Cryptocurrency has been in the limelight for a few years now, but its popularity has increased in the recent years. Many new investors are gradually joining the industry. However, there is always a fear of getting hacked while managing cryptocurrencies. As digital currencies are not tangible – they are more prone to getting hacked.
The hackers use different methods that often sound lucrative. Due to lack of awareness, some people give in to these tactics – which prove to be detrimental over time. There have been many instances where people, due to their negligence or other reasons, got hacked and lost everything from their digital assets. However, it is not impossible to stay safe from these hackers.
Traders can use the following methods to avoid such scams in their trading careers.
Cryptocurrency wallets work exactly like conventional wallets, where they act as a storage for cryptocurrencies like Bitcoin and Ethereum. They keep your digital assets safe from hackers and scams. The Crypto wallets look like USBs and are used as tangible methods to store cryptocurrencies. The wallet is secured with private keys that can be used to access them.
Storage and transfer of cryptocurrency through crypto wallets is easier and more secure as there is no third party involved. Moreover, no one can access the stored coins without the private key.
Online Crypto Wallets
Some traders do not buy into the idea of having a physical form of storage such as the crypto wallets. Hence, there are numerous platforms available that provide online wallets for digital currency. Like the crypto wallets, there is a private key involved – which is used to access the coins.
However, there is no way to recover this key once you forget about it. Therefore, it is important to keep track of the key so that you can access your coins whenever you want.
Keeping a strong password may sound like a cliché, but it is one of the basic security protocols that one can follow – to stay safe from hackers. You should never use the same password across different cryptocurrency exchanges so, in case of a security breach, the damage is limited to a single account.
Another conventional way is to change the password regularly so that it is harder for hackers to crack the code. Similarly, you can set up two-way authentication to stay alert whenever someone tries to access your account.
Hackers can even use different platforms to get access to cryptocurrencies. Therefore, traders should only use platforms that are reputable and reviewed. Since the chances are close to zero when there is a proper channel involved. For example, you can use Bitcoin Power official website for cryptocurrency trading instead of unknown platforms.
Ever since people have started to use phones for everything, hackers have found a way to infiltrate it. Therefore, you should be aware of the applications that you use on your phones. Some applications often spy on their users and whenever you enter your keys into the browser, they can be accessed by hackers.
To avoid these breaches, it is crucial to identify which apps can be detrimental to one’s security.
There are many scary stories of cryptocurrency hacking. Since the coins are not tangible, there are numerous ways for hackers to access the coins. But many ways can be used to be secure from these scams.
First, the coins like any asset need storage. Cryptocurrencies should be stored in crypto wallets so that they are secure from any infiltration. The wallets are secured with private keys that are non-recoverable.
Similarly, keeping strong passwords on different platforms is important. The key is to be aware of fishy platforms and mobile applications. So that the hackers do not get any opportunity to get into your system