The astronomical surges in prices of cryptocurrencies like Ethereum and Bitcoin make them plum targets for hackers. After all, everyone wishes to enjoy a slice of the sweet pie! According to the economic theories of hacking, hackers will increasingly move towards cryptocurrencies because of the surge in value and the truckloads of profits generated as a result of these surges!
When you buy online and secure the bitcoins in an online wallet, the wallet may not be all that secure, therefore! Besides, tracking the footprints of hackers is difficult too. These techies are smart enough to erase their footprints digitally, so that no traces of their insidious activities can actually be found!
Plus, when you are dealing with crypto money, there is no legal recourse you can fall back on! So does that mean your crypto reserves should continue to bear the threats concerning hacking and pilferage? Well, certainly not! Just like how you might have learned to purchase your currency from a bitcoin ATM near you, you should also gather knowledge about the ways to keep your investments safe. We look at some steps you can undertake.
Keeping your Bitcoins Safe from Prying Eyes
Prefer Hybrid Wallets: Online wallets are easy targets for hackers. Offline ones or physical wallets, to be more precise; should be used for protecting the majority of your funds. You can create a hybrid arrangement by storing the minimum amount in an online wallet too! The physical wallet you use should be stored in a safe and secure place such as a safety deposit box. Make separate public and private keys and secure both with exceptionally strong passkeys. Remember, as virtual currency becomes more and more common, mainstream ways to keep crypto investments safe will eventually emerge. Till then, investors need to play safe and put their best foot forward.
A Couple of Strong Passwords should see you Through: Reusing old passwords across your accounts is the biggest mistake you will make considering that crypto services are on the radar of hackers all the time. Remember, although the virtual currency is a truly innovative technology, the easiest way to secure your crypto wallet is through old-school methods. Use strong and unique passwords for every account with a two-fold authentication process in place. Make sure you use a trusted manager for your password for automating this process so that guesswork does not stand a chance.
Choose Reputable Platforms Always: Be it wallets, brokerages, mobile applications, or exchanges, make sure you work with reputable ones at all times. Carry out careful research concerning the security features of the platforms and understand the mechanisms of data protection engaged. Trusted entities are the ones that incorporate security practices like multi-factor authentication, air-gapped devices, SSL/TLS encryption, and similar. Using more than one crypto platform is important for maintaining a robust password manager.
Cryptocurrencies are becoming more and more popular by the day. Apart from the high-profile gains they provide, virtual access and ease of usage are some of the other reasons for its soaring success! It comes as no surprise therefore that you can actually find a Bitcoin ATM in California, without much ado! Use them to buy your currency easily.