Has the popularity of Bitcoin and Ethereum has made virtual currencies more vulnerable to hackers? It is indeed that hackers are taking opposing advantage of it. Plus, experts suggest that attackers will settle towards digital currencies, and their value will rise in the future and become prevalent.
These days, technology has made it difficult to track the work of hackers because it is possible to remove the footprints digitally. Investors do not find any way at the time of cryptocurrency hacking because these digital coins are still non-restricted by a central bank or entity.
However, the following tips can be helpful to keep cryptocurrency safe.
How to Keep Cryptocurrency Protected?
Cryptocurrencies are getting fame with time among investors, but they have potential risks that you need to be careful of. For instance, Cryptocurrency, including Bitcoin, Ethereum, and Litecoin, does not have constant value and fluctuates constantly. View the following tips to protect your online wallet from hackers when trading cryptocurrency. Also, bestforexbrokeraustralia.com offers multiple ways to keep your forex in safe position.
- Keep a Strong Password
You need to avoid this mistake, mainly when you use cryptocurrency services. These security issues are serious, and you should consider them essential to deal with them safely. You can use two-factor authentication. Moreover, you can use a password manager to automate this process and increase its authenticity. Plus, it can save plenty of time.
Also Read: What is Cryptocurrency?
- Change Password with Time
Keeping a strong password is extremely necessary when it comes to maintaining high security. But are you making a mistake in keeping the same password for 10 devices, social media accounts, and apps?
This way, there are chances for your password hacking. Maintaining a solid and complex password is necessary to make it hard to guess. Moreover, changing passwords regularly or weekly will also minimize the chances of hacking.
Keep in mind to use different passwords if you have multiple wallets. In addition, you can select two-factor authentication or multifactor authentication for maximizing security.
- Use a Cold Wallet
Since hot wallets connect to the internet but cold wallets do not, they are more susceptible to cyber-attacks. However, it is worthwhile and makes your keys safe and secure.
- Opt for reliable Cryptocurrency Wallet
Is it helpful for you to select a trustworthy cryptocurrency wallet, app, or exchange? So, there is a need for implementing best practices like obtaining multifactor authentication TLS/SSL encryption to maintain a high level of security. Nevertheless, it is more reliable and safer if you use more than one platform.
- Shield against Phishing Attacks
Many people use the mobile app to maintain cryptocurrency wallets. Hackers have excellent knowledge about mobile phishing campaigns to steal your credentials. Mobile phones are more vulnerable to these security attacks that can be in the form of third-party messaging platforms or email, social media, text messages, etc.
Not limited to phishing, many mobile apps can log your keystrokes and know about the activity on your screen. In addition, technology has moved forward, and the invention of antivirus software has made it easy to steal data from the computer without your knowledge.
- Hide the Secret Key
If you share a secret key, you are at high risk. This key can authenticate the way a person sends and receives digital coins. Make sure to hide this secret key from everyone and store this private key through using cold storage. Cold storage can allow you to print out your keys and eliminate all digital traces.
However, you can use a secure method to recover your private key by using a seed that uses a series of generated words. This series of numbers can be written down or printed on paper, and you can store it in some safe place. It is essential because hackers can reach end-user machines and other digital storage applications, so if you keep storing them digitally, it can be risky for you.
It is not risky to use cryptocurrency, but you need to protect your funds digitally by securing them in different secure ways. In addition, you need to be aware of the attack techniques, latest security news, and prevention strategies.