Do you know your cryptocurrency can get hacked? Well, you might have definitely heard that bitcoin is secure and no one can hack it. It is definitely true as the bitcoin network and blockchain are entirely secure as they use cryptography to secure the data and network, but the outside platforms like crypto exchanges and wallets are the only victims of hackers. The increased popularity of bitcoin and other cryptocurrencies has resulted in increased hacking. Cybercriminals have prying eyes on the digital assets of people, and they tend to find new and sophisticated methods to hack digital assets.
What can you do in such cases? If you are a crypto owner or have planned to invest in cryptocurrencies like bitcoin, you must understand that there are chances that your account can get hacked. Cryptocurrency hacking is on the rise, and the only thing you can do is to use the right methods or ways to secure your cryptocurrency investments. Virtual currencies have now become the main target of hackers, and they are keen to take advantage by hacking these valuable assets. Cryptocurrencies allow anonymous transactions, which is the prime reason why tracking the work of attackers have become extremely difficult. The footprints of hackers get eliminated digitally, and there is no proof left with investors. Visit the bitcoin trader app to trade bitcoin and save them from hackers.
Investors cannot complain to any central authority or can file a case against any suspicious person because the government doesn’t regulate digital currencies. No central authority backs cryptocurrencies which is a demerit along with being merit for investors. So, let’s understand few ways in which users can protect their bitcoin or other crypto investments.
Use a hybrid approach towards the security of the digital wallet.
With the popularity of digital currencies, digital wallets have also grown popular and have attracted hackers as well. Both offline and physical wallets must be developed and used to store the cryptocurrencies of investors. Only a small amount of cryptocurrencies should be stored in online wallets. Like cash is stored in physical wallets, physical wallets for cryptocurrencies would be much helpful as these wallets will be a secure place to store your cryptocurrencies. And the wallets should be secured using multifactor or two-factor authentication and strong and unique passwords. Day by day, cryptocurrencies are making their place in the mainstream, and in the meantime, only the crypto holders are responsible for securing their crypto investments.
Use strong passwords
Some people never put passwords seriously, and this results in the hack of wallets. It is recommended never to use your personal information or any other information that can be easily guessed as it may become an easy target for hackers. Also, choose to use unique and strong passwords to secure your crypto wallet. Never reuse any passwords or store them at places that can be easily hacked. Cryptocurrencies are an emerging technology, and investors should always use tried-and-true security tactics to secure their crypto investments. Users can choose to have a unique password, password rotation, two-factor authentication, and other security measures that are possible. They can also make use of a trusted password manager to automate the entire process of password, which eliminates the need for guesswork.
Always choose trustworthy brokerages, exchanges, wallets, and mobile apps.
Before deciding on the platform to use, you must carefully research each platform, its ownership, security features, functionality, and interface and learn how they work on protecting user’s data. The platform you are choosing must provide you best security by using different practices like SSL/TLS encryption, multifactor authentication, air-gapped devices, and much more. It is recommended for investors to make use of multiple crypto platforms as that would be much safer and use complex and random passwords for each platform.
Never share private keys.
Private Key is the secret key that facilitates you to send and receive digital tokens. Private keys prove the ownership of digital wallets, and therefore these should never be shared with anyone. Make sure to choose cold wallets and keep your private key secure in a safe vault. Use all security measures to protect your private keys. If attackers get access to your private key, you can lose all your coins.