Alert the Armory: Protect Your Cryptocurrencies from Being Stolen

Oct 04, 2018 at 2:27

Nobody can deny that cryptocurrencies are highly valued today—it is not just an investment but also considered as good and functional as cold hard cash. It’s the same reason why they’ve recently become a target for those who want to take advantage and steal other’s earnings.

 

With that idea in mind, we at DisruptBlock pooled a list of practical tips to ensure and safeguard your digital coins away from virtual crooks and burglars.

 

START IT WITH THE WALLET

In choosing a wallet, make sure that it is loaded with security measures. Some wallets are now utilizing encryption to protect private keys with others even using a code package in encrypting key data to prevent insider hacking.

 

STRONGER, HARDER, BETTER

Always create a strong password. Never ever use your birthday or your surname as passwords as such information can be accessed via your social media accounts.

 

PLACE SOME COINS IN COLD STORAGE

A crypto trader who values the safety of their coins always has at least two digital wallets. One wallet should be used for trading and transactional purposes while the other should be used to store savings and must be kept in a secure location. The latter should be a cold storage wallet with backup private keys stored safely even offline.

 

BE WARY OF FREE WI-FI CONNECTIONS, SUSPICIOUS WEBSITES

A trader should always be wary of free Wi-Fi when connecting a device that has a crypto wallet on it as it can put your crypto investments at great risk. Accessing suspicious websites via a device loaded with a crypto wallet can also put all your digital coins down the drain.

 

RECONSIDER YOUR TRUST ON SERVICE CENTERS

In this age, the most common source of leaked private photos and videos are service centers where personnel tamper with data on the devices for repair. That is the same logic why you should first move the funds from a wallet that is installed in a device before having it up for repairs. If it is not possible, have your repairs done only by trusted technicians.

 

REINFORCEMENTS ARE NECESSARY

A crypto trader must always create backups that are kept in a secure place. Doing so will save you from potential hardware failures and other errors as it will allow you to restore your wallet in case your gadgets are stolen.

 

CLOSE PHISHING SEASON

Phishing scams are very common nowadays as they are becoming more elaborate and hard to be distinguished from legitimate emails and links. Make sure that all the emails you receive from wallet companies have their domain spelled correctly. Likewise, never look for their web address clicking on Google ads since all your crypto funds may be swept in an instant if you open a phishing website.

 

USE MANUAL UPDATES

It is a wise move to turn off auto-update features for applications related to cryptocurrencies since there are times when application bugs can create massive losses for account holders. It is also best to wait 2 to 3 days after an update has been released to see if any bugs are experienced. You should only update once the app has been tested by other users.

 

TWO FACTOR IS ALWAYS BETTER THAN ONE

Enabling two factor authentications of crypto wallets is always the better option when it is allowed. You can either use a unique code that is changing every minute or add biometric identification like a fingerprint.

 

ALWAYS VERIFY ADDRESSES YOU ARE TRANSACTING WITH

Make sure that addresses that you are dealing for any payments or transactions are correct as there are computer viruses that are capable of editing copy and paste operations in order to paste a different address. It is advisable that you first send a small payments as a verification before sending the full amount if the address is already verified.

 

ALWAYS LOOK FOR A MARK

When using a web wallet, always make sure that the SSL security mark in the address window of your web browser is present as it is a seal that certifies that the website is secured.

 

THINK ABOUT YOUR HEIRS AND YOUR LEGACY

Death is inevitable so you must plan ahead as if you die or become incapacitated, your cryptocurrencies may forever be lost unless you created a plan for your heirs or the beneficiaries whatever you may leave behind.