It is no news that the cryptocurrency industry has gained a lot of attention over the years, slowly moving transactions from the physical environment to the digital one. People are now gambling with bitcoin instead of real cash. In fact, cryptocurrency has come a long way since its beginnings.
However, it is not immune to online vices such as hacks. As a result, a large amount of cryptocurrency disappeared. Of course, hackers are almost impossible to track down because they disappear evenly in the vast world of the Internet.
To avoid these incidents, you need to understand cryptocurrencies and how to protect your bitcoin from theft. Here, we’ll take a closer look at some of the ways you can avoid hacks and secure your bitcoins.
1. Use physical and online wallets
Using a secure wallet is one of the best ways to protect your cryptocurrency. You can save your cryptocurrency in a digital wallet or an exchange. However, it must be stored in a digital wallet. However, there are many wallets, and each has its own advantages and security features. You should do extensive research on different types of wallets before settling on one.
There are two basic types of wallets; Hardware wallet and online wallet. A hardware wallet, also known as a physical wallet, is similar to a USB drive and acts as a physical store of coins. Each hardware wallet has a private key that only allows you to value stored tokens or coins.
The online wallet works just like a physical wallet without USB devices. Like a physical wallet, these wallets contain private keys that cannot be recovered once they are lost. Therefore, it is important to note that these keys are stored in a safe and private place.
Although both wallets can be kept in a safe place, it is recommended that you keep most of your cryptocurrency in a physical wallet. Only a small amount should be left in the online wallet. Likewise, you have separate keys for both wallets.
2. Use strong passwords
Most of the time, we create passwords that we can easily remember. However, while doing this, keep in mind that it must be something unique and powerful. Never use the same password for different accounts, especially cryptocurrency wallets. If you have two wallets, create two strong passwords.
3. Avoid sharing your secret key
Your private key is what gives you access to send or receive cryptocurrency. Therefore, the key must be your secret. This means that you should avoid sharing it with anyone. The safest way to store your private key is cold storage. Cold storage means printing your private key and removing all digital traces from it.
4. Enable two-factor authentication
Like every account you want to secure, always enable two-factor authentication. This will add another layer of security, making it more difficult to hack. To enable this, go to your account settings. Once there, you can set up 2FA through Google Authenticator or get text codes for you.
5. Use a secure mobile device
Many people who have a crypto wallet access it using a mobile app. What they don’t know is that cell phones are more vulnerable to hacking. Due to its frequent use, hackers are motivated to target investors with mobile phishing. This gives them access to personal information such as your login credentials.
Apart from mobile phishing, hackers can engineer attacks from anywhere and in any form on a digital device. For example, some malicious mobile apps can monitor your screen activity.
To avoid this, make sure your device is updated with the latest antivirus apps that can protect your device. Powerful antivirus improves the security of your device and prevents hackers from penetrating the firewall.
6. Install antivirus software
As a bitcoin holder you have to secure your money, another way to secure your money is to protect your device. It is necessary to install antivirus software on your computer system. This is because windows, like Android, are exposed to many viruses and worms.
7. Use a secure internet connection
While making transactions, make sure to use only a secure internet connection. Also avoid public wi-fi. Even while using your home network, use a VPN to improve security. A VPN works by changing your IP address and location, keeping all your activities safe from the threat.
8. Don’t click on unknown links
Cybercriminals often use deceptive links to set traps. They make an effort to grab your attention with well-constructed words and entice you to click on unknown links. These links often lead to websites that steal private data and also harm your devices. Therefore, avoid clicking on links that you are not familiar with.
9. Use trustworthy platforms
Hackers use different methods to access cryptocurrency wallets. So, before using any platform, research their security features and understand how they secure their data. Before investing a single dollar, be sure to do extensive research on cryptocurrency exchanges.
The exchange platform allows users to buy and sell digital currencies, but there are different options to choose. Use only platforms with a trustworthy history, such as the official Bitcoin Power website.
conclusion
As a trader or investor, you know how important digital currencies are. With this said, you should also know that it is very important to keep these coins safe. The points supported above are some tips that can help you prevent cryptocurrency hacking and protect your bitcoin. Instill these safe methods to avoid becoming a victim.
Andrew is a writer who does most of his work on cryptocurrency related topics. While he is primarily interested in bitcoin, he also follows major cryptocurrencies and innovative ideas that new crypto and blockchain projects are bringing to the table.
