Unlike most global currencies, cryptos seem to be unfazed by all the economic turmoil we experienced this year. Therefore, many investors are getting more and more interested in this currency. It is way safer than the hard currencies thanks to the blockchain and other encryptions that monitor each coin.
With that said, cryptocurrencies are attractive to cybercriminals. They are always searching for system errors. From fake emails to malware – these people will use everything to gain access to your crypto account. So be familiar with the possible risks in advance and protect your hard-earned money before it is too late.
Cryptocurrencies are still relatively new, and they keep developing as we speak. While this world seems dangerous from the outside, it becomes as simple as using your credit card when you dive into the subject. Plus, you can make a lot of profit from smart investments.
Secure your account
Your account is the place where a cryptocurrency is stored. You can buy or sell it from there. Of course, to access your account, you need to have a password or a registration key. Hackers often target personal devices and gain access to your account through saved passwords. They can either change your password or duplicate the registration key. If this happens, there will be no way to track your funds or get them back.
Your cryptocurrency will become untraceable because the banks are not involved in the process. Before you start trading any cryptocurrency, make sure you read as much as you can about it. You might not understand everything about protecting your crypto yet, but some knowledge of the blockchain can help prevent security breaches.
Additionally, there are pieces of hardware that can keep your funds secure. These look like USBs with an additional button on the top. The cryptocurrency is stored there until you press that same button and release it. It acts like a second layer of validation and should protect you from cybercriminals.
Learn about the cryptocurrency
Getting into cryptocurrencies could look easy, but if you want to be successful, inform yourself before investing. Learn about blockchain networks and how to invest your money. Don’t make quick decisions just because you need to earn more right away. Instead, take a moment to think about your next investment.
The best way to gain an understanding of cryptocurrencies is from people who have experience in this field. You probably already know someone passionate about cryptos, so talk to them and listen to their advice. You don’t have to share your future investment plans, of course. They can tell you more about the world of cryptocurrencies than the majority of news articles.
Look out for scams
Scams can be hard to detect in the world of cryptocurrencies. Even the most experienced investors sometimes can’t differentiate between a real and fake currency. For instance, OneCoin is the biggest Ponzi scheme related to cryptocurrencies. This company offered luxury items to the investors who paid more money, so it was also an MLM scheme.
There wasn’t too much information about OneCoin anywhere except on their official website, so experienced investors did see through the scheme right away. Unfortunately, some investors didn’t. Read the fine print and familiarize yourself with the cryptocurrency you want to invest in. There are fake websites, newsletters, and emails popping up almost daily. Avoid sharing your personal information with people unfamiliar to you or clicking on unknown links.
Protect the wallet
Once you start trading, protecting your wallet should be your priority. Always choose a wallet backed up by famous brands or which has an overwhelming majority of positive reviews. A wallet service has to keep its security on the highest level. Coincheck learned that the hard way. This service was hacked back in 2018, and users lost around $530 million.
You can also download a tool such as a VPN. When you turn it on, a VPN will secure your internet connection, hide your IP, and completely encrypt the shared data. It will not only keep your cryptocurrency safe but also protect you from hackers getting their hands on your information. For example, a NordVPN coupon is a great option if you want to stay on the safe side.
So if you plan on buying or trading cryptocurrencies, having a VPN is highly recommended. A VPN subscription is not expensive, and it will elevate your cybersecurity, so don’t forget about cybersecurity while managing your cryptocurrencies.