While bitcoin allows users a relative sense of safety, it’s not wholly immune to hacker attacks. As the cryptocurrency skyrockets in popularity and value, more negative attention is drawn to it. Whether you’re investing in bitcoin for the long term or merely using it for a superior live blackjack experience, you need to know how to protect your cryptocurrency against cyberattacks. Here’s our quick fire guide to securing your crypto.
Use a Trusted e-Wallet and Exchange
When you trade bitcoin, you need an e-wallet to do so. You also need to choose a crypto exchange. There are many of these to choose from. Before making a decision, consider the wallet’s reputation for safety and security. Read online reviews from other users and investigate the provider’s features and history.
The e-wallet you choose must be a reputable product with proven safety and security. This is vital. You can also choose between a cold wallet or a hot wallet. Hot wallets store your cryptocurrency on the net, while cold wallets allow you to store your bitcoin without requiring the internet. Often, cold wallets are simply external computer hard drives or thumb drives.
Secure Your Devices and Internet Connection
The easiest way for a cyberattack to take place is through an unsecured internet connection and a device that doesn’t have a firewall or updated anti-virus software. Ensure that you always use a private connection when working with bitcoin. Never make transactions using public connections and use a good antivirus program on all your devices.
Use Passwords and Other Security Protocols
Use complex passwords for your accounts and never share them with anyone. The more complicated the passwords are, the harder it is for hackers and thieves to use. You can also make use of two-factor authentication, which adds security to your accounts. Most e-wallets and exchanges offer two-factor authentication to guarantee the safety of your cryptocurrency.
Keep Your Investments Private
Don’t talk about your bitcoin investments publicly. The fewer people who know about your bitcoin, the better. This advice is specifically for social media, chat sites and forums. Hackers are always looking for information about other people’s investments on these sites. If you participate in discussions, ensure that none of your personal information is accessible.
Look Out for Social Engineering Attacks
While most people are aware of phishing and scam emails, hackers are becoming ever more sophisticated. Be wary of emails that look like your exchange, where it asks for security or personal details. There have been accounts of hackers sending thumb drives to people’s residences containing malware intended to steal passwords.
Secure Your Phone Number
A surprising number of cyberattacks are occurring through SIM-swap scams. The hacker will phone your cellular provider, pretending to be you and ask for a new SIM. Once they have your phone number, they can easily reset passwords and drain your account.
If a criminal has enough personal information, it’s relatively easy to access all your accounts, not just your cryptocurrency. Keep your phone number secure, along with any other personal information.
Be Aware of the Processes and Procedures When Using Your Wallet
If you don’t understand the processes involved when using your wallet in transactions, it’s much easier for cyberattacks to succeed. The security measures in place to protect your bitcoin are only as good as your understanding of them. Hackers stage their attacks by first getting a foot in the door. If you don’t understand the security, processes and procedures, your wallet becomes an easy target.
Final Thoughts
Most of the methods that hackers use to access your bitcoin include having personal information. If you own or trade with bitcoin, you should be extra careful not to share any private information online. The better you understand the process of bitcoin exchange, the better you’ll be able to protect yourself against threats.