Bitcoin has been into the headline for the past few months because of its volatile market in which its price keeps on fluctuating in minutes. The price swings of bitcoin are unpredictable that attract both potential investors and cybercriminals. Since the inception of bitcoin in 2009, multiple reports have been generated of heists and hacks of crypto wallets and exchanges. A Cryptocurrency Anti-Money Laundering report was generated in 2019 that stated that cybercriminals had hit more than $4.3 billion in 2019. Now, you can imagine the number of bitcoins that cybercriminals have acted in the past 12 years of cryptocurrencies. You can secure your bitcoins by getting into bitcoin trading and you can trade efficiently with this app just sign up .
There is a big threat to digital currencies, and this is mainly through crypto exchanges and crypto wallets as both bitcoin networks and blockchain are impossible to hack. Crypto exchanges and wallets are the only medium for cybercriminals to hack or attack users’ digital assets. Crypto wallets are storage space where digital coins are stored that holds the private key that allows users to trade cryptocurrencies online. Private keys are the unique sequence of numbers and letters generated to allow users to send crypto coins, and these keys act as a digital identity to the crypto market. Therefore no one should get hold of your digital identity if they can perform fraudulent acts that may attack or hack your digital tokens.
Cybercriminals tend to use sophisticated techniques and methods to steal your crypto assets without your knowledge. Therefore you must never compromise when it comes to the security of your digital wallets. Securing your crypto wallet is the only way to protect your digital tokens against cyberattacks. If you are new to the world of cryptocurrencies, here are some incredible ways to secure your crypto funds discussed in the upcoming paragraphs.
Make use of a cold wallet.
Cold wallets are not internet-connected wallets which makes them highly secure and less prone to cyberattacks. Most people prefer to store their bitcoins in cold wallets like hardware wallets. These wallets are known to keep your private keys secure and also enable other security features. Instead of using hot wallets, choose cold wallets to store your bulk investments. You can use hot wallets for everyday use as these wallets are connected to the internet, which makes them less secure, so storing a small number of bitcoins or other crypto tokens is suitable.
Use VPN or secure internet connection.
While making bitcoin or other crypto transactions, it is highly important to use a secure internet connection or choose to use a VPN that adds a layer of security. Avoid using public Wi-Fi as there are always prying eyes of cyberattackers on public Wi-Fi, and they may attack your coins through malware attacks. Using VPN will provide more security as it changes your location along with your IP address, allowing users to browse safely.
Secure your device
Whether you use a mobile device or desktop, make sure to use the latest anti-virus software to defend against the vulnerabilities. Protecting your device by using a firewall or anti-virus will protect your device along with your crypto coins. Devices that aren’t secure become the main target of hackers, and they try to take full advantage of your weakness of not securing your device. Your device will be hacked along with your wallet in such cases, and the hacker will get access to your documents and crypto tokens.
Maintain different wallets for different investments
The best thing about the bitcoin wallet is that there isn’t any limitation on creating wallets, and you can choose to keep your crypto investments in multiple wallets. You can choose one wallet for long-term investments, one for daily transactions, and keep the rest cryptos in different wallets. A great thing about maintaining multiple wallets is that it will safeguard your portfolio, and there will be fewer chances of any security breach.
Update your password regularly
No one can underrate the significance of a unique and strong password when it comes to the security of cryptocurrencies. Every user maintains multiple accounts, and using the same password on all social media handles and apps can become an easy target for hackers. Make sure to use a complex password that no one can guess and ensure to update it regularly.