Bitcoin has over the years retained its repute as the most popular and most valuable cryptocurrency with a market price rallying around $44,000. The crypto is also with a competitive exchange, which is not far from the narrative of being a target of hackers and other cyber-criminals.
These hackers are always exploring some weaknesses in the Bitcoin network, to launch an attack that would create a breach while stealing someone’s identity and hijack their Bitcoin savings in the wallet.
However, one of the common recommendations is to store your crypto gains in your digital wallet, although this device is susceptible to hacking. As the digital world is having a touchdown on data privacy and protection, malicious activities like hacking and other cyber-attacks are of great concern.
In the wake of the global pandemic (COVID-19), we saw the crypto market getting robust with the growing enthusiasm for cryptocurrency. Even at this, there is an imminent event of scams and malware on the rise, especially at the advent of increasing remote jobs.
In some cases, your computer data may be prone to malicious activities when some people are using public hotspots to work or connecting to some open Wi-Fi. There is a pervasive call to action avenue where many social media users are receiving different offers from anonymous people, thereby enjoining them to click on a link, which will redirect them to another potentially risky page, and as such, became victims of identity theft.
According to some data security experts, the activities of hackers are the most common cybersecurity-associated problems. In the crypto world, there is something called selfish mining, and this is when someone has sophisticated mining equipment compared to other people’s equipment, and leverage that sophisticated equipment to amass a huge proportion of the coins available.
In the sequel to the discourse above, this article aims to highlight some ways you can protect your Bitcoin wallets from hackers.
1. Use At Least Two-Factor Authentication (2FA)
Ensure you add at least two layers of protection framework to your Bitcoin wallet (trading account). Your wallet is still vulnerable to hacking if you use just one password, irrespective of the complications characterized by your password combination.
Therefore, if your device enables you, endeavor to unlock the crypto app with a code you will receive via SMS or email, or probably with face recognition or fingerprint to make your money accessible.
Also, go for a strong password, and avoid being predictable in your combinations, which might be in the use of your date of birth, name, or passwords like “987654321”. It is even possible to change your password from time to time to stay flexible for the safety of your Bitcoin wallet.
2. Maintain A Proper Cyber-Hygiene
This is not one distinguished activity. Instead, it is relatively a group of behavioral patterns responsible for the security of your internet. This translates to requiring the use of antivirus and antispyware software while having a timely update to the latest version.
Always stay woke to different websites you often visit to ascertain their authenticity. It is important to clearly state that it is not advisable to click on every link being sent to you, regardless of its source.
Scam can be creatively disguised to spotted, and there arises the need to be wary of clicking on links and opening attachments anyhow. The greatest scam in the history of data breaches is malicious links, but many people still fall victim to this fraudulent activity, thereby creating susceptibilities in the Bitcoin network.
3. Mine Or Trade With Only One Device
Your Bitcoin wallet privacy matters, just as your funds in the wallet are important to you. So logging into your friend’s computer or the office PC being shared with your coworkers is not advisable when mining or trading Bitcoin. In essence, you must be responsible for the security of your Bitcoin wallet as it can only be effective by you.
The way your wallet security is treated must be very different with consciousness from how you use open and use your social media profiles like Facebook or personal email setup at work. Handling your crypto activities needs caution as your account must not be spread across different devices.
Moreover, smartphones are considered a better option to access your wallet, just as it is your device.
4. Use The Offline Wallet
Often than not, hackers launch their attacks towards online wallets, which birthed the idea of Bitcoin traders opting for physical offline devices that are used as wallets.
Withdraw the bulk of your savings in the online wallets and ensure you have your keys and codes, which can be easily stored in either a safety box or a place away from people’s access. Although these devices are like the normal USB-memory sticks that can be easily damaged if not used properly, they are considered efficient.
So keep just a small amount of funds on your online wallet, to forestall future fees that may be charged as a result of crypto transactions.
5. Use Reputable Trading Platform
Getting swept off by a website that looks credible might be tempting, hence prompting you to share your data with third parties. But you must tread with caution when creating an account with a crypto trading platform on the internet. Making a thorough background of crypto websites is very important to deduce the true repute of the platform. For instance, Prestmit is one of the reputable platforms on which you can create a Bitcoin wallet that is safe from malicious attacks from hackers.
You can also ask friends for recommendations while comparing and contrasting. For your safety, we advise you to go for reputable choices.
6. Choose Only One Or Two Cryptocurrencies
Understandably, a crypto-trading beginner is enthusiastic about surfing and exploring different activities on the crypto market, as you want to have a feel of every experience and its offering. It is a known fact that the crypto world is lucrative with a myriad of benefits, but if you go out of your way to trade more in more than two cryptocurrencies, you might be opening yourself up to the access of hackers.
As a beginner, it is deemed safe to focus on just one or two cryptocurrencies, and can later go for another crypto as you grow in experience and skills. This is to ensure there is no loophole for hackers to level up by stealing your identity and Bitcoin.
As profitable as the crypto market is, its vulnerability to hackers is also large. This puts your Bitcoin at the risk of being stolen when not adequately secured. Keep your wallet details religiously, ss you do for your social media activity.
Use all security tools like the PINs, keys, passcodes, and the required layer of authentication. However, do have in mind that it is possible to be a victim of hackers when you carelessly share your wallet details with friends or random people.