Protecting Your Cryptocurrency Across Wallets and Exchanges
Which cryptocurrency is your favorite?
Buying and investing in cryptocurrency is become a trend nowadays there are so many cryptocurrencies now available in the market you can invest in any cryptocurrency. Bitcoin is the number one cryptocurrency in the market at this time . Ethereum is the number two cryptocurrency nowadays. like Bitcoin and Ethereum there are so many famous cryptocurrencies available in the market now like a ripple, Binance, Litecoin, Dogecoin, Chainlink, Cardano Etc.
you can invest in any crypto but make sure it should be safe as its online currency there are so many stories of hackers on internet how they are stealing the money from people crypto accounts.
No matter which one you have your sights set on and your money in, though, it won’t matter if you were to ever get hacked. No matter the kind of crypto, you would be exposed to the same kinds of risks, unless you take some precautions against that.
We hate to see people lose their crypto holdings, especially due to reasons that they could have better controlled.
That said, here are some of the risks to be on the lookout for, and what to do about them too.
Risk #1 – Losing Private Keys
Every cryptocurrency wallet that you store your coins in will have a private key
associated with them. This private key is a recovery passphrase that can be used to access your account or export your holdings into another wallet. The interesting thing about using private keys is that you NEVER need to log in with your username or password.
This is why the keys should be kept as safe as possible.
We recommend never storing your private keys online, no matter what. Instead, write these keys down offline and keep the paper away from damage. For the fear of someone finding it, you can also disguise the private key as something else.
Risk #2 – Trusting the Wrong Wallet
Hackers are getting smarter when it comes to stealing cryptocurrencies. That is why they will create fake wallets or mimic existing ones to trick users into downloading them. Once the user imports their wallet onto these fake wallets – or request some crypto to be sent to them – the hackers intercept it instead.
Another benefit to hardware wallets is that they are not
susceptible to online attacks as much as the software options are.
Risk #3 – Using Non-Encrypted Networks
Hackers have found their way into breaching a network connection to get access to the devices on such a connection. Once they get such access, they can either study the internet traffic coming from such devices for sensitive info or hijack the devices themselves.
One of the downsides to that is that they can see all you are doing over such a connection – including your crypto wallet and exchange activities.
First things first, we do not recommend accessing your sensitive files over public or free Wi-Fi connections. Even if you must, consider downloading a downloading a Virtual Private Network to encrypt your internet connection and data. Even if you are on a personal connection, it doesn’t hurt to have a VPN for that extra layer of security.
Risk #4 – Not Securing your Wallet
The anonymity that cryptocurrencies bring with them might make many users think that they are secure. That is true, but you do not want to rely on basic security alone.
For starters, your wallet/ exchange password should be as secure as can be. We don’t need to tell you how your password should not be reused on other accounts – neither should it contain any personally identifying information.
Follow that up with extra protocols like two-factor authentication for better security. That way, your password only could not be used to breach your account. Do not forget to check your wallet activity, if the wallet supports such, so that you can keep track of suspicious activities which you did not authorize.
It does look like cryptocurrencies are here for the long term. So that your funds are also here for long, embrace the security culture promoted above. With that, you can keep on singing the praises of cryptos for a long time instead of finding yourself on the wrong end of the stick.
AUGUST 14, 2020
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