The other day, Bitcoin, which is the largest cryptocurrency, rose to over $12,000 in trading value, which has been peaked since August 2019. The price fluctuates of cryptocurrencies are unpredictable, hence attracting both supporters and cybercriminals. Since its launch in 2009, evidence of many hacks and heists continue on cryptocurrency exchanges and crypto-wallets.
Without a doubt, the threat towards your digital currency is through your exchange providers or cryptocurrency wallets. Your coins are not in the crypto wallets; instead, the wallet holds a private key that enables trading online.
Just like any other secret pin, this key is you’re your gateway to your digital currency. So anyone who manages to obtain it can steal your crypto coins and other fraudulent transactions. But with a good knowledge of cryptocurrency, you will understand the need to protect your digital wallet, as explained in updates and news on cryptocurrency-times.com.
So how do you secure your crypto wallet?
Use Protected Internet
It would be best to avoid public WIFI and use secure internet providers when trading cryptocurrency. Even if you are using your home internet, ensure you have a VPN to secure your transactions for fraudsters not to access you easily.
According to ibcdata.com, cryptocurrency is growing daily with a considerable market value; hence, all criminal eyes target vulnerable investors.
Opt For a Cold Wallet
Unlike hot wallets, cold wallets are not prone to cyber-attacks because they don’t need the internet to perform transactions. Therefore, you should store your private keys in cold wallets since they are encrypted, hence hard to hack.
Have Multiple Wallets
Remarkably, there is no limit to wallet creation; hence possible to own more than one. Just like the proverbial saying, do not put all your eggs in one basket, so it applies in digital coins.
Preferably, it would be best to have one wallet for your frequent transactions and store the other cryptocurrency in the other wallets. With this diversification, your portfolio is safe and avoids any breach of your crypto account.
Change Passwords Frequently
The best way to maintain your crypto account safe is to use a strong password, one that is hard to hack. According to a study, most people use the same password across all their accounts and devices. Also, it showed that people use one password in like 50 places.
While it is safe to have a common password to remember easily when in need, it is advisable to create a complex one that will give hackers migraines in trying to guess. Even better, if you have multiple wallets, please use different passwords for each. Moreover, include authentication steps for added security; two-factor authentication (2FA) or multi-factor authentication (MFA).
Protect Personal Device
Always ensure your private device is par with the latest virus definitions to guard against freshly discovered liabilities. Preferably, use a resilient anti-virus and firewall to advance your device’s security to evade hackers from preying on the weakness by writing code to aim the flaw.
In summary, the cryptocurrency industry is always evolving. Therefore it is your foremost responsibility to protect your digital currencies by safeguarding your wallet with essential safety precautions. Bring yourself up to speed with the newest security news, attack methods, and prevention tactics.