The recent high profile Twitter hack was used to acquire cryptocurrency from unsuspecting victims. Although the hacker was identified, the transferred Bitcoin might not be recovered at all. Notwithstanding, the basic notion of Bitcoin and cryptocurrencies in general, is to have an anonymous system of decentralized transactions.
Even better, the report of the investor who lost all their lifelong savings they had preserved in cryptocurrency form. They fell in the trap of downloading a false extension, and entrusted it with their private keys.
Nevertheless, it is still surprising to learn that most Bitcoin traders are unaware Bitcoin transactions could be monitored and traced on the Bitcoin blockchain. Despite the decentralized and privacy nature of Bitcoin, it is feasible to link a name and an IP address connected to a certain Bitcoin wallet, particularly if your country requires you to provide KYC details in anti-money laundry laws.
Nevertheless, as a cryptocurrency investor myself, I always ensure I choose the information I reveal carefully when transacting in cryptocurrencies. Besides, I store my crypto in different wallet hardware for separate identities. Notably, it is vital to encrypt your browser and online traffic. Additionally, these five effective steps will increase the security of your cryptocurrency.
- Keep private keys PRIVATE
A Bitcoin or crypto wallet provides the owner with private keys. As its name suggests, the keys must be kept private and should not fall in the wrong hands. Private keys are vital, since anyone with access to them, can easily access your crypto without needing a password or username.
A common error by most people is preserving private keys online. An infringement on the online account can easily reveal private keys to cyber attackers. The safest way to store private keys is to write them down on a piece of paper, and store the paper out of reach.
2.Choosing a strong password for your cryptocurrency wallets
Times when an 8-character password was the most secure are faded. According to cyber security research, such passwords can be compromised by hackers in between seconds to a few hours. We suggest utilizing random password generators to create a strong password for your wallet.
There are bigger chances of you forgetting the characters yourself, and here we suggest you use a password manager.
3. Find a secure email service
Cyber attackers are cognizant that users tend to keep private keys, personal information, passwords and other private details in their email accounts. Most software wallets require a long string of characters in the name of wallet IDs, and the email account is the most convenient place to get these IDs.
This is secure email services are essential to software wallet users. Secure emails provide an additional security layer that basic email providers cannot offer.
4. Enable two-factor authentication (2FA)
The majority of the popular wallet providers provide users with the option to enable two-factor authentication on their wallets. Every user should take advantage of this option if it is available. The 2FA adds another layer of security on top of just the username and password, requiring users to enter the additional passcode from their 2FA gadget.
2FA comes handy when your username and password combination falls in the wrong hands, and the perpetrator will be required to enter the 2FA passcode. The good thing is that the owner gets notifications of all the login attempts.
5.Use secure internet connection
An insecure network means trouble. Cyber attackers can launch malware to steal your private information, divert conversations, or even paralyze your system. That is if your connection is insecure.
The good news is that a VPN can secure and encrypt your internet connection. To increase your online security, just install a VPN and proxy all your online connections for a more secure web security.