Owning Cryptocurrency isn’t quite the Wild West experience it was at the beginning of the decade, but customers still face plenty of instability and risk.
Cryptocurrencies feel secure because they decentralize and often anonymise digital transactions. They also validate everything on public, tamper-resistant blockchains. But those measures don’t make cryptocurrencies any less susceptible to the types of simple, time-honored scams grifters have relied on in other venues. A trojan called CryptoShuffler did steal thousands of dollars by lurking on computers and spying on Bitcoin wallet addresses that land in copy/paste clipboards.
A few simple steps, though, can help cryptocurrency proponents — be it Bitcoin or Monero or anything between — guard against a swath of common attacks. Just as you might keep your cash out of plain sight, or stash your jewellery in a safe deposit box, it pays to put a little effort into how you manage your cryptocurrency. The following won’t defend against every conceivable attack on your digital doubloons, but it’s a good place to start.
How to keep your Crypto safe
1. Backup your keys
Consumers and businesses need to make sure that they protect and securely back up their private access keys and establish the integrity of any exchange involved in their transactions. That’s especially important in peer-to-peer transactions like Bitcoin, where the protocol guarantees the transactions.
2. Use a virtual private network (VPN) when trading
The best way to protect your data when trading and holding cryptocurrencies is to use a virtual private network, says Amit Bareket, chief executive officer and a cybersecurity expert at SaferVPN.com. “When you’re connected to a reliable and secure VPN, attackers won’t have a clue that you have a cryptocurrency wallet on your device and they won’t target your device specifically.”
If you don’t use a VPN when making cryptocurrency transactions, you’re leaving yourself wide open to identity and cryptocurrency theft. Not only can a hacker glean your personal details from an exposed connection, but if, while spying on your network, they see you have a cryptocurrency wallet, they can then review all your traffic and log all of your transactions.
That means crypto-hackers can see the cryptocurrency values you send and receive, while also view your social media details. Together, that can lead to cybercriminals utilising your identity to connect to your wallet and steal your cryptocurrency.
3. Separate your wallets
Cryptocurrency users should always make sure they separate from their “hot wallet” that they use daily for trading and various currency transfers and a “cold wallet”, which is for long-term storage. The cold wallet should reside on a device (laptop or an old mobile) that never connects to the Internet.
4. Protect your key
The only data that is fundamental to cryptocurrencies is the private key. With Bitcoins, you can spend them if you have your private key, and if someone else gets a hold of it, they will be able to spend your Bitcoins.
To make it easy to secure your private key, many companies have developed specialised hardware devices for digital currency transactions. They can plug into your USB port and can be used to store digital currencies in a way that is extremely secure and reasonably user-friendly.
However, if all this doesn’t make complete sense to you and you are looking to outsource this security backup for your crypto then look no further than Baanx.com!
Who are Baanx.com and what security do they provide?
Cryptocurrency is a decentralized market which means you are entirely responsible for your own loss be that from fraud, scams or illicit activity.
Baanx.com is the first Cryptobank network to provide their users with comprehensive support and protection against these illicit actions, effectively providing the same insurance traditional banks do. They provide their customers with the guarantee that if they are targeted by or fall victim to this activity they can be refunded.
Baanx.com deliver a simple way of managing digital assets safely by bridging the gap between markets and the crypto world. It eases the process of converting cryptocurrencies to derivative financial assets, thereby fostering the adoption of cryptocurrencies. This development in Cryptobanking will inevitably drive an influx of transition between the fiat assets and the legitimate cryptocurrencies.
Baanx.com is a cutting-edge business that provides support to their customers through automation, AI and robo-advisors. However, if all this does not resolve the problem users can escalate their issue directly to a team member. This ensures incidents can be reviewed on a case-by-case basis and allows the team to guide you through the process to resolve and reimburse you for your loss.
The business also has a number of other security precautions in place including two-factor authentication processes when using the function. Baanx.com has additional benefits of being able to temporarily freeze your Cryptocurrency within the app allowing you to avoid any losses that may be incurred from drops in the market.
Overall Baanx.com is leading the way in Crypto security and providing you with the best way to hold onto your Cryptocurrency with minimal effort.
The War Is On — Join the Fight Today!
The is the digital revolution that will make Cryptocurrencies as secure as your fiat currencies in a traditional bank just with smaller margins and a more tech-savvy business model.
