Cryptocurrencies are one of the hottest topics of our generation and attract more and more investors and people who want to make money with each passing day. In the blockchain, new records can always be added, but existing ones cannot be modified, which means that once a transaction is made, it cannot be reversed. One of the most important features of the blockchain, its decentralization, can be one of the best disadvantages in case of an attack or fraud.
Unfortunately, there have been so many hacks, attacks and scams related to cryptocurrencies since the beginning that most people already know that cryptocurrencies are not a typical form of payment, which means the risk of loss, theft or hacking is much higher.
In today’s article, we will provide you with some practical and important hack-proof tips to protect your cryptocurrencies. However, before we go any further, you should know that there is no foolproof method to staking your assets and that there is always a small chance that things can go wrong.
Stick to the services you know
This is more of a general judgment, but it’s usually meant to ensure that you’re wary of any third-party services. It’s important to do your research and see what the community at large thinks. Be careful where you buy or sell your bitcoins, and consider the possibility that most merchants who accept cryptocurrency payments aren’t reputable.
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Obviously, you should always use the popular names in the field, regardless of whether we are talking about Exchanges, wallets , forums and online stores. Avoid accessing unknown sources and be as reluctant as possible with services that require you to add confidential information.
A better password means better protection
This may seem like an obvious judgment call. However, having all the security technology in the world can’t help you if your password is obvious. Consider becoming proactive with your passwords and start using strong passwords that are at least fifteen characters long, including upper and lower case letters, numbers, and other special characters.
Also on the topic of passwords, set up two-factor authentication whenever you can. These days, most best exchanges and wallets support this feature, so it would be a real waste not to take advantage of it.
Another important tip is to install a browser extension that blocks scripts (which are often used in phishing attempts). You may also want to consider installing a VPN service or app. These apps are designed to encrypt and anonymize your online activities, further reducing the chances of hacking.
Invest in a good hardware wallet
It is common knowledge that hardware wallets are the safest way to protect and store your funds. So if you own large sums of cryptocurrencies, it’s worth investing in a cryptocurrency wallet. O Ledger Nano S , and KeepKey are very good options, each with its advantages and disadvantages. Don't forget to also set up a recovery phrase.
Protect your devices
If you are using your computer to access most of your cryptocurrency services, wallets, exchanges, etc., it is extremely important to ensure that all security features are up to date. This includes system updates, firewall updates, and antivirus definition updates. A very good idea might be to move away from Windows or macOS to what is generally considered a more secure operating system, such as Linux.
Another good tip would be to consider having a device entirely devoted to cryptocurrency, a PC or mobile device exclusively for buying and selling crypto. This will reduce the risk of hacks, attacks, and fraud. Since you can never be too safe, it may be worth running these transactions in the confines of a virtual machine. This allows you to have a “fresh” operating system installed and ready every time you want to make a transaction and discard it once it’s finished.
As we discussed on the topic, it is important to remember to NEVER access or log into your cryptocurrency accounts using public WiFi.
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Keep multiple backups of your private keys/recovery phrases on secure sites
Even if you are new to the world of cryptocurrencies, we are sure you know that you can only access your funds through private keys. This is why it is important to store your keys on several secure sites, such as Drive, and other places. If you do store them online, consider encrypting your private keys and recovery phrases first.
In conclusion, it is important to back up all your login information. Back up everything from public and private keys to passwords and codes and store them securely.
Keep an eye on your account
One of the most important practices is to check your cryptocurrency accounts regularly. Even if an attack does happen, there is no guarantee that you will be able to recover your funds, so reporting unauthorized access immediately will definitely help the community at large. There are a large number of exchanges and services that offer insurance against such events these days, which means that the more you report unauthorized access, the better.
Ventura to protect your cryptocurrencies, and we hope that you will never be in a position where you regret not using at least some of the tips mentioned above.