With the increase in demand for cryptocurrencies like Bitcoin, Ripple, Ethereum, Litecoin, etc., hacking attempts has also been increased to steal your virtual currency. There are multiple ways by which you can save your cryptocurrency from getting stolen or hacked and this article will enlighten you about it.
Simple Tips to Secure your Cryptocurrency
1. Different Password and Emails for Exchanges.
Wherever possible, try to use the different username, password, and email for cryptocurrency buying platform or exchanges. Even if you are not able to use the different email for each account, please use at least different password.
This could be cumbersome, but this will help you in long run and will protect your virtual currency.
2. Enable 2FA & Save Private Key.
Once you have created your account in cryptocurrency exchange or buying platform, it is very important that you secure it using "2 Factor Authentication or 2FA". It is a very easy process to enable 2FA and secure account. But, please don't forget to save your private key as it is required if you lose access to your 2FA device.
The two most trusted 2FA applications are Google Authenticator & Authy.
3. Hardware & Software Wallets.
If the quantity of valuable virtual coins or tokens are large, it is a good idea to move your digital asset to hardware and software based wallets. This will save your crypto from hacking and will give you extra security. Exodus & Ledger Nano are one such example of software and hardware wallet respectively.
Also, most of the crypto coins have their own software wallet which you can download in your PC and can then transfer your coins to that application.
4. Use Good Antivirus & Malware Protection Program.
Using good antivirus and malware protection program is very crucial for your desktop security and also helps in browsing the internet very securely. Use programs which can monitor your internet traffic and can block unwanted threats.
Malwarebytes is one such good anti-malware program.
5. Do not store all Cryptocurrency in one wallet or exchange.
The statement is pretty clear, never keep all your eggs in one basket. Always keep your cryptocurrency like Bitcoins, Etherium, Ripple, Verge, etc. in multiple exchanges. There had been many instances when crypto trading exchanges have been hacked and million dollars cryptocurrency has been stolen.
6. Do not participate in Giveaways assuring to double or triple your currency.
As the craze for cryptocurrency has increased tremendously, so as the scammers. Scammers are now possing as other people and asking to send cryptocurrency like Bitcoin, Litecoin, etc. in their wallet in order to take participate in a giveaway.
Please note all such posts are scams, do not send anything to these accounts.
7. Enable Email & Mobile alerts.
It is very imperative to get notifications for every transaction which is happening in your crypto currency exchange or account. So always enable all the notifications, so that you can get alerts if there is any withdrawal or deposit in your account.
8. Do not install crypto related plugins in your web browser.
Don't install any 3rd party plugin to mine the cryptocurrency from your desktop or laptop, because most of them are scams and can also steal your browsing data and password, so beware.
9. Don't Use Public Wi-Fi
Public Wi-Fi's are not secure and if you are using your laptop or mobile phone to trade cryptocurrency, then you should not use the same device for accessing the internet through public WiFi. There have been many incidences where people have got hacked and lost their valuable virtual currency.
10. Regular Backups
Backups are always essential, so always have a backup of your security keys, backup codes for your emails and 2FA. In case you reinstall your OS or reset your phone, then you can always restore your cryptocurrency wallet from backups.
11. Phishing Emails & SMS.
Nowadays, spammers & hackers are sending phishing emails. So do not click on any such emails. Rather if you want to check, directly go to that website and check. Don't ever get trapped in phishing and scam emails.
Also, It is better to bookmark the exchange rather searching it on Google.
These were the tips to secure your cryptocurrency. In case you have any other useful tip, please share with us through your comments or email. Hope you guys find this article full of knowledge and helpful. Also, do not forget to subscribe to our mycryptohustle.com blog and share this article on social networking websites to spread the awareness.