The low volatility, saturated and competitive nature of traditional finance suggests that cryptocurrency is a fun investment option. As opposed to fiat currency, Ethereum has a limited supply, so it’s impossible for any government agency or political body to dilute its value via inflation. More of the Gen Z and Millennial generations are seeking to invest in cryptocurrency, leading to a stronger embrace among society at large, so more money has been put into accounts dedicated to digital assets than traditional finance instruments. Sure, Ethereum trading is fun, but it comes with a whole host of risks.
You can’t be too careful when trading Ethereum, so find a good place where to buy Ethereum, like Binance, and make sure your computer is ready. Before eyeing up Ethereum, it’s advisable to:
Have A Separate Computer for Ethereum Trading
Ideally, you should have a trading computer, in other words, a computer dedicated to trading Ethereum, to enhance your ability to interact with the cryptocurrency market and make decisions in real time. The aim is to execute your strategy better. As you gain more experience in buying and selling Ethereum, you can upgrade its processor, monitor, hard drive, and so on. If you prefer to maintain your freedom, get a laptop, but keep in mind that exchange platforms can be pretty demanding on computing resources. The worst mistake you can do is to purchase a PC without technical support or a warranty. You should focus on trading, not Windows BIOS settings.
Clean Your System and Free Disk Space
You can find a good second-hand computer these days to use as a dedicated machine for Ethereum trading. Nevertheless, make sure the existing computer doesn’t have existing infections that can be leveraged for logging keystrokes, capturing passwords, or downloading other infections. The only way you can be one hundred percent sure the computer is clean is to reset it by formatting the hard drive and reinstalling the operating system. It’s a little more complicated than you think because it’s not enough to delete everything. You also have to overwrite everything with “junk data” to completely erase the files from the drive.
Install An Antivirus, A VPN, And an Anti-Spy Package
Software is your front line of security to keep your PC well and protect your identity. It’s recommended to have an antivirus program installed on your computer before using an Ethereum wallet to take action against malicious software. Once it’s on your PC, the malware steals your data and encrypts it so that you can’t access it. A comprehensive virus protection program keeps your files and hardware safe from malware like Trojan horses, worms, spyware, etc., offering additional protection, such as website blocking. If you haven’t purchased a commercial antivirus program yet, get Malwarebytes to scan for malware, which has important protections.
A VPN is absolutely necessary, so if you can afford one, beef up your security. Set up the best VPN on the market so that you can trade safely and avoid becoming a victim of cybercriminals. The more servers the VPN has, the easier it is to find one with a low ping time, which matters in trading, as you can reduce lag and increase Internet speed. Unless you buy and sell Ethereum in a short time frame, typically a day, your trading will barely take any data. However, if you hold onto your position for an extended period of time, ensure your VPN can offer unlimited bandwidth and traffic.
Threat actors can hijack your camera and spy on you to collect information they sell to interested bidders. Malicious software enters your PC and monitors your online behavior without your knowledge or permission, only to send it to another entity. When spying is electronic, you don’t get any cues to what’s happening, so install a security program to enhance your protection. Anti-spyware software detects unwanted programs and removes them (if installed); it can be integrated with your antivirus program or an independent product. An anti-spyware program typically uses signatures, so it must be updated on a regular basis to fix weaknesses that might be exploited by cybercriminals.
Keep Safe and Secure with Browser Extensions
Some Ethereum wallets are browser-based so that you can explore the dApp ecosystem, including DeFi and NFTs, on the go. If your browser isn’t secure, it won’t do everything to protect you, so you should replace it with a secure alternative or install some security extensions, such as HTTPS Everywhere, that protect logins and personal data. The Firefox and Chrome extension encrypts communications, therefore, making browsing more secure. You can also use Netcraft, an extension available for download in the Chrome Webstore, which provides warnings about phishing threats. Your financial details, and your passwords, are at risk given that phishing attacks surface every day.
Back Up Your Computer
The aim of a backup is to create a copy of data that can be recovered in the event of a hardware or software failure, data corruption, or a malicious attack (virus or malware). Always be sure you can get back on your feet as quickly as possible after suffering a data breach or loss. Just think about it. Your PC’s hard drive could fail and can’t be salvaged, or hackers could hold your files hostage until a ransom is paid – you can lose everything if you don’t back up your computer. If you have an external hard drive, leave it plugged in, and the computer will back the data up automatically. Use at least two backup methods. For example, back up some of your files using Dropbox or Google Drive, but keep in mind that most services only offer a few gigabytes of space for free.
Wrapping It Up
Owing to the widespread use of computers that share the same characteristics as trading computers, it should be simple enough for you to put together a quality setup. Of course, you can have the PC tailor-made to the specifications of the cryptocurrency exchange, market type and your trading style, but you’ll need to dig deep into your pockets. Don’t talk about your Ethereum purchases in public places, whether online or offline; keep the investment to yourself if you want to be safe and good.