The hackers are always looking forward to attacking digital currencies such as Bitcoin and …… as they have highly volatile prices and can benefit them instantly. Digital currency is growing exponentially and trying to take over fiat currency. Because of this popularity, the muggers will attack it, as the CEO of nVisium mentions. It is nearly impossible to track the scammers in the digital industry as they leave no footprints anywhere.
The digital currency has almost no regulations underpinning it, which means that the investors cannot find any way out in case of cyber-attack as there is no involvement of central authority. This article throws light on some significant suggestions for safeguarding your cryptocurrency investment.
Use a hybrid strategy
Online wallets are fetching increased popularity and have become a center of attraction for hackers. According to the statement of Terence Jackson, a chief information security officer, consumers should retain most of their cryptocurrencies in disconnected or offline wallets. The more time spent online, the more vulnerable your currency is to cyber-attack. Therefore, a small amount should be kept in online wallets.
He also insists that physical wallets like paper ones or hardware must also be kept in a safe or a deposit box. Furthermore, the private and public keys should never be identical, and one must keep them confidential for preventing hacks. To add more to the preventive measures, users should go for a multifactor verification system as the chances of scams and hacks increase as the digital currency becomes more prevalent.
The need for two strong passwords cannot be overstated.
Bitcoin currencies are a well-known target of the cyber-thieves. To eliminate the chances of cyber-crime, users should never choose similar passwords for several accounts. Never use an identical password for several accounts, mainly since bitcoin services are a popular target for cybercriminals. Many crypto experts propose this idea and consider it as one of the most tried and tested the safest method for making a digital account secure. A diverse and robust password for every account, with two or more factors verification, can assist a lot in this matter.
Use trustworthy and reputable crypto wallets, exchanges, brokerages and mobile apps
Another preventive measure is selecting the platform used for dealing in cryptocurrency. Every forum should be first studied thoroughly with extensive research, and their security measures should be considered before deciding which one to go for. Any medium which offers multifactor verification, SSL/TLS encryption, air-gapped devices and other security measures should be chosen. A user can hold multiple accounts if he chooses a solid and unique password for every single one.
Avoid being a victim of mobile phishing
For easy accessibility, most users use a mobile application as a reserve for their digital money. The cyber-security experts suggest that this storing method can make your funds highly vulnerable to hackers. They can steal the credentials and logins via emails, texts, calls, or any third-party source. Fake applications can store your data and maliciously hack your digital wallets. Therefore, a user must always…
Choose the safest trading platform
The prices of some currencies are so high that the attackers keep looking for a chance to get potential benefits from it. Such currencies must be handled with great care. It is critical to use supported currencies, pricing, trade, withdrawal choices and security when selecting the best cryptocurrency exchange forum for your needs. If you are interested in bitcoin trading, check the essential cryptocurrency tips for traders.
The bottom line
In a shell, you can infer that while most exchanges have adequate security measures in place, cryptocurrencies are not immune to hacking. Keep in mind that recovering cryptocurrency that has been lost or stolen is quite impossible. Follow the methods indicated here to enjoy a good night’s sleep while keeping your cryptocurrency investments safe and secure.