Protecting Your Cryptocurrency Wallet, Public Key, And Private Key

Prices for cryptocurrencies are rising, and there are still many novice investors who have started purchasing them recently. However, while for first-time investors, this is a life-changing opportunity, so do cybercriminals, con artists, and other fraudsters who view these novice players as easy targets. There is a wide variety of issues to watch out for when investing in fascinating bitcoin perks, and protecting your money in a secure place should unquestionably be in the top of your list.

When it comes to protecting your cryptocurrencies from cyber thieves, you may be asking what steps you can take to improve the security of your cryptocurrency holdings. Have you considered using a hardware wallet? Should you save a copy of your key's screenshot or maybe just write it down on a piece of paper? Well, this article will solve all your queries related to wallet safety and give you solutions for all of your problems. 

• Beware of phishing attacks

Phishing is among the old tricks that scammers use to lure people into their traps. In this attack, scammers trick people into disclosing their IDs and passwords through their genuine-looking web pages. For instance, a user can get a mail regarding the security breach of their crypto wallet. And the mail instructs them to visit a website using the link to change their password.

Now we all know that to change the existing password, one needs to enter their existing one. And that's how they trick people into revealing passwords to them. Checking for the term "HTTPS" in the search bar of your browser is one approach to confirm that the link does not go to a website hosting dangerous content.

• Always set up two-factor authentication

Any crypto wallet gives its users an extra degree of protection thanks to the feature called two-factor authentication (TFA). You get a text or a mail having an activation code whenever somebody tries to log in to your wallet or make any transaction. Thus, by adding this additional layer of authentication, cybercriminals will find it more difficult to get into your wallet. 

Cyber attackers will require this security key; therefore, they could contact and bribe you into giving it to them. Develop a habit of never sharing your OTPs and TFA code or any security key with a third party. Your passwords will not be requested from any cryptocurrency exchange over a phone call. 

• Split your investment in multiple wallets

If you do not keep all your money in one pocket, then why do you keep all your cryptos in a single crypto wallet? Splitting your cryptos such as bitcoin, Ethereum, and ripple into several wallets to mitigate the risk of getting all of them stolen at once. Splitting your crypto assets into many wallets will also help you in efficiently manage your various crypto assets.

As a general practice, maintain at least 2 wallets, one for daily crypto exchanges and the other for long-term holding. 

• Browse on a secure network

If you are always travelling because of your work and you frequently use public Wi-Fi, then you must know that public Wi-Fi is not secure when it comes to exchanging bitcoin online. Crypto wallets and your bank accounts are susceptible to all the cyber-attacks. Therefore, use a premium VPN service whenever you are on a public network.

Virtual private networks (VPNs) are vital because they conceal your IP address and make it more difficult for adversaries to monitor your network traffic.

• Maintain and strong password and frequently change it

By strong password, we do not mean to write a lyric of a song or your entire name. A strong password means a combination of upper- and lower-case characters, have at least 12 characters, and incorporates numbers and special characters. You should generate a password at random instead of using terms that can be used to identify you.

Conclusion

Cyber attackers are getting smarter day by day. There are several techniques that commoners like us are oblivious of. Therefore, you must select a crypto exchange platform wisely that provides the latest security measures. One such website that we already have mentioned is the immediatesedge.de which reminds its users about security checks and regularly updates its security policy.