The surge of the cryptocurrency industry as a lucrative digital investment is something that attracts many people around the world. The curiosity to know how profitable the crypto investment could be is a secondary concern when it comes to the safety of digital assets. As fraudsters and hackers are always exploring account hacking opportunities, it has become a major concern for crypto holders to make sure that their coins are safe in the first place.
Whenever mainstream cryptocurrency rises in prices, many hackers get extra active and try to invade the privacy of crypto holders in order to take advantage of such valuable assets. The experts from the hacking regulation believe that attackers will continue attracting towards digital currencies as they escalate in value and become more prevalent in daily lives.
If you are certain to enter the cryptocurrency business, you must be aware of the fact that if you lost your coins to the hands of hackers, the chances are very low that you would be able to get them back as tracking the hacker’s footprints digitally is very difficult because footprints can be eliminated digitally. Read the article further to know 8 ways that can help you keep your digital coins safely.
Two strong passwords are key
Try to avoid reusing passwords across your accounts, as cryptocurrency services are prime targets for hackers. Data breach tactics are quite common nowadays, and hackers have multiple ways to manipulate and hack several services and networks. Crypto experts suggest digital coin holders focus on tried-and-true security tactics.
It would be better to limit fraud threat levels by having a strong, unique, password for each, with password rotation and two-factor authentication enabled where possible. Using a well-trusted password manager can make things easier by automating this process.
A hybrid approach to digital wallet security
Online wallets are no more secure as they have grown in popularity and attract the attention of hackers and fraudsters. Offline wallets must be used to store most of the cryptocurrency, while only securing a small amount of currency in the online wallet.
Moreover, to remain completely safe from all sides, it would be wise to store your physical wallet in a secure place. Make sure that both online and offline wallets are secured with multi-factor authentication and strong passwords when possible.
Protect yourself from mobile phishing
Many crypto holders with a cryptocurrency wallet use mobile to manage it. As such digital commodities soar in price, malicious hackers are encouraged to attack investors with mobile phishing campaigns in order to steal login info.
According to the provider of mobile security solutions expert, such social engineering attacks can come from anywhere on a mobile device, including, social media, texts, email, or third-party messaging platforms. As the installation of antivirus software on computers is a common practice, many people have realized the same need for mobile and tablets as well.
Stay cautious about how your wallet is used in transactions
Many crypto investors apply the core principles of cyber resilience to their wallets to make sure that coins stored in the wallets are safe. If you are unaware of the process of digital wallets being used in transactions, you might end up losing your money to hackers.
Make sure that networks and systems are not compromised especially if you are using them for transactions purposes. People who trade higher values must spend some time evaluating the risk.
Only work with reputable cryptocurrency wallets, exchanges, and mobile apps
While deciding which platforms to use, investors should carefully examine each platform’s security features and understand how well their data will be protected. Prefer only those platforms that incorporate best security practices such as SSL/TLS encryption, multi-factor authentication, and the use of air-gapped devices that are kept offline while storing cryptocurrency.
As in crypto trading, the Bitiq app is considered a well-reputed platform, you must also consider only well-reputed crypto wallets to secure your coins. It is recommended to use multiple cryptocurrency platforms with different and complex passwords for each platform. Moreover, do not forget to use a secure password manager while working with more than one cryptocurrency platform.
Avoid sharing the secret key
The secret key is the main factor that ensures that the person sending or receiving the digital currencies is the owner of the wallet being used. Never share your secret key with untrusted people or random platforms. Use cold storage to store your secret key as cold storages mean printing out your key and removing all digital traces of it.