Because of their prominence and price rises, virtual currencies such as Bitcoin and Ethereum are frequently targeted by hackers looking to profit from these valuable assets. Hackers’ activities might be harder to pinpoint since their digital fingerprints can be erased. If their cryptocurrency account is compromised, traders have little legal grounds since the virtual coins are currently unregulated by a government agency or central bank.
Thus, if you are involved and have invested a lot of money in cryptocurrency, you should at least be mindful and apply extra protective measures to keep your investment safe. Always keep in mind that when there is money involved, some people will surely find a way to take credit from other people’s hard work. It would be best if you always think in advance to prevent possible instances like this from happening.
To further give you an idea of how you can safely keep your investment in cryptocurrency, most especially since all transactions are made online, here are five ways that you can apply.
Maintain the most recent version of your program. Thieves may attack a wallet that isn’t running the latest bitcoin software. The most recent edition of wallet software will have a superior security structure, ensuring that bitcoins are protected.
Due to the generally improved security of the wallet, if your system is updated with the newest security updates and protocol, you may be able to avoid a massive disaster. Keep updating your mobile device’s or computer’s operating systems and software regularly to keep your Bitcoin safe.
Use Dependable Bitcoin Wallets, Exchanges, Brokers, and Mobile applications.
According to the crypto experts at Cryptoner, it is imperative for you to thoroughly analyze the security aspects of each platform before deciding on one for your investment needs. When it comes to maintaining crypto, parties that can be trusted need to use SSL/TLS encryption, multi-factor authentication, and air-gapped devices kept offline. Have secure password management on hand to prevent losing passwords whether you’re using one or many cryptocurrency services.
Aside from that, if you have the capability to invest much in cryptocurrency, you might as well invest in a paid application instead of using a free one. Mostly, hackers and scammers are rampant in mobile apps that are free since most of these are not that secure and can easily be accessed through the tools used by hackers.
Use A Mixed Technique When It Comes To Digital Wallet Security
Thieves are getting more interested in online accounts as they become more prevalent. A small portion of a user’s bitcoin must be maintained in an electronic wallet; the rest must be held in offline or actual wallets. The physical wallet must be stored securely, such as in a vault or a safety deposit box. It’s also a great way to keep the personal and public keys separate. It would be wise if you didn’t store all your credit in a single wallet. Think of it like handling actual money, where you open different bank accounts for savings, emergency funds, personal expenses, and others.
Nonetheless, all your wallets must be safeguarded using complex passwords and multifactor authentication wherever possible. Don’t give hackers an opportunity to hack your wallets because of a simple password. Don’t try to use your birthday because that’s what they mostly try to apply first. As much as possible, combine letters, numbers, and other characters to make it more complicated and hard to guess.
Implement Two-Factor Authentication
Most probably, this tip is very familiar because this is also used not just for crypto domains but in personal emails and social media accounts which hackers mostly target as well. Thus, if you already have applied it with your other online accounts, you might as well apply the same thing on any of your crypto-related accounts to ensure an extra layer of protection when a hacker attempts to access any of them.
Using an authenticator app, activate 2-factor authentication on all of your crypto domains. It’s possible to SIM change phone numbers, which is a risky business. When an attacker impersonates you and phones your phone service, claiming to have misplaced your phone, this is known as a SIM switch. Hackers then use your data to identify themselves as you, and “you” wish to recover your phone number on some other device. This is conceivable since all of your personal information was most likely exposed.
A Scout Should Be Dispatched
It’s similar to military strategy— you won’t dispatch all of your soldiers at once; you’ll need to spy—in order to assess the circumstance. The same concept applies to cryptocurrency since if you transfer your coins to the wrong destination or wallet category, you will lose all of your money. That money is gone forever.
Execute a tiny test transaction before transferring bitcoin to another wallet or exchange. This ensures that you have the destination address and determines how quickly the coins would take to transmit. Yes, this may cost you a bit more money owing to transfer costs, but it will spare you tension, stress, as well as the negative outcome of your money.
Financially speaking, crypto is one of the few ways to remain “off the grid,” avoiding banks and the government. Of course, freedom comes with responsibilities, and securing your cryptocurrency wallet is critical if you want to keep your money safe. Thus, if you’re an active investor of a cryptocurrency or you deal with crypto trading on a daily basis, it would be best if you apply and ensure to utilize the provided tips mentioned above.
Due to the advancement that we are experiencing right now, more advanced methods to keep your crypto investment safe are widely introduced and recommended. However, these advancements are experienced by hackers as well which enables them to make further ways to get access. This is why you should always ensure to be one step ahead. The online world has a lot of risks, especially when money is involved, so always choose to take extra safety measures to protect it as much as possible.