The Crypto industry is one of the youngest industries in the world. Because of its short history, you can hear different opinions about it. Some people claim that digital currencies will replace flat money soon. On the other hand, a certain group of people believes that cryptocurrencies are nothing more than a scam. Well, everyone has the right to share his opinion and conclusions. However, these different opinions can be quite confusing for an average person.
Indeed, Bitcoin and other altcoins truly had a turbulent past. The value of each digital currency varies constantly. Despite that, some happenings ruined the credibility of this business field. For instance, in 2014, hackers stole nearly 850 thousand Bitcoins. The victim of this cybercrime was Mt. Gox exchange. Still, it is important to know that things have improved since then a lot. This type of mistake cost the entire industry a lot, especially when we talk about reputation.
Well, we are here to solve these two problems. Coronavirus pandemic negatively influences different economic fields. For instance, tourism in all countries suffered the most. The losses were especially visible in some attractive destinations such as Italy and Spain. The influence we mentioned did not skip the digital currency world. Because of that, many people would like to know if trading in cryptocurrency is a good idea. More detailed answers you can find at usethebitcoin.com. The post we attached gives all the answers that beginners require. We recommend you check it and hear some tips from the experts.
In this article, we are going to talk about security. The advanced technology brought many benefits and concerns at the same time. People want to be sure that all the investments they make are safe.
Let’s find out together how to secure your cryptocurrency in 2020. You will get surprised how simple the entire process is. However, you must have the right approach. Thinking such as “it won’t happen to me” or “why would someone hack me” is bad. Each investor in this world has equal chances to become a victim of a cybercrime. We do not want to say you should be afraid of that. Our message for investors is to be cautious at every moment.
Don’t Keep All Digital Assets in One Place
Let’s imagine that you went on a vacation overseas. Will you keep all the money you have in your wallet? In that case, why would you keep all your digital assets in one place?
You need to find a way to manage and store your cryptocurrency in the right way. It doesn’t necessarily mean that something bad is going to happen. However, what if an exchange is lost for any reason? This means that all the investments you made will “disappear”. You do not have to expose yourself to that type of risk. You simply spread out your currencies in different places and minimize the risk of any loss.
Be Careful with the Passwords
This piece of advice is not only applicable to crypto investors. An average person usually makes this type of mistake. You probably have at least one social media account, an email, etc. Well, all the accounts you have online should have different passwords. Some people use the same passwords for their social media and crypto accounts. This is a basic mistake that you should improve as soon as possible.
A much better choice would be to use the so-called two-factor authentication method. In other words, you must use more than one private key when authorizing transactions. Despite that, it is equally important to back up your cryptocurrency private keys. The same tip counts when we talk about “basic” passwords. You should change it at least once in three weeks. If you work with a lot of transactions, then repeat the process more often.
Bonus Tip: Which Password to Use?
It might seem strange, but some people simply do not know how to create a strong password. Each time you do backups, be sure that you do that with a strong set of keys and passwords. “Strong password” means that you use the one that can’t be cracked or remembered easily. More precisely, you should create a combination of symbols, numbers, and uppercase and lowercase letters.
Still, the length of your password should also be strong. You can use different password generators that will help you do that. In most cases, these tools generate a 64-character password. Let us explain why this is important.
As you know, cybercriminals use different methods to hack people’s accounts. They use different advanced password crackers to achieve their goal. The tools they use are utilizing dictionaries and lists of common passwords. In other words, the longer your password is, the hacker will have more problems to hack it.
Be Careful with Networks
This is a piece of advice that you need to remember for each transaction that you make online. It doesn’t matter if you trade with cryptocurrencies or make a simple online purchase. Do not ever do that while you are connected on a public Wi-Fi hot spot. Whichever transaction that you make, make them only on reliable networks. In other words, do crypto transactions only on a private computer while you are at home.
Hackers are aware of the importance of public Wi-Fi for people. It happens often that we have to connect to the Internet while we are on the streets. Because of that, they often add different viruses to those networks and people easily add them to their device. If you are a cryptocurrency investor, the hacker will truly get a huge reward from you.
Don’t Brag
We know that sharing everything we do on social media is popular. Yet, this could be a mistake that would cost you a lot. Cybercriminals do not always pick their victims randomly. In most cases, they target their potential victims by researching social media. Do not expose too much information about your crypto investments there. You are becoming an attractive person for every cybercriminal. Besides, why should anyone know who you are and what you are doing? This should be a secret that only a small group of people around you knows.