Cryptocurrencies such as Bitcoin are becoming extremely popular in recent times. It helps to move money through the internet easily and conveniently. It is a digital currency that is stored electronically. Unlike fiat currency, it is not controlled by a centralized authority. Besides, Bitcoin is considered a stable currency that is relatively more resistant to inflation and its rates do not fluctuate as much as other currencies.
Although one of the most secure cryptocurrencies in the market, Bitcoins often attract the attention of scammers and fraudsters. In the absence of a centralized authority overseeing Bitcoin transactions, users need to be extremely cautious. They need to secure their cryptocurrency wallet to prevent it from hackers and fraudsters.
If you own Bitcoins, it becomes extremely important to keep your wallet safe. Let’s take a look at 5 effective strategies to keep your Bitcoin secure.
1. Encryption by Using a VPN
With every passing day, cyber threats are becoming prominent. Although Bitcoin transactions can be carried out anonymously, ISPs and other advertisers may be able to trace your digital footprints. Based on your IP address, your location can be traced and it may even lure hackers to watch over your movements.
A secure VPN connection helps to scramble traffic to an encrypted tunnel. As a result, even your internet service provider cannot trace your activities. Without any monitoring, your activity logs remain anonymous and therefore, helps to keep your Bitcoin transactions private. It not only ensures data security but also allows you to carry out transactions without fear. Buy a VPN here and have complete peace of mind when carrying out transactions.
2. Safeguard Your Cryptocurrency With a Hardware Wallet
Crypto owners have multiple choices when it comes to picking a wallet. If you store Bitcoins in a wallet that is stored on the computer, it becomes vulnerable to cyber threats. Without additional layers of security, hackers can steal wallet keywords or carry out unauthorized transactions. It can result in massive losses for crypto owners.
As a result, hardware wallets such as Ledger or Trezor, with additional layers of security, are the most preferred options. Available in the form of USB like devices, these are designed to offer extra protection. These hardware drives keep the wallet key in an offline medium. With advanced encryption features and pre-installed layers of security, they prevent any connection to the internet.
So, if you need to transfer Bitcoins from an offline medium, you need to manually enter the private key in the application. You are also given the option to encrypt the keys. So, even if a hacker finds your key, unless he knows the password, he cannot gain access to your wallet.
3. Use Two-Factor Authentication
Transactions on online platforms are always vulnerable to attacks. Hackers tend to find ways to cheat online users. It may result in data theft as well as a loss of cryptocurrency. To ensure complete safety and privacy of your personal information, you should always prefer two-factor authentication. It verifies the user and helps to protect the online payment system. Two-factor authentication does not simply use a password. It also uses other factors such as facial scans, fingerprints, or other passwords to validate the transaction. This adds an extra layer of security which is hard to breach and keeps your wallet safe from scammers.
4. Keep Your Operating System and Anti-Virus Updated
Old and obsolete operating systems make it easier for fraudsters and scammers to gain access to your wallet. Windows users, for example, are often exposed to multiple malware. Fraudsters may introduce Trojans and other viruses into your system to hack confidential information. To prevent such attacks, Install the latest version of the operating system and keep your anti-virus updated at all times.
Moreover, if you are going to use a hardware wallet, do a proper system scan to ensure complete safety and security. Advanced malware can make its way to any system undetected. Only an up-to-date antivirus can offer some resistance. Therefore, you should be careful about device security. You should also avoid carrying out transactions over public connections.
5. Always Select Strong Passwords
In the absence of a strong password, hackers can easily find their way to your Bitcoin wallet. Studies suggest that most people prefer to use the same passwords across platforms. In most cases, these include their phone numbers, birth dates, anniversaries, or names. This makes the task easier for cybercriminals.
Therefore, when you choose a password for your account, select a strong password. Let it be a combination of upper and lower case letters, symbols, and numbers. If necessary, use a difficult and hard to memorize the password. It must be something unique. Just make sure to remember it though!
Taking into consideration the novel methods adopted by cybercriminals to hack into accounts, wallet security is extremely important. Follow these simple strategies and you can easily keep your cryptocurrency wallet safe against cyber threats.