A cryptocurrency is a form of digital currency that can be used as an alternative to more traditional, physical currencies. Cryptocurrencies use cryptography for security and anti-counterfeiting measures. The first cryptocurrency was Bitcoin, which was created in 2009 by the pseudonymous Satoshi Nakamoto. Since then, other cryptocurrencies have been created such as Ethereum and Litecoin based on some of Bitcoin’s ideas. This blog post will list six ways to keep your cryptocurrency safe from hackers or thieves.
1. A Hardware Wallet
A hardware wallet is a special type of bitcoin wallet which stores the user’s private keys in a secure hardware device. These wallets have major advantages over standard software wallets: private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext.
If you are interested in this type of wallet, read trezor wallet review.
2. Two Strong Passwords is Necessary
Having two passwords is better than one because it will make it harder for hackers to access your stuff. Generally, you should have a separate password for your email and another one for the exchange/online wallet website. If you use the same password everywhere, all an attacker needs to do in order to access your email is hack the exchange/online wallet website.
3. Be Aware When You Make Transactions
As with any financial transaction, using cryptocurrency requires you to be cautious. Hackers can use phishing scam websites to try and get your username and password. Make sure you check the website you are visiting is secure and a legitimate site before entering personal details like your email address or password.
4. Use Two-Factor Authentication
This is a very important security feature to use when you are signing in to exchange or online wallet. It is basically a process that requires two types of information before allowing access.
Two-factor authentication is more secure than just a username and password. Some websites have an automated method of authenticating your login attempt, often in the form of a verification code sent to your phone.
5. Don’t Brag About Your Cryptocurrency Holdings
One of the biggest mistakes you could make is to tell the world that you own cryptocurrency. Even if you do not post your wallet address and balance on social media, hackers and other nefarious individuals may find out about your holdings through other means.
6. Keep Up With the Latest Security Alerts
Last but not least, keep yourself up to date with any security alerts that your exchange or online wallet may have. When you sign up to use their services, make sure to provide an email address so that they can contact you in case of emergencies.
Make sure you read and understand these alerts before taking any action.
Keeping your cryptocurrency safe from cyber-criminals is a must. It will prevent them from accessing your data and stealing money from you. You can prevent this by using the tips above. Make sure you keep yourself and your information secure.