Cryptocurrency was introduced to the world upon the creation of Bitcoin almost a decade ago, in 2009. Although in its initial stages, crypto was not adopted at a wider scale, however with the passage of time, there has been an increased worldwide adoption of crypto as hundreds of new digital currencies have emerged in the market, sparking the interest of investors in these digital assets.
However, one consequence of the rise in popularity of the crypto all around the world has been the increased interest of scammers and hackers in this area, who have begun targeting these digital assets through their scam and hack attempts.
It is indeed quite probable that the trajectory of the worth of digital currencies is on the rise in the longer run, and thus, the hackers and scammers are also expected to be attracted more towards this sector.
It should be noted that it is extremely difficult to trace and track back to the hackers once they have successfully penetrated inside a crypto account (wallet etcetera), given these attackers can potentially erase their digital footprints. Also, since the blockchains are decentralized, meaning that no regulatory authority overlooks this network, therefore once a crypto account is hacked, there is not much the victim can do to legally take action against the attacker.
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Considering these threats to the safety of crypto assets, we have gathered a list of the 3 best ways we believe you can protect your digital currency like bitqt and ensure the safety of your virtual assets. Without any further ado, lets jump onto these three tips, which are as follows:
- Manage Your Crypto in Digital Wallets Smartly
In order to understand this, you need to first know the difference between an online digital wallet and an offline digital wallet for holding your crypto. Once you do, you should be familiar with the fact that the online wallets for crypto have in the recent past become quite prevalent and thus have been noticed by the attackers. The crypto holders are advised to hold a smaller chunk of their crypto holdings inside an online digital wallet while storing the remaining holdings inside an offline digital wallet, thus ensuring that hackers do not attack their currency via the internet, through malwares etcetera. Furthermore, the holders of crypto should also ensure the safety of their physical wallets by placing them inside a secure spot such as a safe or safety deposit box. Moreover, experts suggest that the two keys associated with the wallets, the public and the private keys should be kept different. A good idea would be to enhance their level of security by setting strong passwords and also applying layers of multiple factor authentication. It is expected that with the passage of time, as technology progresses, several new methods and techniques of stronger security and safety will pop up, However, until then you are solely responsible for keeping your wallets and crypto holdings as safe as you can.
- Set and use your passwords smartly and efficiently
Do not repeat the same passwords for multiple platforms, given crypto platforms are the firsthand targets of the attackers. You should always keep in mind and anticipate a hack or breach attempt, therefore being alert. It should be known that since digital currencies are a virtual asset, meaning they work on the basis of the ever-evolving technology, therefore there will surely be innovations in this sector. However, until then the best way to ensure security of your crypto wallets and platforms is to bank on the tried-and-true security tactics. We advise you to use multiple platforms for your virtual currencies, given that you do not set the same passwords for all these platforms but as different and complex as possible. Finally, ensure that you have got the best and the safest password manager for all the different passwords you have set for the different entities and platforms holding your crypto.
Don’t operate your crypto via untrusted and unreliable means and sources i.e. wallets, exchanges, brokerages and mobile applications.
It is very vital to make sure that the sources and platforms you are using to store or move your crypto are trustworthy and legitimate, therefore we advise you to perform a thorough background research on such platforms before proceeding so that your investments are safe. You should observe whether these platforms provide you with the best and strongest security measures for your data, for example demanding multiple factor authentication, SSL encryption and utilizing air-gapped technologies which stay offline while storing digital currencies. We advise you to use multiple platforms for your virtual currencies, given that you do not set the same passwords for all these platforms but as different and complex as possible. Finally, ensure that you have got the best and the safest password manager for all the different passwords you have set for the different entities and platforms holding your crypto.