What are the best practices for securely storing cryptocurrencies in Nigeria after the ban on ATM withdrawals?

3 answers

• Dec 17, 2021 · 3 years ago
  One of the best practices for securely storing cryptocurrencies in Nigeria after the ban on ATM withdrawals is to use hardware wallets. Hardware wallets are physical devices that store your private keys offline, making them less vulnerable to hacking or online attacks. They offer a higher level of security compared to software wallets or online exchanges. Make sure to purchase hardware wallets from reputable manufacturers and keep them in a safe place.
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• Dec 17, 2021 · 3 years ago
  Another secure method for storing cryptocurrencies in Nigeria after the ban on ATM withdrawals is to use paper wallets. Paper wallets involve printing out your private keys and storing them offline. This method eliminates the risk of online hacking, but it's important to keep the printed paper safe from physical damage or theft. Remember to generate paper wallets on trusted and secure platforms to ensure the integrity of the generated keys.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recommends using a combination of hardware wallets and multi-signature wallets for securely storing cryptocurrencies in Nigeria after the ban on ATM withdrawals. Hardware wallets provide offline storage for private keys, while multi-signature wallets require multiple signatures to authorize transactions, adding an extra layer of security. It's crucial to regularly update the firmware of hardware wallets and use strong, unique passwords for multi-signature wallets to enhance security.
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