Before getting into the reasons to protect your crypto, it is important to understand how crypto wallets work, as these crypto wallets are necessary to send and receive cryptocurrencies and access dApps. Although crypto wallets do not store any digital assets, they generate the information to use your crypto funds.
Cryptocurrencies are controlled through a set of digital keys and addresses which represent the ownership and control of the digital tokens. A crypto wallet is made up of these addresses and keys. The first one is a public key, and the second one is a private key. People can send cryptocurrencies to your account using the public key generated by your crypto wallet. Hence, your public key and the address of your wallet can be shared with others. But a private key is entirely different from a public key. It should be treated as a confidential password because it gives access to your funds and allows you to make transactions.
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These crypto wallets can either be non-custodial wallets or custodial wallets. With non-custodial wallets, the responsibility of safeguarding private keys lies in the hands of the owners. But with custodial wallets, a third party takes that responsibility to protect its users' crypto funds.
Now, let’s see the three important reasons why you should lock your crypto.
To Protect your Investment
Cryptocurrencies are very vulnerable to cyber theft. In 2022, cyber criminals looted nearly 4 billion dollars. Cybercriminals enjoy the anonymity offered by blockchain technology that enables them to escape without much evidence to trace. Since most countries do not have proper regulations for cryptocurrencies, it is impossible to take legal action against such heists. Therefore, it is the sole responsibility of the investors to safeguard their crypto funds.
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To Avoid Accidental Transaction
Cryptocurrencies are often looted during transactions. Cybercriminals find a loophole in blockchain technology to divert currencies to their accounts. Investors also often transfer their funds to the wrong account by mistake. To avoid these accidental transactions and cyber attacks, investors can lock in their crypto funds using wallets.
To Prevent Unauthorized Access
Locking your cryptos in custodial wallets or non-custodial wallets minimizes the risk of unauthorized access to your crypto funds. Cybercriminals always try to find a way to get access to private keys. But locking your private keys in a wallet can keep your crypto funds out of reach of cybercriminals.
Tron And Litecoin Show Growth
Tron is a blockchain-based platform that owns a cryptocurrency called TRX. The platform allows content creators to sell their work directly to consumers. Tron aims to eliminate the middleman through its peer-to-peer network technology.
Over the past twelve months, the TRX coin has increased by 10.5%. Over the past seven days, it saw a rise of 15.3%. Similarly, Litecoin also witnessed a hike of 10.6% over the past seven days.
Litecoin is a blockchain-based platform created in 2011. It aims to become a medium for daily transactions. Although both Litecoin and Tron are highly volatile, they rank 14th and 15th, respectively, in the market by market capitalization. It makes them the most coveted cryptocurrencies in the industry.
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Lockyourcrypto.com Ensures More Than Safety
Lockyourcrypto.com provides a completely secure platform to store these coins. The investors can transfer their Tron and Litecoin currencies to the vault in the Lockyourcrypto.com platform. They can also choose a time frame for their currencies to be locked in. After the fund is received, Lockyourcrypto.com will provide a certificate to the users, which can be used as proof of ownership. Currencies deposited in the vault will not be allowed to transfer or withdraw until the lock-in period elapses.
Lockyourcrypto.com uses high encryption to save Tron and Litecoin to keep them safe from cybercriminals. The platform also ensures to maintain the privacy of the depositors.
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Lockyourcrypto.com will act as a digital fortress for your Tron and Litecoin funds because it will set an identity confirmation to access your crypto fund. This will minimize the risk of unauthorized access and cyber breach.
Lockyourcrypto.com's smart contracts are audited by Soken and Solidity finance, leading blockchain security companies in the crypto industry. It makes Lockyourcrypto.com a trusted place to store your crypto funds with utmost security.
Check it out at the links below:
Website: www.Lockyourcrypto.com
Twitter: https://twitter.com/_Lockyourcrypto
