Day by day, cryptocurrencies are getting more popular. This is a good opportunity for investors, but it also attracts unwanted attention. With so many people placing their money in a digital domain, hackers are rubbing their palms and accepting the challenge.
Crypto hackers had a busy year, and after stealing more than $1.4 billion through breaches, people are becoming uneasy. That being said, the right strategies and a little bit of common sense can keep you safe from a potential attack. Here is what you need to do.
1. Store It in Cold Wallets
Likely the best way to secure your cryptocurrency is to store it in something called a cold wallet. Some crypto should be kept indeed online for your transactions. However, most of it should be kept offline, where hackers cannot get to it. If you are trading Litecoin, look for an LTC wallet website that gives you the option of a cold wallet.
2. Use Only Reputable Crypto Exchanges
Cryptocurrency is rapidly becoming one of the most popular investments. As a result, cryptocurrency exchanges have also started appearing from every corner of the web.
Still, not every crypto exchange has the funds to invest in good security, which is why they frequently get hacked. When choosing a crypto exchange, go for a reputable one. Check their history, and see whether they have been hacked before or not. This can give you a good idea of their security.
3. Be Wary of Phishing
Phishing happens when a hacker poses as someone else (for example, a broker) so that they may get your personal information. It may seem like something you’d avoid, but you will be surprised how many people become victims of this. To avoid being “phished,” don’t add your login information unless you are sure you’re on the right website.
4. Keep a Strong Password
Passwords represent the key to entering our private content. It should be unique and it should not be deciphered by anyone else. The problem is that 75% of millennials use the same password for every account, making them vulnerable. To keep your crypto wallet safe, you should have a strong unique password, and then change it frequently. This way, your crypto won’t fall into the hands of hackers if a completely different account is attacked.
5. Use Secure Internet Connection
Working remotely is a blessing for many people, as they can now take their laptops to their favorite cafes. The problem is that public Wi-Fi is not secure, and your risk of getting hacked is high. This is why you should use your home network for transactions, as it is more secure. Even so, you should still secure your network, as a good hacker may be able to get through.
The Bottom Line
Your crypto assets are precious and need to be protected. It may feel like a lot of trouble, but if you have bigger investments, you will thank yourself later. Keep an open eye for suspicious activity and always use a secure network.