How to save your cryptocurrency assets from being hacked in 2018
Are you worried about your Cryptocurrency being hacked?
Well, here we provide you with some of the best tips to keep your crypto assets safe and secure.
At the end of last year run of the bull market, Cryptocurrency was a real trending topic in the market where Bitcoin rose 1000% while Ripple, Ethereum, and plenty other coins came up with even greater rises.
The hackers continually keep a keen eye on the people who invest in Cryptocurrency and Security of the wallet because the most profitable business currently, is the Cryptocurrency Market.
One of the famous incidents which took place in the Cryptocurrency market was the Phone-Porting Hack where hackers used unique social engineering techniques to steal people’s mobile number. This stolen number was then used for getting authorized into the wallet and steal funds from that wallet.
So, what is the best method to stay safe and protect your cryptocurrency from hacks?
In this digital world, mobile phones, hard drives, laptop’s, wallets are convenient repositories but nowadays this isn’t sufficient. It’s of vital importance to secure your crypto wallet hard for keeping your assets safe.
Nothing comes with a 100% guarantee of Security, not even the PAID security tools. But certainly, the tips below will get you enough close to the mark.
1. Securing a Wallet is similar to securing your personal data on the computer. You have to be aware of links, advertisement, any type of attachment etc. which appears when a browser is being suffered.
2. Always create backups of your cryptocurrency wallets. So, that it will let you restore your wallet if in case your laptop or cell phone gets stolen.
3. Opening an account to buy cryptocurrency? Set up a unique E-mail id that you’re going to use for that account and never share that id with anyone.
4. Encrypt your whole device in which you are going to use cryptocurrency wallet. Make sure you have the best anti-virus installed on your device and keep it up to date including anti-malware and anti-ransomware.
5. Set up a really hard and long password where it is only able to recover from a piece of paper that you control.
6. Don’t use two-factor authentication on an SMS that could be ported. Instead, using something a bit more like Google Authenticator or yubikey would be much better.
7. Never share the name of cryptocurrency or wallet which you use on social media or with unknown people, Keep it private.
8. Diversify your risk, Buy cryptocurrency across multiple exchanges. So, that in case if one exchange is hacked other will remain accessible.
9. Always use offline wallets.
10. Always use the cold wallet to keep cryptocurrency safe off the internet and cold wallet is like the saving account. While the hot wallet is linked to the internet and should only be used for everyday transactions.
11. The decentralized system doesn’t store funds. Nobody has any access to money accept the owner of that money.
The Future of Crypto-Security
Technology’s era continues to be new and coins are nevertheless suspected of robbery because lots of people are still gaining knowledge and researching over and over for the future of cryptocurrency. But, a time will surely come when there will be more secure wallets to keep more currency at a single place without any security concerns.
One of the finest available secure wallets today is Ledger Nano S. It is a highly secure drive which prevents malware, and any unverified attempt to access. The Secure Cryptocurrency future that will keep cryptocurrency safe and theft free, is not very far!.
Investing and Earning are very simple these days. The main concern of cryptocurrency lies in making it secure, lower transaction fees and increasing more transactions per seconds.
People must keep themselves updated about the happenings in the market of Cryptocurrency.