TIPS TO SECURE YOUR CRYPTO WALLET AGAINST HACKS

Cryptocurrency is becoming more popular, but threats are also evolving and expanding. As more people invest in cryptocurrency, it becomes more profitable for attackers.

Because of the security risks, many people have been reluctant to invest in cryptocurrencies, especially since investor now must protect their investments.

Contents:
1. Overview
2. Tips to secure your cryptocurrency
3. Final words

1.Overview

Although cryptocurrency is becoming more and more popular, security risks are also expanding and increasing. Attackers can make more money out of cryptocurrencies as more people invest in them. Since the start of the outbreak in April 2020, there have been roughly a dozen attacks and almost $3 billion worth of cryptocurrency has been taken from exchanges.

Hackers have numerous different methods for obtaining cryptocurrencies, including stealing or guessing your password, breaking into an exchange platform, phishing scams, and more. The most frequent attack, nevertheless, is the theft of a crypto wallet’s private keys. There are numerous things you can do to secure bitcoin and lower your risk level, even though it’s probably not possible to be 100% secure against every potential assault.

2. Tips to secure your cryptocurrency

2.1 Protect your cryptocurrency using a cold wallet

• Storing your cryptocurrency wallet in a “cold,” or hardware, wallet is the first step in securing it.
• Even though you might need to use some of it online for transactions, simply keep what you’ll need right away and keep the majority of it offline.
• A private key that can be used to access your money is stored in a cold cryptocurrency wallet that is around the size of a USB drive.
• You can create your own private key, but if you misplace it, you might not be able to access your investment.
• In a recent instance, two investors lost the secret key to their hard wallet, yet the money they had invested grew to be worth millions.

2.2 Use a reputable exchange to buy/sell

• Recognize that some exchanges are more secure than others before you do any transactions.
• Research on which cryptocurrency exchanges have previously been breached since if the exchange has been compromised, it indicates weak security procedures or current weaknesses, putting your investment at risk.
• You risk losing your holdings if your cryptocurrency exchange is compromised because the majority of them aren’t required by law to protect your money in the event of a cyberattack.

2.3 Change your passwords frequently

• Unfortunately, you can pretty much anticipate that your passwords will all be compromised at some point in the current environment.
• Therefore, creating a complicated password and keeping it safe while changing it frequently are the keys to password security.
• Never use a password you already have when selecting one for your cryptocurrency wallet or any other sensitive website.
• Your password shouldn’t contain any personal information, too. It is safer to store passwords in a password manager, such as LastPass or 1Password, rather than saving them to your browser.
• Last but not least, switch your password every six months or such.

2.4 Beware of Phishing

• You’d be amazed at how many people fall for phishing, which is a target attack in which an attacker may pretend to be a reputable organisation in order to obtain your personal information.
• Never log in to your bitcoin exchange unless you are certain you are on the right website to avoid phishing.
• Instead of clicking on a link that someone else handed you at random, save the URL to your favourites or type it directly into your browser.
• Do not believe texts, emails, or chats that request personal information. Finally, before sending any money, always double check that the information is accurate.

2.5 Personal or Professional Use

• Separate your personal and professional accounts and devices from your cryptocurrency trading
• Instead of using a personal, school, or workplace email that you can lose access to, you should construct an email specifically for your cryptocurrency wallet.
• Never access your cryptocurrency wallet on a work or public computer, and think about utilising a different device, such as a dedicated laptop or smartphone, for your cryptocurrency trading

2.6 Avoid public Wi-Fi

• Avoid using public WiFi to access your cryptocurrency accounts or online exchanges.
• Use a VPN whenever you can to obfuscate your location and IP address. Any device can be used with a VPN to protect your data privacy and prevent listening in or activity tracking.
• An encrypted tunnel is effectively created by a VPN, allowing you control over your data while maintaining the privacy and security of your online activity.
• Additionally, you want to incorporate this into all of your online security procedures, not only for bitcoin trading.

2.7 Update software automatically

• Use the most recent software on any device you choose to use. Updates can be made to automatically install.
• Ensure that your device, including any loaded applications, is up to date
• Using end point security tools like anti-viruses and anti-malware is equally vital.

2.8 Keep your wallet’s details private.

• Sharing your bitcoin investing triumphs on social media may be alluring, but doing so is essentially asking attackers to target you.
• Many bitcoin traders choose to trade invisibly in order to completely conceal their identities.
• You shouldn’t share information on social media about your trading activities, the exchange you are using, or your profits or losses.

2.9 Keep abreast with the most recent risks

• Attacks are always changing, but so are the ways you may defend yourself.
• In order to be prepared to act swiftly in the event that your crypto wallet does become exposed, we advise you to regularly check the news for updates on new attacks or threats.

Final Word