Cryptocurrencies such as Bitcoin and Ethereum keep increasing in value as time goes by. More importantly, numerous investors have stored their assets in cryptocurrency across different platforms. Because of this, cybercriminals have frequently targeted investors attempting to steal their high-value cryptocurrency. Keeping an investment safe can almost be as hard as earning it. But there is no need to worry; this article will show you different ways you can keep your cryptocurrency safe from ill-meaning individuals on the internet.
1. Keep your software updated
Some cryptocurrency owners fail to update their software for various reasons. Sometimes cryptocurrencies change the software to add security patches and other important code to the system. Keeping your old software leaves you vulnerable to thieves as they have more time to create hacking code to penetrate your e-wallet. Be sure to update your software on all devices, including mobile phones.
2. Use Reliable Bitcoin Wallets, Brokers, Mobile Applications, and Exchanges
We all know that all it takes to get hacked is one click on the wrong link. When it comes to keeping your crypto coin safe, you have to pay extra attention to the kind of brokers you work with, as well as Bitcoin wallets. Safe investments largely depend on how keen and cautious you are when handling them, and only safe investments bring in returns on investments.
3. Predictability Quickly Becomes A Liability
Do not rely on one type of security for all your cryptocurrency investments. It is best to keep changing things up and mixing security techniques to avoid becoming complacent when it comes to cyber security. Always remember that complacency always leads to losses, even in real life. Don’t forget to use complex passwords for all your cryptocurrency wallets. Be wary of forgetting your passwords, so make it something you can remember but is still original and strong. Many investors have lost their investments after forgetting their passwords and losing access to millions of dollars.
4. Implement a Two-Step Verification
This kind of verification lets you use different ways of proving that you are the owner of the e-wallet when logging in. You might set the supplication to send a unique code to a device only you have access to. For two-step verification to work, you need to keep updating your passwords on all devices so no one can access the codes or e-wallet. In addition, you can use an authenticator app as an extra level of security for all your e-wallets.
5. Remain Vigilant
Keep a close eye on how your e-wallet transacts money. Always make sure you use safe and secure systems when utilizing your bitcoin. Have physical protection for your wallet just in case something goes south. Mobile phishing is also a security risk you should keep an eye out for. Mobile phone phishing targets investors to steal their login credentials for different sites, including your e-wallet.
Truth be told, stealing cryptocurrency is no small feat. It requires immense coding and hacking knowledge and accompanying computer power. The good news is that crypto technology itself is virtually impossible to hack. That means that even if a hacker managed to gain access to thousands of e-wallets belonging to different users, your crypto investments would still be safe. That is as long as you follow these security tips for keeping your e-wallets safe.