Security in Crypto: How to Safely Store $RTF Tokens
Author: Jack Black – a seasoned newshound with a decade in the crypto field. Known for demystifying blockchain technology.
“I’m your trusted voice in the crypto community.”
The modern world of sports looks very dynamic. Every discipline is growing by leaps and bounds. Some stop at nothing when it comes to new opportunities that blockchain and Web3 offer. The so-called digital innovation has already managed to turn the sports world upside down. For example, blockchain practices have revealed unique courses in how:
- Fans can support their favorite sports teams.
- Athletes get rewarded for their triumphs.
- Sports projects get sponsorship funding, and so on.
Today's article will be one of the first steps in your crypto education. Don't worry if this is the first time you've heard about cryptocurrency and blockchain and don't understand digital innovation – Ready To Fight (RTF) experts are here to lend a helping hand!
This piece also details why cryptocurrency is essential for sports development and gives exceptional attention to such an important matter as security. This concerns the safety of personal data and digital assets, including $RTF tokens – fuel for the RTF ecosystem.
Understanding Cryptocurrency
Before diving into the specifics of crypto security, I recommend you understand what cryptocurrency is.
So, crypto is digital or virtual money based on and protected by cryptography tech. In turn, encryption is a highly precise and intricate data encryption process designed to maximize security and avoid double-spend.
Note that cryptocurrencies do not function on their own. Each coin operates within so-called decentralized platforms known as blockchain protocols.
“Is this the first time you've heard the term blockchain?”
In simple terms, it refers to digital registries of data that are spread across millions of computers around the world. Yeah, this may sound boring. So, let's move from theory to practice.
In one of our recent articles, we discovered that sports teams actively incorporate blockchain into their daily business operations. Here's an even more down-to-earth example – the RTF platform.
The project utilizes blockchain to benefit their community and digitize the boxing world. Currently, RTF is the only ecosystem that employs blockchain to build a unique space connecting all people related to boxing. RTF community roles include, but are not limited to:
- Boxers
- Fans
- Coaches
- Agents
- Promoters
- Managers
- Massage therapists
- Sports doctors
- Gym owners
- Brands and so on
RTF uses the native $RTF token to give each ecosystem role unique opportunities for community interaction. For example, boxers can monetize their skills and pay sparring partners or trainers with $RTF.
The blockchain approach has already proved its worthiness in the RTFight app and has hit the spot of the global boxers, including some world-class champs. By the way, the app's latest version is already available on the mobile app stores.
Feel free to get it now!
Basics of Crypto Storage: Keeping Your Digital Assets Safe
You've probably heard of crypto as a digital form of money. Meanwhile, just like in the real world, virtual funds demand strong guards from hackers. If fraudsters gain access to your assets, they can instantly move all the funds to their own wallet and leave you empty-handed.
That's why you should start by familiarizing yourself with crypto safety and choose a solid security tool to store your digital funds. It's precisely like boxing. Honing your defense skills is a sure way to avoid being on the ring's canvas (in most cases 😜).
Types of Cryptocurrency Wallets
The world of digital currencies and blockchain is growing by a second. This is also true for the rising variety of storage options used to keep digital funds. The choice of wallet often depends on several aspects, including:
- How and how often do you plan to operate your crypto assets
- The amount of coins in your balance
- The desired level of security
- Paid or free solutions, etc.
Now, let's run through the main types of crypto wallets and check their features. This way, you can better choose and understand which storages meet your needs and goals.
Cryptocurrency Exchange Wallets
In plain English, crypto exchanges are platforms where users can buy and sell various coin types for profit. To provide maximum convenience, exchanges offer in-house solutions for storing crypto assets. Most of these custodial (controlled by a 3rd party) wallets have free app versions.
Nevertheless, exchanges never miss opportunities to benefit from their users by charging commissions for sending or selling coins.
“Using free wallets on exchanges is a perfectly acceptable solution for beginners. However, this guidance makes sense if you are not storing significant funds. Who knows, an exchange could be hacked or suddenly bankrupt.”
Cold Storage Wallet: The Digital Safe
A cold wallet is a type of storage with no direct internet connection. This unique feature offers the best protection against online threats. Plus, it's a non-custodial (fully controlled by you) solution ideal for users who store significant amounts of crypto.
“As far as I'm concerned, a cold wallet is the most rational solution for security. My personal experience suggests that most cold solutions are quite easy to operate. The only downside is that a high-quality device starts at $100 or so.”
Hot Crypto Wallet: The Convenient Option
If there's a cold wallet, then there's a hot one, right? Yeap! The difference is that a hot wallet directly connects to the internet. Such a feature delivers instant access to virtual funds. Plus, hot wallets can be both custodial (e.g., offered by a crypto exchange) and non-custodial (mobile or desktop apps).
Wondering what a hot wallet looks like? Here’s how the Ready To Fight wallet powered by web3 looks like:
The solution is excellent for those who plan to frequently restock their accounts or exchange crypto for fiat (a digital form of traditional money).
“Personally, I use a hot wallet for quick day-to-day transactions. However, being permanently connected to the internet forces me to avoid keeping any significant funds there.”
Paper Wallets: The Analog Choice
Despite the constant progress and the emergence of cutting-edge wallet models, analog solutions are still relevant. In short, a paper wallet is literally a piece of paper with your personal keys and address printed on it.
“I believe that an analog-type crypto wallet is a very risky venture. You risk losing or damaging the paper on which the unique data is stored. On the other hand, it's a free solution that won't cost you a dime.”
4 Tips on How to Protect Your Cryptocurrencies
The mass adoption of cryptocurrencies is natural in 2024, as the blockchain never stops improving. However, no matter how advanced the tech may seem, taking proactive measures to protect your digital assets is never a bad idea.
Having examined this critical topic with RTFight app developers (who are longtime experts in blockchain and the WEB3 environment), I’d like to share the following advice:
1. Give preference to secure versions of cold wallets.
The point is that the access keys to hardware solutions are stored offline. This way, you can be sure of a high level of security and not worry that fraudsters will gain access to your funds, even virtual ones.
2. Activate 2FA (two-factor authentication).
Let's say you decide to use a hot wallet or one of the in-house solutions a crypto exchange offers. In this case, 2FA increases your accounts' security significantly. Even if your password falls into the hands of fraudsters, a thief will still need SMS or e-mail confirmation to access your account.
3. Don't forget to update your software promptly.
Ensure that all your devices related to crypto assets always get their update time. For example, recurring RTFight app updates often include security improvements and bug fixes, contributing to a better user experience. See for yourself!
4. Do not use public Wi-Fi networks.
By connecting to such networks, you risk compromising sensitive data. In essence, you make it easier for hackers or other shady individuals to empty your wallet balance in the blink of an eye.
These are far from all the measures to protect you from all threats when using and storing crypto. However, these essential tips will significantly reduce the degree of risk and help keep your virtual assets safe.
The Final Words
Choosing a crypto wallet is the key to safely storing and using cryptocurrencies. However, should you stop picking one particular solution?
In fact, it is better to favor a balanced method, namely choosing several types of wallets and operating them depending on your goals.
For my part, I advise creating a blend of cold and hot solutions. The cold or hardware wallet can be used for long-term and safe storage of large amounts of money. The hot one will provide quick access to your assets, including the $RTF token, and allow you to buy or exchange coins hands down.
FAQs
How Do You Store Large Amounts of Cryptocurrency?
I suggest using cold wallets, which have no direct internet connection and are great for storing large amounts in the long run.
Can You Store Crypto Offline?
Sure! Offline storage options include paper wallets and cold wallets. Cold solutions are more practical and reliable, although both methods offer high security.
Are Cryptocurrency Exchanges Safe to Store Coins?
Regardless of the brand behind a cryptocurrency exchange, almost all have vulnerabilities. This option may seem convenient for frequent transactions. Still, it's far from the ideal choice for storing large sums of funds.
Can I store Multiple Currencies in One wallet?
Yes, storing different crypto coins in a single wallet is possible. Most hot wallets automatically create balances for the top 10 most used cryptos.