by Crypto security tips
With the acceleration of the current digital era, cryptocurrency has transitioned from a tiny niche interest into an entire sector of finance quickly capturing the interest of most investors and hobbyists. While this sector has the potential to provide investors with very unique opportunities, it also attracts hackers, scammers, and other unsavoury characters hoping to nab your funds before they even know what hit them. If you are an investor in crypto or thinking of becoming one of them, the best thing you can do is protect your assets.
- In this blog post, we will discuss commonsense practices to help defer risks relating to hacks or scams with crypto assets.
1. Use reputable and secure wallets
A wallet in the crypto space is like a bank account. You need to use wallets that you trust and that have a good reputation in terms of security. Hardware wallets (such as Ledger or Trezor wallets) reduce your exposure to hackers, as they make it possible to secure your private keys offline. This means that they are much more difficult to hack remotely.
For software wallets, always download apps from a verified official website or trusted source. Avoid downloading third-party or unofficial apps, as they may hide malware and allow scammers to steal your assets.
2. Use Two-Step Verification
Enable two-step verification for all your accounts if available. This includes everything: exchange accounts, wallet accounts, and even your email accounts.
Two-step verification takes things one step further by requiring you to provide not only your password but also a code that is sent to your mobile device.
Tip: Choose app-based verification (such as Google Authenticator or Authy) rather than SMS-based verification, as it is more susceptible to SIM-swap attacks.
3. Be Aware of Phishing Attacks
Phishing is still among the most common methods that hackers are using to steal crypto. You could be sent emails or messages from an impersonating exchange or wallet, with instructions to click a link or to enter your wallet credentials.
Golden Rule: Never click on links you are uncertain about nor download attachments from unknown senders. Always double-check the URL, and to prevent visiting fake pages, bookmark official pages.
4. Keep Your Private Key Private
Your private key gives unlimited access to your crypto. You should never share it with others. Legitimate services will never ask you for your private keys.
If you write it down on paper, keep the paper in a secured place. If you are storing it digitally, you should be using encrypted storage or keeping it on a hardware wallet at the very least.
5. Don’t Get Caught Off Guard with New Threats
Hacks, scams and the techniques hackers use are constantly evolving. To make sure you don’t get caught out, read the latest threats, scams and tactics using reputable cryptocurrency news sites, security blogs and online communities.
The better you understand, the easier it is to identify and refrain from scams.
6. Avoid Using Public Wi-Fi
Do not access your cryptocurrency wallets or exchanges from public Wi-Fi networks. Public Wi-Fi networks are definitely a weakness for the hackers because they just have to intercept your traffic.
If necessary, use a VPN (Virtual Private Network) every time you use public Wi-Fi. The VPN will encrypt your internet traffic to make hackers’s tasks a little more difficult.
7. Diversify and Limit The Amount You Keep On Exchanges
You want to avoid having large amounts of crypto-trade on any exchange for long periods of time. Exchanges are hacked, and history continues to demonstrate this.
Instead, keep most of your assets in personal wallets and only keep what you need to facilitate your trading on the exchange.
CONCLUSION
The value and movement of Bitcoin and cryptocurrencies undeniably will increase, and as a result, hacks and scams will continue with equal or larger iteration activity. If you implement what you learnt and adopt better habits, security will not be an additional concern that prevents you from enjoying the opportunity that a cryptocurrency revolution provides to each of us in our respective paths.
Keep in mind that it is in crypto that you become your own bank, so security begins with you.