Hello Guys, This is CryptoCover and today we are talking about how you can prevent your cryptocurrency by hacking so let’s get started,
What do we need to have cryptocurrency?
When we want to store our money then we usually store it by using our Pocket wallet. But in cryptocurrency wallet, When we want to store our specific cryptocurrency we cannot stores it on pocket wallet because we know that cryptocurrency is digital currency and for that the cryptocurrency wallet is to be used, where we can check and store our cryptocurrency.
The Cryptocurrency wallets is a digital wallet where you can check your balance of your specific cryptocurrency over the blockchain.
Where Cryptocurrencies can be hacked and how it can be prevented ?
1. Cryptocurrency Exchanges Hacking located and its prevention :
Crypto Exchanges are the easiest way where you can access your cryptocurrency balance and you can also short-term trading with your cryptocurrency. The Exchanges are having lots of cryptocurrency which you can buy with bitcoin or ethereum and access it but because of your coins are online accessible, there are high chances of being part of hacking so exchanges are unsecure.
There are lots of exchanges where you can buy and trade with your cryptocurrency however there are only few exchanges which are secure and you can trust them which are Binance, Bitfinex, OKEx, Kucoin, Bittrex and Poloniex but there are some problem that we may gets like phishing sites which looks similar like original one so always bookmark your original exchange site and sometimes exchanges got server issues where at that time you cannot access your balance.
One more thing I want to tell you that always use 2FA or Google Authenticator to secure your account and and safely store your 2FA Private key. If you want large amount of cryptocurrency and you want to store it for long time such as 3-5 years then exchanges may not be safe so we have to store it on software wallet or Hardware wallet.
2. Software Wallets Hacking located and its prevention :
The software wallet is a Desktop wallet where you can store your cryptocurrency and there is most important thing about software wallet is ‘ once you store your cryptocurrency in your desktop or PC then you cannot access that cryptocurrency on other desktop or PC ’ means you can access your cryptocurrency only with same desktop or PC where you stored it. This thing is developed in software wallets for the security reasons.
Unlike Cryptocurrency Exchanges, the cryptocurrencies are not online accessible. They are accessible only with your desktop where you stored it so the software wallets are having higher security than exchanges but there are one big issue with software wallet is that if your computers affected by virus or for some reason your computer not working then you may not be access your cryptocurrency so always use high quality antivirus software for prevent your computer from that issue and also keep in mind that you cannot stores lots of crptocurrencies in software wallets you can stores only few cryptocurrencies in your software wallet, In future may be software wallets having more cryptocurrencies.
There are two most commonly used software wallets which are Exodus and Jaxx where you can store your cryptocurrencies.
3. Hardware Wallets Hacking located and its prevention:
Hardware wallet is a wallet where you can store your cryptocurrencies in hardware Device. Most of the hardware wallets are looks like pendrive and we have to pay for getting that hardware device. In cryptocurrency world, the hardware wallet can be known as most secure place to store cryptocurrency because the cryptocurrencies are stored in hardware device and only accessible by the owner of that hardware device. However hardware wallet can also be hack. The hardware wallets can be hacked by swapping cyptocurrency address for example, when you transfer bitcoins to another bitcoin address, at that time this bitcoin address can be changed so always ensures that the bitcoin address is same.
There is another way that when you purchase hardware wallet online then your pivate key of that hardware wallet can be stolen at the time of shipping so when you got your hardware wallet then check whether the box is well packed or not.
There are two most commonly used hardware wallets which are Ledger Nano S and TREZOR where you can store your cryptocurrencies safely.
So that’s it for today and comment me which wallet you are using and why?
If you are not followed me then make sure to follow CryptoCover to get latest updates about cryptocurrency.
