Investing in cryptocurrencies is getting popular day by day if you invested in any cryptocurrency you hear things like crypto wallets are stolen and crypto exchanges get hacked and cryptocurrencies are not secure etc.
You’re responsible for your investments, it is important to know cryptocurrency scammy schemes before investing and secure ways to use your crypto wallets to hold your cryptocurrency.
Look at some smart ways to use your crypto wallet.
Double Check Address.
If you want to send cryptocurrency to anyone first step is to make a sure his or her wallet address mentioned correctly because if you send your crypto to any wrong address it’s gone, transactions not reversible in cryptocurrency and also make a sure your sending matching cryptocurrency means in crypto transactions you’re not able to send Bitcoin to Ethereum address make a sure you sending correct currency to correct address.
Use a Legit Website.
Make a sure you’re using a correct website to create wallet and crypto transactions, nowadays hackers can create the same website to scam people and steal cryptocurrency, recently someone created famous Binance website to scam people.
Make sure website is legitimate by seeing HTTPS connection in your browser and use Cryptonite extension available for Chrome and Firefox users that can highlight fake URLs.
Not Use Public Wi-Fi.
Not use any public wifi especially a device that has a wallet on it, hackers can create a fake public Wi-Fi spot to perform the Man in the Middle attacks these types of attacks can steal your wallet information next time think before using any public Wi-Fi.
Not Install any Untrusted Software or Application.
Now hackers are creating fake trading applications if you install any untrusted trading software you’re trading nowhere…you just sending money to a dummy hacker account.
Generally Android is really prone to hack (more than iOS). you need to be careful about what you install and make sure to regularly clean your device of any junk.
Use Legit Browser Extensions.
In PC, some browser extensions claim that they will improve your user experience on trading sites, but actually, they track what you type, surfing, what you click these things expose your wallet details, that is better than stick with the ugly user experience.
Stay Away From Phishing E-mails.
Phishing E-mails are looking like legit emails but pay attention to spellings and E-mail address and not click any link in e-mail until if you know this mail is from a legit source, but now they will use the exact same format, template, design. Many times the service does not even have your email, but it does not matter, you will not remember. Remember, don’t click blindly.
Use Two Factor Authentication (2FA).
If your wallet allows you to enable two-factor authentication then the best way is to enable it, when an unknown person trying to access your wallet that time this 2FA is really helpful for you, 2FA Authentication can be done in different ways – Google Authenticator app uses a 6 digit code which is changing minute by minute and is unique to you, another option is to add biometric identification like a fingerprint. Whichever you choose, 2FA is very important in order to increase security.
Also, use a strong password as your primary password not use any auto-generated and easily guessable passwords.
Turn Off Auto Update Of Your Wallet.
The best way is to wait for 2-3 days after releasing any update because application bugs can potentially create massive losses for your crypto funds. Once the app has been tested by other users, it’s a safe bet that you can install it without risk.
Use Cold Storage.
Best way to use wallet is Cold Storage or store your wallet in 2 or more different locations for example if you use the first wallet for trading and transactional purposes, and the other wallet should be used to store savings and be kept in a secure location. This type of wallet must be a cold storage wallet. In any way, a backup of the private keys has to be stored safely offline (it’s a good idea to separate the private key into 2-3 parts and store them safely away from each other).
Use Good Antivirus and Anti-malware Software on your Desktop or Laptop.
If you store crypto in offline storage then you should use good antivirus software because in the digital world, there are bots, trojans, malware etc everywhere and the crypto world is no different from it.
Majority of users store crypto in the mobile wallets, desktop wallets, and web wallets it becomes of paramount importance for them to use the best security standard practice in the digital world.
Have Multiple Backup Of Your Wallet.
Always have a private key backup on any offline storage space that only you know and trust. Also, if your crypto wallet is an HD wallet, store your seed or mnemonic phrase at two or even three places that only you know of because privacy and safety is an illusion in the 21st century.
One More Thing…
Ok these are all some identifiable threads to your crypto wallets but sometimes hackers attack big and legitimate website and steal data because when you creating your crypto wallet in any exchange they ask you provide some personal information here is the thing now competition for digital wallet usage is growing, companies are seeking more information about their customers. to track their activities to learn more and more about customers.
The data that is collected by your wallet provider, and the information that is possible to gain from your computer for marketing purposes, can be combined to allow hackers to sneak into your digital wallet. The possibility of revealing your secret key to your wallet provider is real, and that data can be accessed simply by hacking the wallet provider’s servers or through insider’s hacking.
Above are a number of important safety and security practices that can help to protect your private keys and therefore protect your funds. Always remember, crypto gives great power into the hand of ordinary people, and with great power comes greater responsibility. It is the responsibility of each one of us to learn as well as teach others if we want to make this revolution inclusive for all.