Cyber Security Tips for Crypto Investors to Follow in 2021

Sharing is caring!

Using the internet means having sheer easiness and quickness to do anything digitally. Around ten years ago, cryptocurrency was just a castle in the air. But the year 2020 brought wowing revolutions, and in 2021 the aspirations of the creators are further strengthened fantastically. From Bitcoin to Ethereum, people are showing surging interest in this software-based financing system. 

However, despite the best efforts of the dedicated developers, some wicked minds keep poking their noses in the safety systems. But do not worry at all, instead, take a step ahead and beat the hackers by embracing every precautionary measure while dealing in crypto.

Tick off the following points to enhance online security:

Select a reliable wallet

So you need to make sure and select Bitamp secure bitcoin wallet for your safe bitcoin transactions or any other reputable wallet. Keeping things off exchanges minimises the chances of you losing your money if something happens to the exchange.

Encrypt your wallet

Advanced Encryption Standard or AES is gaining much importance in these cyber times now used to secure crypto-wallets. Encryption is an additional layer of protection to the existing password or the private key in this instance. The private key to the crypto wallet is secured with a master key, i.e. encryption, a random code generated by the owner only. Resultantly, hackers cannot trespass without having this unique passphrase.

Never share your recovery phrase or private key

It is simple to understand that a holder must not share his/her passphrase or private key at any cost. What’s the use of even creating a private key if it is disclosed to anyone else? Such a person who will have the key will modify the data in transit that can invite damages or losses. Giving away the key means that the person has access to the crypto wallet as much as the real owner that can be highly risky.

Trade and store only on reliable exchanges

A reliable Digital Currency Exchange like Redot ensures the best level of cyber security to the investors’ holdings. It allows the users to trade and transact with a sense of protection without being eyed by an unintended party. The infamous Mt. Gox and hacking of Coincheck, where hundreds of million dollars were stolen, are live examples. A qualified and trustworthy exchange plays a crucial role in preventing such digital scams.

Use 2FA everywhere you can

Also known as the ultimate Two Factor Authentication is another way of enhancing the wallet’s security. Whenever a person has to log in to any account, they have to enter a password set independently. Hackers started to create a way to break such passwords. Ultimately, due to increased cybercrimes, there was a need to create a double password system called 2FA. So, this will serve as a barrier to the hacker if they were able to crack the first code.

Keep your OS malware-free and updated

It is probably the least preventive step followed by digital users especially, in the case of smartphones. Malware is an outside element that may enter the OS by receiving the already infected files through USB, Bluetooth, or other internet-operated apps. Such an entry of a virus can corrupt the files, leak privacy, and cause other damages. So, avoid downloading suspicious files from a flimsy source. Also, do not forget to update the OS to use improved features for better protection. 

Backup your entire wallet regularly

Think of a situation where your wallet is stolen or is left at a forgotten place. Or imagine having deleted the camera roll on the mobile phone without a backup. Would you not wish to have created a backup on some other dependable storage device? Well, the same goes for a crypto wallet as well. In case of computer malfunctioning or manual mistakes, a backup of digital currency will help to recover the transactions, trading, and holdings. So remember to create a backup at a promising place.

Divide assets – Don’t put all your eggs in one basket

Even in the traditional form of currency, people prefer to store their dear possessions at varied places. Doing so helps to protect assets that are stored elsewhere other than the attacked spot. In simple words, it is advised that every investor should keep their crypto funds at several places like mobile phones, computers, and other servers wherever possible.

However, it is essential to ensure the safety of each spot. Otherwise, they will be vulnerable to theft and damages.

Use antivirus, VPN, password manager, and firewall

Now that it is known that what level of damage a virus can cause to crypto users, it is vital to stay protected against such threats. Hence, always have an antivirus on your phone and PC regularly scan them for threats. Built-in Windows Defender is good but Avast can protect all your devices including smartphones and tablets.

Using a VPN is another way of safeguarding internet surfing. It helps to hide the IP address; thereby, fraudsters cannot trace the system. Password managers can also lock the credentials safely. Firewall aids in managing blockchain usage without allowing trespass by others.

Beware of Phishing and Cryptojacking Scams

Phishing is a deceptive way of making the email/message receiver enter PINs, Passwords, or other sensitive info revealed to the sender. Resultantly, the person can use the solicited info to access wallets. So, never enter such crucial things when asked by anybody other than the official crypto exchange.

Cryptojacking is another scam that all users must distance themselves from in all circumstances. It is the illicit use of anybody’s PC to mine crypto. Look for overheating the device, excess usage of CPU, and decreased efficiency of the system to sense cryptojacking.

Stay watchful about the latest scams by reading informing crypto blogs. Using Ad blockers and decent cybersecurity can also help to keep such scams out of sight.

Using cold storage methods or cold wallets and hardware wallets are also good methods to keep tricksters away. However, they might be difficult to store, and there is a probability of losing them too. So, choose wisely after weighing the wallets on securing tangents. In any case, staying updated, informed, and alert is the prime key to a safe crypto experience. 

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.