provided that they are housed in a safe deposit box away from damage. Private Vaulting Facilities are your Digital Asset Solution Just like your physical assets, you wouldn’t want to store your cold storage at home under the mattress or between your floorboards. That’s why at reputable private vaulting facilities, safe deposit boxes are offered that solve your cold storage needs for your cryptocurrency wallets. Private, world-class facilities utilise multiple physical and biometric layers of security, so your digital assets remain completely safe from the threats of hacking, theft as well as natural disasters such as floods and fires. Premium establishments also use facial recognition to enable access to your private vault, along with many physical barriers to securely protect your assets. This includes Multiple Mantraps, a secure PIN code, staff oversight, day gate entry and a UL rated vault. Lastly, as a customer, you possess the only set of keys which allow access to your safe deposit box. With all this in mind, what more could you possible need to secure your digital assets with a safe deposit box? If you are ready to secure your valuable possessions today, be sure to get in touch with a reputable private custodial vaulting facility. Source: Free Articles from ArticlesFactory.com Nancy Whitman is a writer and contributor to Private Vaults Australia, leading provider of safety deposit boxes and related services.