Top 10 Tips to Keep Your Cryptocurrency Safe 2022

While the process of buying cryptocurrency is fairly easy, the process of storing it securely requires completely different knowledge and skills. So there is an urgent need for ideas that help maintain the security and safety of cryptocurrencies.

As is well known, encrypted digital currencies depend on cryptography. Cryptography is the study of secure communication techniques. So it can be said that it is impossible to hack a blockchain, or hack a private key, because trying to crack an algorithm protected by encryption requires a huge amount of computational power that is not available in today’s computers. However, the threat is not so much about cracking the encryption as it is aimed at misuse of users targeted by scammers and hackers.

Beware of phishing scams:

Phishing can be defined as a fraudulent attempt to obtain sensitive information from a user by masquerading as a trustworthy entity. Scammers use a very common scam technique which involves creating a fake mirror of the exchange platform or web wallet page used by cryptocurrency holders. They send the link to the victim with a convincing message. Then this message convinces them to log in and take immediate action. There have been a lot of cases where people interact with these scams, access these sites, and enter their data. The scammers then use this data to do what they want. To avoid phishing, make sure that the link displayed in your browser is the same as that of your trading platform or web wallet.

Avoid storing cryptocurrencies in cryptocurrency exchanges:

Even though you may take the right measures towards the security of your cryptocurrency, that does not mean that your cryptocurrency trading platform may do the same. As there have been many cases in the past that have proven that these platforms can be hacked or escape with users’ money. This could be due to technical errors or exposure to hacks. If you are not planning to trade your cryptocurrency anytime soon, transfer your cryptocurrency from the trading platform to your external wallet. And if you insist and want to store your cryptocurrencies in trading platforms, you can check out some of the famous platforms such as: “Coinbase”, “eToro”, “Binance” and “Kraken” … as these platforms are trustworthy and have proven themselves, and accordingly, your currencies will be Digital is safer on these platforms.

Purchasing a hardware wallet:

A hardware wallet is often referred to as one of the safest ways to store digital currencies. A hardware wallet is defined as a physical device that holds the private key and makes it safe from the eyes of criminals and gives the user easy access to his cryptocurrency, as it is not connected to the Internet.

The three popular hardware wallets are: Trezor, Ledger (Nano S), and KeepKey.

Private keys are stored within an impenetrable circuit. Hardware wallets allow users to sign transactions with a single click. The hardware wallet also comes with a “redemption phrase”. The recovery phrase is 12-24 words that allow users to transfer keys to another wallet if the device is stolen or lost.

Avoid public Wi-Fi networks:

Wi-Fi can turn your browser into any page. Sometimes the conversion may be towards a copy that simulates the trading platform or wallet you are using. Accordingly, behind the public network “Wi-Fi” will be able to collect the data transmitted over the network, and if it carries the password you typed, it will make it easier for him to enter behind you. So we recommend that you do not connect to your wallet from a public Wi-Fi network. And if absolutely necessary, use a Virtual Private Network (VPN). It is a method used to add privacy and security to private and public networks, such as the Internet and Wi-Fi hotspots. As companies mostly use VPN to protect their sensitive data.

Enable two-factor authentication:

Two-factor authentication refers to an additional layer of security that has been added to perform identity verification. This makes it difficult for hackers to invade the wallet and hack it or target your account on the trading platforms. The password alone is vulnerable to cyber attacks. Usually, most cryptocurrency exchanges and wallets require two-factor authentication.

Beware Bitcoin Gambling Sites:

Many people are attracted to gambling with bitcoin because of the anonymity it provides. Anonymity can sometimes be harmful. Many bitcoin gambling sites do not reveal the identity of the site owner. This makes it difficult to check if the platform has the proper licenses, or there is a guarantee that your cryptocurrency will not be stolen. To keep your cryptocurrency safe, you should avoid Bitcoin gambling sites in the first place.

Do not enter the pumping and unloading groups:

Pumping and dump is a tactic used by a group of people or influencers to generate hype to get many people to buy cryptocurrency at the same time. By doing this, the price of the cryptocurrency targeted for pumping and dumping rises exponentially, and this enables the organizers of this tactic to sell and leave everyone hanging at a higher price. This practice is illegal in the cryptocurrency and traditional markets. Therefore, we advise that you should stay away from it to keep your cryptocurrencies safe. Organizers may entice you to participate by promising large returns. But the truth is that only regulators will benefit from it.

Use tough passwords:

When creating a wallet or account with a cryptocurrency trading platform, you need to use a very secure password. The password can be a combination of numbers, uppercase and lowercase letters, symbols, etc. And you can also use online password generators to get a secure password.

Password Generator is an online password generator that helps in the instant generation of secure and random passwords, keeping in mind that the password is stored in a safe place. The best thing you can do is store it offline or on a piece of paper.

Keep your collectibles:

Previously there were many cases of abuse or even murder by bad actors trying to steal their cryptocurrency. Cryptocurrency theft looks attractive to both criminals and fraudsters due to its anonymous nature. In the event that funds are stolen from a bank account, it can usually be linked to an entity and retrieved, but in the crypto market the holder of Bitcoin and other cryptocurrencies cannot be traced. Therefore, you should never tell anyone how much cryptocurrency you own, to avoid being targeted.

It is worth noting that over the past few years, cryptocurrency theft has become a very common practice. Its growing popularity and the privacy it holds has attracted the attention of many hackers because the cryptocurrency market is getting more profitable every year. But as we mentioned in the above tips, prevention is better than cure and following these tips and applying them will prevent losing your cryptocurrencies.

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