Are you planning to buy cryptocurrency? Great! But have you also calculated all the safety measures to keep it safe & protected? Yes, you read it right! In this digital world, we need to take many safety measures to protect our hard-earned money. But to do that, you will have to learn an entirely different set of knowledge & skills as owned by those crypto experts. It will help you to keep your crypto safe & secure. As we all know, cryptography is the study of more secure communication.
It is nearly impossible for anyone to hack blockchain technology. But to break the algorithm will require an unachievable amount of computational power. But even after so much security, there have been so many cases of cryptocurrency thefts. Moreover, it mainly happens with the freshers who are just starting. So for those freshers, we have prepared this article to explain the significant security measures you should follow to keep your holdings safe.
Major Security Measures to Follow in Crypto
If you want to trade or hold cryptocurrency but have second doubts about the rising online thefts, this article will help you. You can safeguard yourself by following some simple but effective measures that can save you from crypto thefts, as outlined below.
Watch Out of Phishing Scams
Phishing Scam is a form of Social Engineering where an attacker disguises themselves as a trustworthy person. The main reason behind this is to trick a human victim and take out sensitive information from him. Many attackers use a common technique because they create an identical but fake version of a web wallet page used by the victim’s friend. After that, the attacker will mail him the link with a highly compelling message.
It will lead the victim to click that link and perform an instant action. Unfortunately, there have been so many cases that people cannot understand it, access these links, and give in their personnel details. After that, the attacker has all his details and can use them to do whatever he wants. If you want to avoid such types of scenarios, ensure that the links appearing on the screen are the same as those present in your exchange and wallet.
Never Store Your Cryptocurrency in Exchanges
Even if you are taking your actions in the right direction to keep your cryptocurrency safe, your exchange doesn’t need to be doing the same. This is because there have been so many cases of major crypto exchange platforms losing their users’ funds. The primary & possible reason behind this may be technical errors and hacks. But apart from this, what else you need to learn is about Private Keys.
It sits as a complex form of cryptography that will allow you to access your cryptocurrency. If you leave your crypto in an exchange platform, your Private Keys will remain with the exchange platform, and there is a massive chance of theft happening. The recent crypto exchange hack has evidenced $3 Million to $13 Million worth of stolen cryptocurrencies. Further, it has been revealed that most of them were kept in the exchange platform only.
So, what’s the solution? The answer is hidden in the next head.
Purchase a Crypto Hardware Wallet
A crypto hardware wallet goes a long way in terms of providing robust security to your cryptocurrency holdings. There are many hardware wallets in the market. Still, Ledger Nano X has established trust amid crypto investors and traders as it offers loads of security features along with many other advantages such as:
- Multiple languages support
- Extensive memory size
- Supports 1000+ cryptocurrencies
- Long-lasting battery
- Multiple operating systems support
For more details, check out our detailed post on- 6 Best Hardware Wallet For Bitcoin & Cryptocurrency. Else you can use other reliable wallets but make sure you own the private key and safeguard your private key in
Never Use a Public WiFi
There is an old saying – Free Is Not Always Good. In the case of financial transactions, it seems to apply. You may find free WiFi anywhere like the metro, public transport, state institutions, cafes, hotels, etc. You may see it as a great offer, but it sits as an excellent offer for cybercriminals as well. These days, fraudsters are using fake WiFi networks to hack your device. If you’ll log in to your cryptocurrency wallet using a public WiFi network, always ensure to turn on your VPN (Virtual Private Network).
Or otherwise, the hacker will manage to steal usernames & passwords, and even your personal information as well. Using VPN is a great way to add privacy & security features to private and public networks. Most of the time, VPN is used in businesses to secure sensitive business data. So. you should always avoid using a public WiFi network to access any financial wallet. But even then, you need to remember to turn on VPN to activate your security features.
Activate 2-Factor Authentication
Two-factor Authentication envelopes your crypto holdings with a robust security layer. As the name suggests, it adds two layers of security. So apart from using your login credentials, you will have to enter a code sent to your smartphone (OTP) or a temporary code generated by your authenticator apps such as Google Authenticator or Authy. So using 2FA enables not only advanced security but improved accessibility and productivity as well.
Stay Away From Crypto Gambling Sites
First of all, you should stay away from any gambling, but especially from Crypto Gambling Sites. Many people are attracted to such websites due to the anonymity they offer. But it has its disadvantages like you also don’t know who the other players are. Possibly, there may be a hacker sitting in-between who is just waiting to grab a chance to loot all your cryptocurrencies.
It also makes it so much difficult for anyone to analyze if the site has all the legal & authenticated licenses to run it. Therefore, if you want to keep your money safe, always remember to avoid opening these Crypto Gambling Sites.
The use of cryptocurrency is constantly increasing these days for both trading & investment purposes. As a result, a large portion of our country’s young and adult population is showing accelerated interest in this new class of assets. But like any other online transaction, you need to secure the cryptocurrency as well. For that, you need to adopt various types of security measures which we have covered above.
You cannot just deposit your hard-earned money into the exchange platform and then sit back with a mindset that the platform will take care of it. You’ll have to work on it as well. You will understand the technology, the ways hackers may steal your money, and how you can defend your money. So, if you have any further queries related to the topic, feel free to drop them in the comment section below.