It is known to all that the Cryptocurrency business is gaining new heights with time. People are showing confidence in Bitcoins.
Bitcoins use Blockchain technology that claims to be safe as a house. Therefore it easily went on to win in the market against the traditional currency.
It does seem that you are a Crypto enthusiast. You know the fact that torrent sites like Pirate Bay added options to donate via Bitcoin, and now they are starting with an option to mine Crypto Coins.
Moving forward, the good waves of Cryptocurrency are depressed by news of fraudulent attacks.
This brings in fresh problems for people who decided to start trading on Bitcoin.
So, you are on the right page. Here we are describing certain measures through which you could keep your Bitcoins safe from Cybercriminals.
Is Crypto Trading In Danger?
Let’s start with facts.
- According to the observation of a Japanese exchange, Bitcoin, an unauthorized withdrawal of $ 32milion from a hot wallet, put things in great danger.
- Fraudulent elements are targeting a massive 50000 users of Bitcoin.
- Cybercriminals robbed around $125 million in Bitcoin, Ethereum, and other digital Cryptocurrency exchanges.
- Lastly, the biggest one, Crypto-related crimes in the year, touched a $4.3 Billion in the year 2019.
This raised threats on Crypttraders. Now they question the Cryptocurrency Technology and network through which cryptocurrencies are bought and sold. As a result, dark clouds of fear are accumulating all around!
Under Such circumstances, Crypto traders are searching for possible ways through which they can save their hard-earned money from the market.
Now that Cryptocurrency is under constant threat, people are searching for security measures. So let’s see what we can do this time.
1. Secure Internet
While buying and selling Cryptocurrency, make sure you use a secure Internet. This is a great thing that needs to be ensured.
However, this is under your control. Make sure that you are using a VPN for additional security. Do not use public Wi-Fi; try to avoid it.
2. Change Your Password Regularly
According to a grotesque finding, the same password is used on more than ten devices. Furthermore, the same password is used in almost 50 different states!
Could you believe it? But it’s true. You can easily understand why the Cryptocurrency trade is becoming vulnerable.
So what could you possibly do?
Change your password on a regular basis. Use complex passwords as much as possible so that they can’t be decoded by malicious elements looking to harm you.
One more thing, opt for two-factor authentication and multiple-factor authentication (MFA).
3. Don’t Get Phished
2018 data for you. Around $200 million in Cryptocurrency was stolen by the attackers in the USA and Japan.
The attackers are using fake domains to impersonate affiliated organizations. Thus, there are great risks as far as Cryptocurrency threat is concerned. So don’t get phished by fraudulent entities, or you will end up losing a great deal.
4. Maintain Multiple Wallets
Do you save all your money in one single bank account? Of Course not.
The reason is Bitcoin. Though Bitcoin is safe yet you are advised not to use one wallet. Instead, use multiple wallets to trade safely.
Haven’t you heard the old saying… don’t lay your eggs in one basket? I hope you understand now.
5. Use Cold Wallet
According to the latest studies, there have been accounts of fraudulent measures when it comes to using Hot wallets.
Suppose you store your private keys in a cold wallet, also known as a hardware wallet. It is the most viable option for you under these circumstances.
6. Have Separate Computers
Have a separate computer, and this might work for you. When you are using Bitcoins, your transactions are conducted through multiple computers.
One more thing that you need to refrain from. Don’t dare use third-party software installed onto your computers.
This might be why exchanges are trading bitcoins from multiple computers.
It is no secret that Bitcoin traders turned from the rags to riches by buying and selling Bitcoins.
Therefore you have a high chance of benefiting continuously from Bitcoin trading.
A the same you need to be continuously aware of the frauds that are recorded in the market. Trade Bitcoins from reputed exchanges.
This is another free piece of advice that comes with the aforementioned advice. Be aware and safely trade on Bitcoin.