How you can secure cryptocurrency from thefts and scams

Cryptocurrency is booming, thousands of people are starting to purchase crypto. Hacking is the word which used in the place of robbing in this digital world. There is a new revolution noticed in the world of digital currencies.  

The potential of this is increasing and so are the frauds. Their millions of people visiting these scamming websites. Bitcoin can be stolen from digital wallets, but it’s next to impossible for people to hack the entire network. Many statistics show that around 18 million of India’s population visited these crypto scamming websites. 

Few websites were-  

Coinpayu.com visited approximately 1.6 million, then adbtc.top hat visited 1.5 million, hackertype.net – 533.5 k visitors, and other websites that have thousands of customers, dualmine.com, coingain.app, thehyperfund.com, watermine.io, crowd1.com, fpmarket.com, espianglobal.com, hashflare.io, coin-farm.net, etc. 

Cryptocurrency owners are designed in a way that they can take sensitive and important data of the users. Not only their money but also their details.  

Rug pulls, investment plans, and launching fake schemes are some of the common steps used by these false and fake websites. In rug pulls, the website offers fake coins like the IPO kinds of stuff. 

The company will launch a critical coin in the market and will pitch to people to invest in it. And after giving small returns, they just vanish. You can have a clue if a company is defrauding like if an investment is having zero or no risk then that can be your biggest risk investment. 

Few ways to be safe from these scams-

1. Using cold storage or hardware wallet- 

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Digital wallet is also a word that can be used in this way. It is considered to be one of the safest ways to protect your cryptocurrency. For example, just like we keep our cash in the wallet. These are the offline wallets or digital wallets which can’t be accessed through the internet. These are supported by experts and the private keys which are used to access your crypto, this can be a 4-digit code. Also, it’s important to know that after several wrong attempts the wallet data can get erased. Also, there are cases where if you lost the keys and the hardware, then there is no way back to the crypto wallet. 

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2. Two-factor authentication-

For providing your cryptocurrency with an additional safe layer, use multi-factor authentication. It’s way better to use apps like google authenticator or duo security as they have a safer base. Avoid using 2FA SMS-based things. If there is no option and you have to choose it, then make sure you are getting a notification every time there is a login. 

 

3. Never use a password manager for cryptocurrency-

Experts and even the founders of some renowned cryptocurrencies suggest using a password manager for the wallets. Never use it, I said never! Crypto technology seems to be a bit unique to us, and we don’t have any clue how it works. And in this, leaking the information to these apps is not a smart decision to do. 

 

4. Don’t tell people that you bought the one-

These days, people find a kick in telling their friends and family that they bought cryptocurrency. I mean that’s not even a topic to show off about because you never know the intentions of anyone. For example- your ex who was so close to you that she is aware of all the past transactions, so you never know what can happen in the future. SO, STOP TELLING each thing about your cryptocurrency. 

 

5. Don’t keep your cryptocurrency in one wallet-

Just like an idiom that you can’t keep all eggs in one basket, you got to keep it many baskets. Similarly, you should keep your crypto purchases in many wallets at the same time. So that if a person had hacked your one wallet, then there is less risk because you have other wallets too. Just a reminder you need to be very careful in dealing with cryptocurrencies otherwise you can lose it all. 

 

6. Control the cryptocurrency wallets specifically-

In the point first I had discussed the why behind keeping crypto in wallets. Before that, you should think of the fact the hardware would be offline and anyone can harm it or it can break. So keeping good care of it is most important. So keep multiple cold storage.

 

7. Don’t use ledger-

Many people had used a ledger for keeping the information. But these people too witnessed news of the leakage of their personal information, not a piece of crypto information but just, name, address, phone number, etc. So it’s all up to you whether to go for a ledger or not. 

8. Don’t forget to use anti-virus-

Using anti-virus is the prime thing to do that’s why I am keeping it in the last. Have a check that all your devices are up to date with the latest version of the anti-virus. 

9. Use private servers-

Try to use private servers as much as you can, so that with this your name and other information can stay safe and anonymous. 

 

 10. Use small test transactions before exchanging-

Before conducting any exchanges, use small test transactions to check the authenticity of the IP address and other information. Because if the main payment is transferred to the wrong account then it will be gone forever and there will no way back to it. 

 

Important points- 

  • Hide your sensitive information like QR codes and crypto information in a picture- Choose or click a good picture, open the image in the notepad.
  • Then, at the last of it, add the passwords or codes of the cryptocurrency, then copy the crazy-looking text above and then paste it below the password.
  • Now save the file with the information and then close it. For checking purposes, reopen the file and check if it is saved or not. As google photos used to compress these days, so don’t reply on 1 platform, save this picture on multiple platforms.
  • Stay away from fake influencers, people who are telling you that they can give you free money or money with no risk. As you are smart to know that fact that crypto is so risky to invest in. Never fall for big returns. 
  • Even before investing in any crypto wallets, go for revies. No matter what the wallet looks like, which influencer advertised it for, always check for honest reviews. 

 

Concluding this, even after reading this article, don’t straight-up change your views about how the storage thing works. Just focus on educating yourself more. Update yourself with the latest trends of crypto. For example how the crypto market works. Must-read blogs.

Even this market has many risks and heavy risks, its worth to be invested,  

Happy learning! 

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