5 Ways First Time Traders Can Protect Their Bitcoins Against Thefts In 2021

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07 October 2021

Finance

Hacking is the new way of robbery that has happened in the digital world. If you think that your Cryptocurrency assets are safe just because it is online, then think again.

If you are new to the Cryptocurrency industry, you must be aware that this industry lacks the same level of security that you get from the banks. Before you can move forward with your Crypto investment, let’s first understand how secure Cryptocurrency is.

How Secure Cryptocurrency Is

If you are thinking of investing in Cryptocurrency, you will be aware of the Blockchain technology backing the Cryptocurrencies. Blockchain technology records the transaction in the blocks with a timestamp. This process is quite lengthy and complicated, but the result is a secure digital ledger.

The transaction also goes through two-factor authentication. While the security measures are in place, this doesn’t mean that Cryptocurrency is immune to any external threat.

Although Cryptocurrency is considered the safest mode of transaction, its connection to the internet makes it vulnerable.

Save Bitcoins Against Thefts – Protection Of Cryptocurrency

There are various paths to safeguard and reduce the chances of stealing. For example, using a secure platform like bitcoin prime, you can ensure that your digital assets are safe and secure.

Here are the other methods you can use to protect your Cryptocurrency assets.

Protect Bitcoins Against Thefts #1. Use Strong Passwords

Using a strong password is the key to safeguarding your digital assets. Never reuse passwords across your accounts, especially for Cryptocurrency accounts. Assume that all of the accounts will eventually face data breaches, and having the same password for all of them means all your accounts will be hacked.

To ensure such a scenario never surfaces up, use different passwords for different accounts. This helps you keep other accounts safe in case one of your accounts gets hacked.

Protect Bitcoins Against Thefts #2. Work With Reputable Crypto Wallet

Before deciding a platform to use for their Crypto investment, you must take your time, do thorough research and select only the best Crypto wallet for trade. Make a checklist of the security features that the platform needs to have before qualifying as a safe call for investing.

Using more than one platform can add an extra security layer as long as the two accounts have different strong passwords.

Protect Bitcoins Against Thefts #3. Avoid Sharing The Secret Key

The secret keys are used to validate the transactions. Hence, the secret keys should never be shared with anyone, even if you think that the person standing in front of you is trustworthy enough.

The safest way to store your private keys is to store them in cold storage. Cold storage is the process of printing out your keys and erasing their digital footprints and traces. With how easily hackers can get access to the machine, keeping your data online is highly risky.

Protect Bitcoins Against Thefts #4. Protect Yourself From Phishing

Many people with Cryptocurrency wallets use mobile applications to trade. However, as their prices soar high, hackers target users using mobile phones to make transactions and trades.

These social engineering attacks can come from any angle. For instance, you might receive unknown text messages, social media messages, or emails.

Protect Bitcoins Against Thefts #5. Ensure Vendor Provides Indemnity

This is related to the vendor’s error, failure to perform, and negligence in managing the platform. Having a strong indemnity provision added to the contract so that it protects your digital assets.

When you are taking help from a platform, ensure that the platform is offering:

  • A large balance sheet to back their indemnity.
  • Insurance to cover financial harm you accrue due to their negligence.

Conclusion

Cryptocurrency is a dynamic industry. You need to be proactive to keep up with the changes. The same thing can be said for its cybersecurity. Digital assets being connected with the internet are more prone to risk than traditional assets. Hence, it is important to implement the right cybersecurity protocol to keep them safe.

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