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2020-04-27 07:06:34

How To Prevent Theft Of Your Cryptocurrency?

If you become the owner of a cryptocurrency, then, on the one hand, they are independent of banking restrictions, and on the other, you are personally responsible for their safety. This attracts more and more hackers every year. The problem is that theft and fraud force some users to abandon cryptocurrency. But the main reason for all thefts remains simple human carelessness. Now we will tell you what to look for because experienced crypto holders are much less likely to be scammers.


Keep Your Keys Safe

Crypto-wallets consist of two types of keys - public and private. A private key is a tool for managing your cryptocurrency. Anyone who knows him can use your cryptocurrency. Each Bitcoin wallet will recommend that you use this approach. Your password should be such that it is difficult to guess or decrypt, which is the main reason for this measure.

When you have a strong password, make sure that you do not use it outside the wallet, or do not share it with anyone.

Watch For Internet Security

Malicious programs are the easiest way to lose your money. Use antivirus software –– this is the simplest thing you can do. Be careful with the sites and links that you open. Otherwise, you risk getting caught by “phishing” scammers. They use fake domains, which are similar to existing ones, and can force you to fill in your data. Don't use public WI-FI which is easy to intercept.

Don't Store All Crypto Assets Online

They are suitable for storing a small amount, but certainly not all savings.

There is a higher risk of hacking from online wallets than from physical devices. Basically, users give up control of their cryptocurrency to provide flexibility: quick exchange or withdrawal. If your only wallet is hacked one day, you will lose all your money at once.

Choose Cold Storage

One of the best ways to save large volumes of crypto is to choose the so-called “cold storage” option. This implies storage on a physical device that is not connected to the Internet. For example, a USB drive, paper, or sound wallets. If the wallet is offline, no one can connect to it and crack it. The combination of an online wallet for short-term spending and cold for the rest is the best idea.

–– Read Also Read How To Choos Crypto Wallets

–– Read Also Find Out More About Private And Public Keys

–– Read Also Read About 7 The Best Wallets For Cryptocurrency 

Make Backup Regularly

If your device fails, reliable backups may be the only way to recover your money. Even if someone steals your computer or smartphone. Use multiple devices to store backups, at least to 2-3. It is also worth encrypting copies, especially if they are stored on the Internet. If you do it right, you'll be safe, even if someone manages to steal them. They will not be able to directly access your key.

Don't Forget To Update Regularly

Your cryptocurrency wallet, like any computer, will be updated from time to time. First of all, to ensure the security of each user. If you miss one or two updates, the money will be vulnerable. The latest software version is the best protection, so keep that in mind and regularly update all programs related to your crypto storage.

Add Extra Encryption To Your Wallet

Encrypt your wallet or add a password to withdraw money. At the same time, do not forget to follow the rules for creating and storing passwords: use a strict code of letters and numbers. Do not put a password that you can easily guess about. In doing so, you must remember it without a written record. If you still decide to record it, keep it in a safe place and not on the Internet.

Enable Two-Factor Authentication Wherever You Can

Using two-factor authentication is considered the most successful security solution. Login and password are not enough to enter the system. You will need to confirm through another device that you are the owner of the account. 2FA is used not only among bitcoin wallets but also on cryptocurrency exchanges and other platforms that value the security of their users' data. Even if it is not in your wallet, you can always use additional software. 

–– Read Also What You Should Know About 2FA 

–– Read Also Are Crypto Keys Really Reliable?

Use Multi-Signature

You can form a group of people whom you trust, for example from 3 to 5 people. And if, for example, you decide to send money to another wallet, the transaction should be checked by all members of the group. Stealing your money will become harder. Even if a hacker takes over the account, he will need permission from other members of the group.

And most importantly, do not boast about your savings. If no one knows about your crypto accumulation, you are safer. Keep prudence and successful trading and investing!


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