The technology has provided us with several incredible online payment’s options, and one of them is bitcoin. Bitcoin is the most popular and expensive cryptocurrency which is based on blockchain technology. It is highly valuable, which is the primary reason that it is the primary target of hackers from all over the world. So, if you are using bitcoins, you need to safeguard them from all kinds of threats such as hacking, phishing, etc. You can visit talkmarkets.com to become a successful bitcoin trader. There are several precautions that you can take to enhance the security and keep the bitcoins secure. Some of the best security tips and common bitcoin risks are mentioned below.
What are the common ways of bitcoin thefts?
Private keys thefts
Bitcoin wallets are digital wallets, and they can only be accessed through a unique key called a private key. These keys are usually stored with online exchanges, which is highly prone to risks such as a DDOS attack, hacking, malware, etc. Hackers steal the private keys and gain access to your bitcoin wallet through them. Once they gain access to your private keys, they can easily steal the bitcoins.
Using security loopholes
There are several bitcoin wallets in the market, but all of them cannot be trusted as some of them have certain security issues, which increases the risk of thefts. Hackers take advantage of the security loopholes and use them to steal the bitcoins as well as the private keys. So, you must choose a wallet wisely and ensure that it has no security flaws.
Hacking bitcoin exchanges
Bitcoin exchanges are online marketplaces where bitcoin users can easily buy and sell bitcoins. These platforms are used by bitcoin users from all over the world. So, hackers directly attack these exchanges as it gives them a chance to steal several private keys and gain access to a lot of bitcoin wallets.
What are the best security tips to follow while using bitcoins?
Stay aware of phishing frauds
There are several methods used by hackers to steal crucial information like private keys and gain access to your bitcoin wallet. One of the most common ways nowadays is phishing. Phishing is a scam technique in which the hackers or frauds send you a link in Email, and once you click on that link, all the information stored on your system is transferred to the hackers. In simple words, you can give control and access to your computer to any other person, and he can easily store the bitcoins stored on the system. So, while using the computer on which you have stored the bitcoin wallet, you must be careful and avoiding clicking on any unknown or suspicious link.
I prefer using hardware wallets
The wallet plays an important role in the security of your bitcoins as if there is any security loophole in it; hackers will be able to gain access to it easily and steal all the funds stored in it. So, if you want to keep your bitcoins safe from online attacks, you must choose the safest wallet. There are different types of bitcoin wallets in the market, such as desktop wallets, web wallets, paper wallets, etc., but the safest wallet is the hardware wallet. It is like a USB device that you can connect to the PC for accessing bitcoins and making transactions. It offers maximum safety as it is offline, which immunes it to all kinds of online risks such as hacking, phishing, malware, etc.
Never use public Wi-Fi
The network used by you also has a huge impact on the security while using bitcoins. There are two types of networks: public network and private network. If you are making a bitcoin transaction, you must use a private network as it is secure and ensure that all the information you are sharing over that network is safe and encrypted. Using public Wi-Fi is highly risky as it opens to everyone, which makes it easier for the hackers to interrupt the transactions steal crucial information that is being shared over that network, such as private keys. If you don’t have any option other than using public Wi-Fi, you must use a VPN; Virtual Private Network. VPN will keep your sensitive data safe from online attackers.