Since Bitcoin’s inception in 2009, the global cryptocurrency market has grown at a rapid pace, attracting investors from all walks of life. But crypto markets are in their infancy; Unregulated, extremely complex, and a potential production site for scammers and cybercriminals.
As any serious trader will know, it is important to take care of your cryptocurrency. So what are the best ways to secure your crypto?
1. Trade in Safe and Secure Stock Markets
Crypto is often traded on exchanges, such as stocks. There are hundreds of cryptocurrency exchanges, and dozens of them are large cryptocurrency exchanges.
However, only a few can be considered: Kraken, Gemini, Coinbase, Crypto.com, and Binance are the best and safest crypto sites out there.
Kraken is available nationally and has a dedicated team of cybersecurity researchers. Gemini is regulated by the New York State Department of Finance and has been closely monitored for security, while Coinbase and Crypto.com reportedly differed when it came to branding.
All of the cryptocurrency exchanges mentioned above are secure, have robust cybersecurity systems, and keep the crypto user in dedicated and highly monitored offices, some by security guards.
2. Store your Crypto in plenty of cool bags
If you’re buying crypto, not only is it secure, keeping most of it seems like the best option, but it’s not a good idea from a cybersecurity perspective. While it is true that there are safety changes, breaches do occur, and some thresholds prevent returns at will, especially during a downturn.
Obviously, the smartest choice is to keep your crypto private in exchange: in many bags, cold wallets or accessories are better.
As secure as some software wallets are, cold wallets are better in all respects, at least when it comes to cybersecurity, even if they can’t be accessed through. the system.
Ideally, you should share most of your crypto between several cold bags, and keep a small portion of it in a software bag, or in a switch if it is commercial. You
3. Use the Security System
This may sound like a piece of advice, but use a secure network to access your crypto account rather than blocking public Wi-Fi networks and leaving suspicious networks.
Most likely, you’ll do most of your crypto trading from home, which means you’ll need to set up a basic security system.
To get started, check if your system is stable by testing your firewall for vulnerabilities, and make sure your anti-malware software is set up properly.
Then create a strong password for your mobile operator — most of them will come with passwords. Enable web fraud, stop advertising your domain name, and make sure your phone software is up -to -date.
For maximum security, consider installing a Virtual Private Network (VPN). A good VPN secures your communications and hides your network activities from malicious intruders, while hiding all cryptographic activity from your Internet Service Provider (ISP).
And lastly, if possible, use a single server to download your cryptocurrency assets online in order to reduce the chance of a break.
4. Use Two-Factor Authentication and multiple passwords
In a 2020 poll from the American cybersecurity firm Digital Guardian, 61 percent of respondents said they use the same password on multiple websites, while one in five agreed to have an online account. .
At the same time, 89 percent of respondents said they relied on their password management system.
But using the same password on multiple sites isn’t going to work, and it’s about the best thing you can do for the security of your web account in general.
If you want to keep your crypto safe, use hard, different keywords — and change them every now and then, at least a few times a year. If you have difficulty remembering your passwords, do not keep them in plain text. But consider having a hidden power.
The good news is that most crypto exchanges and platforms today are two-factor authentication, or multi-factor authentication.
These types of credentials require the user to provide two credentials (e.g. an SMS code) to gain access to their account, which in turn minimizes breaches.
5. Beware of Scams
Crypto was isolated and unregulated, so scammers from all over the country were pulled out.
In fact, according to data from blockchain analytics firm Chainalysis, $ 7.7 billion worth of cryptocurrency was taken from hackers in 2021 alone. This represents a staggering 81 percent increase compared to the previous year.
Scammers use a variety of methods to steal money, from making rug-pulls and Ponzi schemes, to advertising fraudulent crypto currency offers, to setting up systems. deceptive.
Phishing attacks (if a cybercriminal tricks a person into revealing sensitive information) are also common, so no one can be too vigilant.
To protect yourself from these scams, make sure you don’t click on questionable links, leave unsolicited offers on social media, and always check a crypto site or app.
Set up a secure cyber community, be aware of threats, and interact with reputable crypto companies.
How to protect your Cryptocurrency
Securing your crypto may seem like a daunting and time consuming task, but taking the right path to cybersecurity will pay off in the long run.
It’s better to prevent disaster than just minimizing it for obvious reasons, it’s more about money and digital assets. By trading security exchanges, delivering your goods in multiple cold bags, using a secure system, using multi-factor authentication, and vigilance can You reduce the risk of a fracture to a minimum.
However, if you do everything in the book, there isn’t a problem: there are always times when cybercriminals get stuck and dispute your knowledge, so make sure to have a response plan. right where.