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“Investments worth $17Billion in the crypto space have been recorded in the first half of 2021, the largest in any year so far.”
Any person who has passed the threshold of knowing the fundamentals of Blockchain and Cryptocurrencies is convinced enough to invest or participate in this new revolution of the digital world.
The crypto industry is getting tremendous investor interest as its fortunes are turning around better every year. While crypto trading is becoming increasingly mainstream this calls to keep a check on the security of these e-assets as cybercriminals are getting more persistent and creative in their attempts to snavel these.
As digital currencies are laddering up in value at a rapid pace, it urges the need for digital security that can protect online funds from fraudulent activities and account takeovers (ATO).
We all are much aware that these free digital currencies are decentralized and don’t involve any intermediaries. Ultimately, this answers why users have to pay close heed to their safety and are responsible on their own.
Now let’s take a closer look at the title you clicked on.
Top Security Tips to Protect your Cryptocurrencies
In order to discover the world of cryptocurrencies, one must know all the possible dangers as there are true virtuosos who can fool even the most experienced specialists and experts. So take some tips on how to secure cryptos from scammers:
Never Share the Secret Key
No large corporation of cybercriminals is going to worry about attacking your wallet to steal the minutiae of cryptos you might have if they can go after the big shot. However, the little cybercriminals can come after you.
The myriad of methods of what is known as social engineering related to cryptocurrencies is the order of the day. As a recommendation, do not give or publish your private key to anyone.
Cryptocurrencies (like Bitcoin) have a public key (it is like an account number) that can be given to make a deposit, but the private key only has to be known by you, because the one who knows it is the owner of the digital currency.
This secret key validates the transactions(sending/receiving) made by a person and can be best stored by using cold storage, which simply means printing out the key and erasing all digital traces of it.
Do not bite, if something is too good to be true with Cryptos, it is a scam.
Protect Yourself from Phishing/Malware Attacks
One of the most common scams is malware that infects your computer. The scenario that arises is that you install a wallet that is apparently trustworthy but its code contains instructions that are beyond your control.
Or you have Chrome extensions that store a copy of your private key when you use it in a transaction that indirectly preserves the digital traces of your key.
So the suggestion is to have a good antivirus and taking certain measures.
Update and more updates, use a computer if it can only be for your investments and your cryptos. Security of cryptocurrencies also means diversifying, if you don’t have everything in one place, you will run less danger.
Although there are already those who have managed to enter a computer and steal digital assets using electrical energy, that is, without an Internet connection, it is more complicated.
Two Strong Passwords Covers you Up
As cryptos are the prime target of hackers, never tend to reuse passwords across your account. In addition to using strong passwords, make use of two-factor authentication (2FA).
Secure your e-wallet with tried, true, and tested security tactics that help you limit your accounts’ exposure with strong passwords, 2FA, and password rotation enabled wherever possible.
One can make use of Google Authenticator or Duo Security in place of SMS-based two-factor authentication.
Use Cold Storage or Cold Wallets
There are many hardware-type storage systems, Trezor and Ledger Nano are the most popular. They are known as hardware wallets. Advantages, more privacy, and more privacy, disadvantages, they can be broken or stolen.
Another technique to enhance cryptocurrency security is cold storage, perhaps the safest, are known as paper wallets. They are a good option if you don’t want to move your digital assets for a long time.
They are very easy to create and one can print as many copies as we want in addition to encrypting the information for more security. As a disadvantage, they can be burned, broken, lost, or stolen by third parties. The biggest advantage is that your cryptos, being on paper, are not accessible to any cybercriminal unless they pass by your house, of course.
Work with Reputable Wallets and Mobile Apps
Prior to using any platform to buy and preserve your cryptocurrencies, inspect its security features and understand how well they protect your data.
From an authentication perspective, make sure the platforms you are about to trust incorporate best security practices like SSL/TLS encryption, use of air-gapped devices, requiring multi-factor authentication that constitutes a pack of digital risk protection solutions.
Using multiple cryptocurrency platforms can be a bit safer when seen from one point as long as users use different and complex passwords for each platform, thus, maintaining all the passwords securely.
Don’t Opt for Wallets Hosted by Providers
Saving cryptocurrencies in the wallet hosted by third parties is the worst choice to make as you indirectly are making a deal with the providers to have access to store your private key on their personal servers that are totally out of your control.
This is one of the most feasible options selected by many as it requires the least technical efforts to make. However, this does not guarantee to render complete transparency and authenticity of your private key, rather poses risks to its security like the breach of server, or provider going out of business, or undertaken by a government, etc.
By following some basic security tips and techniques, one can ensure the safety of their digital assets.
While CodeGlo has walked great miles to secure the digital environment by embedding high-end security features within all its products, it continues to maintain that security chain, offering robust IT Security Services designed to accommodate all the needs of your digital assets.
Know more about how our IT experts can help you establish an optimal balance of risk prevention and mitigation with rigid enterprise-wide security solutions.