How To Secure Your Crypto Wallets Against Hacks
The popularity of Cryptocurrencies is increasing day by day. There were times when only rich investors used to invest in Crypto Space. , But with time, common people and individual investors, along with institutional investors, are also putting in their money.
In case you are also thinking about investing in Cryptocurrencies, you need to ensure the safety of your Crypto coins.
When depositing any amount in your bank, that money is insured by the FDIC. But when you are buying Cryptocurrencies and storing them in your Crypto wallet, you can not experience that same level of security or protection for your coins.
In order to cover a fraction of your investment, Binance, Coinbase, along with some other well-known Crypto exchanges, offer their own insurance. It means you have to be a little conscious that you are choosing one of the best Crypto exchanges or the best crypto wallets.
Secure Your Crypto Wallets Against Hacks
Only using the best Crypto wallet or the best Crypto exchange is not going to help you completely secure your Crypto coins from hackers. That is why we are here to guide you with some tips to secure your Crypto wallets and Crypto coins.
#1 Use A Cold Wallet
If you are into the Crypto market already, you will know that there are 2 types of Crypto wallets available, hot wallets and cold wallets.
Hot wallets are online wallets that offer you the convenience of accessing your Crypto coins from anywhere and everywhere, anytime and every time. But they are also exposed to data breaches and data theft.
Here, cold wallets are completely offline and are not connected to the internet. It is like a USB drive. When you need to access it, you need to connect them with a device. These types of wallets are more protected from cyber-attacks and hacks.
#2 Use 2 Factor Authentication
2-factor authentication is like an additional layer of security to your Crypto wallets. With this particular security measure, you will get a message or notification whenever someone else tries to log into your Crypto wallet.
This additional authentication step makes it really challenging for cyber criminals or hackers to access your Crypto account. During the time of logging in, a verification code is sent to your number. Here the hackers might call you or try to convince you to give it to them.
Never share your 2-factor authentication code with anyone.
#3 Keep Your Credentials In A Safe Place
When you are using a Cryptocurrency wallet, you are provided a public key and a private key. The public key is the code that you need to share with someone who is trying to transfer Cryptocoin to your Crypto account.
The private key is something that you need for accessing your own Crypto coins. It is like your ATM pin. Just the way you do not share your ATM pin with anyone, you also should not share your private key with anyone.
At the same time, you also need to ensure that you are saving them somewhere safe. Do not use any online platform to save them. It is safe to store them offline.
#4 Stay Alert About Phishing Attacks
A phishing attack is nothing but a particular type of cyber attack, where the hackers trick you to enter your Crypto wallet user credentials into a website that usually looks legitimate. But once you put your credentials there, you find that your Crypto Coins are transferred to some other account.
Now, as the Crypto ecosystem is decentralized, you can not complain about it anywhere. Therefore, you have to ensure that you are not accessing any unknown link. Always go for the trusted wallets and trusted platforms.
#5 Avoid Crypto Scams On Social Media Platforms
You will find a lot of social groups or pages that might ask you to join them on a telegram group and make more profit with Crypto investment within a smaller amount of time. You have to be really careful with these types of seamsters.
In most cases, they will take your Cryptoins or money by promising to double it, but once you make the transfer, you will not be able to connect with them. There are also a number of instances where scam stars pretend to be someone else to get you money.
Also, you will find a number of Crypto wallets that are nothing but scams. So, it is best to stay away from those social media platforms.
