Millions of investors have entered in the cryptocurrency world. They are investing millions and millions of dollars in it. But most of them don’t know how to protect their cryptocurrencies. Because there are lots of hackers out there that are hacking crypto wallet within seconds.
So, here are 12 steps about how to protect cryptos from hackers :
1. Keep your information private, stay secure
If you mention on Facebook, Twitter or other social media that you trade cryptocurrencies on an exchange, you become a potential target for hackers.
2. Create a new, secure email only for cryptocurrency
Before you open up an account on Coinbase or other exchanges, you have to set up a unique email that you are going to use for that account and make sure to set a really hard and long password, and you are the only one to access it. Don't click any email from your spam folder in your email account. Because there is a very high chance that malware link is attached to it. And when you click it you get infected. So, it is very easy to steal your crypto wallet data to hack your email .
3. Only use strong passwords for your email and crypto accounts and use a password manager
The longer the password, the harder it is for a computer to discover it. So, generate your passwords that are more than 8 characters, have a mix of case-sensitive letters, numbers, and special symbols, avoid common phrases. If remembering passwords is challenging, you can use a password manager to help generate, store, and manage your passwords.
4. Beware When You Download
Some files can have malware connected to them and once it enters on your device, it can be your pc, desktop or even your phone, that malware can hack all of your personal information. Ones it gets in your device malware gets access to all of the files such as your document with passwords, private keys. They are used to hack your crypto wallet. Be aware of downloading files even in email. Remember that the people that trades crypto are very clever. You’ll notice files posted in communities, on Telegram, Facebook, Reddit, Bitcoin Talk, etc. As tempting at it is to click them, be aware that they could be bait. Always use caution.
5. Avoid fake websites and emails, known as “phishing” that aim to steal your information
A rising interest in the crypto market also means the rising a number of scams. Phishing attacks are directly occurring . They sent via an email or a fake ad, which includes a link to a website that looks like the website of our online wallet or another account. When you click on it they will be taken to a malicious website. Here you enter your details unknowingly and handing over your information to the hackers. To spotting a fake website , you can check the URL and bookmark the websites or install an ad blocker to block ads leading to fake websites.
6. Don’t use public WIFI or use VPN
Public WiFi networks in hotels, coffee shops, airports, and stores are an easy target for hackers. If you want to access your cryptocurrency accounts on a public network, you should use Virtual Private Network (VPN). A VPN will hide your identity, location, and IP address which identifies your device.
7. Add 2 Factor Authentication (2FA)
If you are storing your cryptocurrency assets in an online wallet, make sure that it supports 2FA (two-factor authentication). This provides an extra layer of security. 2FA codes can either be sent via text message or with an app like Google Authenticator, which will automatically display a new code within a certain time window.
8. Use strong antivirus software
We need antivirus programs to scan our computer and all its files, to check external devices against any possible threats and to protect our PCs from malware coming through the internet. Choosing a genuine, effective and trusted antivirus is very important in this regard. You should also make it a point to update your antivirus software.
9. Keep your trading tokens into decentralized exchanges
The largest difference between centralized exchanges like Coinbase, Kraken and Bitfinex ,and decentralized exchanges is that, decentralized exchanges do not hold users' funds. Nobody can ever get your cash other than you. Therefore, it can't be stolen until your private keys are endangered.
10. Buy cryptocurrency diversity across multiple exchanges and Spread your cryptocurrency among several wallets
Buy your cryptocurrency diversity across multiple exchanges and don't keep all your cryptocurrency investments in one place. Diversify among exchanges. It's unlikely you are going to get hacked at the same time through all of them. Specially if you have different emails and passwords for each.
11. Keep your cryptocurrency offline
You must use a centralized exchange and withdrawal often. So, you should deposit your tokens on a hardware wallet, which is a hardware device, creates transactions without connecting through the internet. It is called ‘’Cold Wallet’’ It concept of storing bitcoins offline (not connected to internet) so that it will save us from hackers to steal via online techniques. "Hot wallet" is connected to the internet, for daily transactions. Think about "hot wallet" as a checking account and "cold wallet" as the savings account. To create a cheap "cold wallet" on a dedicated computer, firstly you have to download a cold wallet application to a new and secure USB drive. Then, take a computer, reset it to factory setting, disconnect it from the internet and keep it offline. Lastly, load the cold wallet application onto the computer, keep your cryptocurrencies on that clean and offline computer. This is how, you can make transactions offline by using the cold wallet application.
12. Only tell it to a trusted person
Inform a trusted family member, someone who will usually inherit your wealth, about your crypto investments. Provide them with gain access to in case anything unfortunate occurs to you.