Cryptocurrencies come with their strengths and shortcomings, with the absence of centralised power liable for the safety of your digital assets. Still, your cryptocurrencies are encircled by certain risks such as:
- Computer viruses intended to rip off your digital coins.
- Your digital wallet is prone to security-related risks.
- Sending money to the wrong address and never getting a chance to reverse the payment.
However, there is no cause for alarm as this article aims at helping you stay alert of the risk factors within the crypto industry. To keep your digital coins safe can appear less complex and this article will offer better insight.
1: Two-factor authentication
First, add two-factor authentication, a security protocol to your account. If activated, you need to enter a 6-digit password and ensure no one else has access to it. The good thing is that the password changes after a couple of seconds, implying that hackers will never get a chance of accessing your account.
2: Track your digital wallet activities
You can undertake this step by relying on tracking tools, for instance, Distill. Installing Distill and linking it to your wallet address will help you receive notification quickly in case of any strange activity in your account.
3: Use different wallets to hold your cryptocurrencies
Remember the old saying that never put all your eggs under one basket. It’s a wise move to have different digital wallets where you can store your assets. In case of any cyber threat on one account, it will not appear like the end of the road for you.
Also, to trade cryptocurrencies such as Bitcoin, Ethereum and other Altcoins, you can rely on regulated platforms such as the Bitcoinrevolution.
4: Remove any remote access software
Avoid any remote access software as it can harm all your security protocols like the two-factor authentication, which may enable hackers to attack your device.
Another thing is that ensure you will never download and install such software on your device and in case you already have, delete.
5: Use complex recovery words
The safety of your data, including your cryptocurrency assets, is essential. Ensure you backup your data with recovery words known by only you as they may turn helpful on any given day.
6: Use Linux to reduce your OS risk
Many analysts claim that Linux systems appear much secure. Since they are convenient to users, this reduces the necessity for the audience, which renders them less appealing to hackers.
However, it’s considered a wise move to download the software from reliable sources such as torrents since you can come across harmful apps.
7: Deactivate auto-updates for your digital wallet
Once in a while, digital wallets undergo an update to shield against any emerging security-related risk. Your digital wallet may be at risk if you avoid getting an update.
Nonetheless, you should deactivate auto-updates and take some time to confirm before updating a new version since they may come with a bug.
8: Consider pros and cons
Ensure you confirm before proceeding with any payment. Once you make a cryptocurrency transaction, you will not have a chance to reverse it. If you send payments to the wrong address, definitely you will lose your crypto assets.
9: Avoid Ads
Several security threats have emerged from ads. Hackers take advantage of users by getting them to click on these ads only to install viruses on their devices. Many analysts suggest you install ad blockers as it’s quite challenging to differentiate between reliable and harmful ads.
10: Block any invisible tracker
Some hackers use the invisible tracker to track your crypto transactions. You can rely on the Privacy Badger to avoid such threats as it blocks tracking cookies, which infringes the “do not track” setting on your browser.
11: Use ProtonMail for your cryptocurrencies
Although several investors rely on yahoo email accounts or google to buy and sell digital coins, analysts claim that it’s not the safest path for you.
The Gmail terms and conditions entail that you allow Google to read your emails and monitor your account transactions after leaving the site. This leaves your details exposed to various security-related risks.
As an alternative, you can rely on ProtonMail since they neither read your emails nor monitor your account activities.
12: Secure your browsing info
There many ways hackers can use to attack your digital assets and one, in particular, is phishing. Here, they create an attractive phishing page where you’re inclined to click on it. They can achieve this by creating a dummy exchange platform. After you click on it, your account details get vulnerable and the hackers can use it to access your account.
You can avert such threats by only visiting sites with HTTPS and never click on pages with HTTP as they are likely prone to risks.
13: Use your VPN to safeguard and encrypt your details
A VPN uses complex encryption keys to safeguard your info as well as making it difficult for anyone to monitor your activities. Also, you can configure the VPN as a safety precaution for your transactions in case it affects your internet speed.
14: Rely on password generators
When setting passwords, do not use just numbers as their combinations are modest and hackers can easily figure them out. Also, don’t use just a word for a password as hackers can figure it with much ease.
The safest password is considered to have a combination of numbers, symbols, and letters with both the upper and lower case.
15: Get a kill switch
Despite the absence of a centralised power that controls digital coins, a smartphone can get lost. If the hacker gets hold of the phone, he/she can access your account and take control of your crypto assets.
To avoid this, you can have a kill switch that will erase all your info in case your phone is lost, which makes it difficult for the hacker to gain access to your exchange data.
Investing in the crypto industry and making significant yields is a strategy that you have to commit to. After investing and owning digital coins, you still need to follow these guidelines to protect your crypto assets from any security-related risk.