Cryptocurrencies, by nature have the Blockchain technology, which means they’re near impossible to hack. However, this doesn’t mean they can’t be stolen once they’re in your wallet.
Generally speaking, you should be careful and protect yourself whenever you’re using Bitcoin and other crypto coins to make a transaction. Here are 5 solid tips on how you can make this happen:
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Knowledge is Power
Just like using a credit card to make an online purchase, there are some hard and fast rules to observe when using cryptocurrency on the internet.
Do not post or share key information, such as your private key, address and password to anyone. If the app or trading exchange platform has it, then enable 2FA, or two factor authentication so no one else can make a crypto transaction without your permission.
It makes sense to spread your assets across several crypto storage solutions, e.g., hot and cold wallets.
Before checking out, make sure you have all the correct details, such as the address, name of merchant and their crypto identifier.
These things should become second nature as you become comfortable with using cryptocurrency for purchases.
Change Your Address Per Transaction
Cover your digital tracks by making sure you have a new address every time you make a transaction. There is no exception to the rule, even when you’re using Bitcoin on a reputable merchant or have bought from the website before.
Changing addresses ensure each transaction is isolated from the rest and makes it more difficult for hackers to connect them to your account.
Get a Hardware Wallet
Since cryptocurrency is a digital asset it makes sense to put it in a safe place. Instead of purchasing Bitcoin and putting it in the platform’s default storage, buy a hardware wallet and put it there instead.
A hardware wallet is a physical device that can store a private key. Hot wallets are those that can be used instantly online, while cold wallets are hardware that’s virtually hack- and tamper-proof, since they’re offline.
Investors and people who hold a significant amount of cryptocurrency should have a hardware wallet, or else risk losing them to a security breach or when a malware or virus gets into your computer.
Shield With a VPN
A VPN, or virtual private network offers a number of benefits for the user. For one, you won’t leave any traces of online activity when you have it; two, your data will not be collected and you’re safer with it than without.
A VPN allows you to remain anonymous while you make an online transaction using cryptocurrency. The good news is that there’s plenty of reputable VPNs out there and they’re not too expensive either.
It also helps when a crypto trading site such as Crypto Software Now has built-in encryption and security measures in place. Go URL to find out more and learn how to trade Bitcoin and other cryptocurrencies today.
Use a Privacy Coin
Privacy coins are cryptocurrencies that have built-in privacy features. This means user data is all but hidden, which means it’s harder to track.
A few examples of privacy-centric coins are DASH, Zcash and Monero.
