It is no longer news that bitcoin and other cryptocurrencies are getting more valuable than ever. While this increase in value has attracted honest investors, it has also made Bitcoin a large target for internet fraudsters and hackers. Due to these risks, crypto owners need to be more careful with exchanges and wallets.
Statistics show that over $1 billion worth of cryptocurrency was stolen in under 6 months in 2018. This is a scary statistic which no doubt might make you wonder how you can keep your cryptocurrency safe. Likewise, there is a huge list of Cryptocurrency theft which has occurred.
As we go deeper into the digital age, hackers and scammers keep evolving their techniques to catch fresh prey. You would be an easy target for them if you do not know how online security works. While the blockchain itself might seem unhackable, there are many other ways you can fall into the trap of these scammers and hackers.
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So what various approaches can you take to make your cryptocurrency safer? This article is intended to give some advice on what steps can be taken to keep our funds safe.
Crypto owners be careful of the networks and websites you access
No doubt that this method won’t completely secure your coins from being hacked, but it’s a preventable and strategic approach you can use to shield your cryptocoins wallet from cyber threats. Considering the mind-blowing opportunities surrounding cryptocurrencies, hackers are looking for ways and also devising strategies to loot crypto owners.
Moreso, one of the methods they use to gain access to people’s wallets is by creating free public “wifi”. So, to be on a safe side, it’s advisable that cryptocurrency investors should make use of trustworthy wifi and avoid using computers that utilize public wifi to access your crypto wallet.
Also, be cautious of fake websites. Carefully verify the URL before onboarding on any cryptocurrency exchange platform. In the same vein, careful verification of links to avoid spamming link that can lead to fraudulent sites.
The first step to protect your cryptocurrency is to use a secure computer and network. This means avoiding computers that are for public use, such as those found in hotels, and also the public Wi-Fi networks of bars, plazas, and so on. You should always use your own device as well as the home internet connection.
It is not advisable to copy and paste the recovery phrases of a wallet on a page or any other type of software. It is best to keep them stored on paper and, manually, enter them only when necessary. The search engine may have a virus and, in addition, some plugin may have the ability to read information.
Crypto owners should avoid offers that seem too good to be true
Paying cautious attention to opportunities about ways to make money or trade online with cryptocurrency funds. They are usually too good to be true. Take special care with cryptocurrency mining services in the cloud and offers in investment groups.
When receiving an email or messages on social networks about exchanges and other services related to cryptocurrency, caution should be taken. Although Wirex, a borderless payment platform that bridges traditional finance to the new token economy, and Elliptic, blockchain analytics platform and Elliptic are working tirelessly towards creating top-notch security platforms for crypto owners, there is also a high need for you to be wary of scammers.
If being asked to enter the password or your private keys, it is very likely to be a scam. The best way to enter a cryptocurrency exchange platform is always to go directly to the official website.
Use your Crypto wallet security the right way
The first thing that can be done to improve the security of the wallet is to use a physical one. This allows you to keep access to your cryptocurrency offline, this means that there will be no more risk of hacking in exchanges, phishing attacks or falling of the exchange server.
Basically, controlling your wallet is safer than relying on a third-party service.
Crypto owners should use two-factor authentication is your friend
Make sure you enable the double authentication factor when possible. It is a security measure that makes hacking an account difficult. The double authentication factor can be done with text messages, but there are free services such as “Google Authenticator” that can be even more secure.
Added to the double factor authentication are software updates. These updates usually add security patches so you should always keep up-to-date with both physical and digital wallets.
The last but not least is that if you have a large amount of cryptocurrency, it is advisable to have two different wallets. One for important funds and one for daily transactions. This allows you to stay less exposed to potential problems.
Make backups regularly
All of these security measures you might have made become insignificant if both the wallet and the recovery phrases are lost. It is important to make sure you have both in safe places where they cannot be lost or stolen.
It is recommended to backup the recovery phrases and store them in a second secure location. There is limited or no way to recover your cryptocurrency wallet without recovery phrases.
Remember that there is no going back when transactions are made
Unlike traditional payments, there are no refunds in cryptocurrency. Once “send” is pressed, the transaction cannot be reversed. You should always verify all the details of it, both the address to which the funds are sent, as well as the commission of said transaction, before sending it.
Likewise, bitcoin transactions are grouped and processed every 10 minutes in blocks, which are then added to the Blockchain. Once one of these has been added to the Blockchain and our transaction is in that block, it is said to have 1 confirmation. After confirmation, the user can be reasonably sure that the transaction was completed successfully.
However, if the user expects more blocks to be added to the Blockchain, the transaction will be more and more secure until it is eventually unchanged.
Despite the numerous fraud happening in the cryptocurrency world. As we are digging deep into the digital age, some certain crypto platform has started adding security software so as to identify stolen credit card information and create a secure trading platform for all.
Also, applying the above measures to safeguard your funds will sure put you in the right place to get the best of your investments.