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Cryptocurrency, the digital gold. It’s been referred to as the next step in the evolution of money, but there’s one key thing that sets it apart from finance as we know: It is decentralized. This means that the person in control of a person’s cryptocurrency (and cryptocurrency wallet’s private key) is FULLY in charge of how they spend and hold their digital assets.
The nature of the blockchain-based asset also means that cryptocurrencies are immutable - meaning once a transaction has been made, it CANNOT be reversed. There are no reverse banking orders that can be relied on if a mistake is made or if something goes wrong. This means it is critical for you to know how to keep your cryptocurrency safe and in your hands and avoid your digital assets from being stolen.
Most commonly, your cryptocurrency will be stolen through online exchanges and wallets. If someone is tracking your online movements and sees you input your private key, they will be able to access your cryptocurrency account and empty your wallet. Attacks on exchanges and platforms have been an occurrence in the past for the theft of cryptocurrencies.
How to secure your cryptocurrency in the UK
Use a hardware or offline wallet
Online wallets, also known as hot wallets, are connected to the internet and attract the attention of sophisticated cybercriminals. Since cybercriminals rely on the internet to conduct their attacks, keeping your cryptocurrency keys offline (with a cold or hardware wallet) helps protect your cryptocurrency from attacks. Some automated trading programmes offer a secure approach to guard your wallet, but not all of these programmes have facilities for secure storage. This is why doing your homework is crucial. For instance, this Bitindex AI review highlights the security aspects of the trading programme and provides you a fair idea of what to anticipate from the app.
Use a secure internet connection
If you are trading online, it is imperative that you use a secure internet connection that cannot be accessed by the public. This would be the same as using a secure line when entering your banking information. Using a virtual private network (VPN) if you are transacting online - both on a private and public WiFi connection adds in an extra layer of protection and helps encrypt your online interaction to keep your activities safe from hackers.
Use strong passwords and change them regularly
Choose a strong password for your crypto wallet and account using a mix of lower and upper case letters, numbers, special characters and make sure it is not easy to guess. Keep personal information out of your password (such as pet name or birthdate) as a hacker might be able to access your account if they can guess the code.
To strengthen the password, choose a different code for each wallet or account. If you use the same and a hacker can get access, using the same password makes their job of getting into ALL of your accounts that much easier.
Take caution when clicking any suspicious links
Phishing links or pharming links are common in digital hacking - so be sure to check all links that you know and trust before clicking them. Some scammers will use a link to remote track your information, making it possible for them to see and steal your cryptocurrency private key and login credentials.
These are social engineering hacks and often target people using a sense of fear and urgency with limited edition offers or by using a case of emergency to trick users into entering information before they can think. Taking your time and proceeding with caution when accessing websites is crucial in your cryptocurrency interactions to protect your crypto. Using an antivirus software installed on your device can help protect you from malware and remote monitoring applications too.
Trading cryptocurrency in the UK doesn’t need to be risky. If you do sufficient research into which wallets and accounts to store your digital funds, use caution when clicking sites, and practice online security, your cryptocurrency funds will have the best bet of staying safe in your wallet. Interact safely and be careful with your cryptocurrency and enjoy the process of the trade!
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.