Protect Your Crypto Wallet | Save Cryptocurrency Wallet from Hackers

Investment

The cryptocurrency market is the investment buzzword today! It’s unusual, risky, and, to top it all off, it’s an uncontrolled market. This means that if you are a victim of crypto fraud, your prospects of retrieving your money are nearly nil. In this blog, we tell you how to protect your crypto wallet. Read on to find out more on this. Prevention is preferable to cure, especially in the crypto market, where one is difficult to come by.

Crypto scams can occur in a variety of ways. The most common fraud strategies are phishing, Ponzi schemes, and pump and dumps. The strategies are always changing, but you don’t have to learn them all or be a coding genius to avoid being scammed.

Here are a few basic steps you may take to avoid becoming a victim of a scam.

Protect Your Crypto Wallet

Avoid clicking on any dodgy links

This is the crypto market’s equivalent of refusing to accept chocolates from strangers. Always pay attention to your mother, children. Phishing is a time-honored technique used by cybercriminals. It entails sending out mass emails with an attachment or a URL. When you click the link or open the attachment, you become vulnerable to phishing. Hackers only need one false click to gain access to your sensitive information. Poof! That’s the end of your chance to become a crypto millionaire.

Check the sender’s email address before clicking on anything. All emails should be sent from the platform’s official email address. Any information gleaned from the information should also come from reliable sources.

Get yourself a cold wallet

When you acquire cryptocurrencies on cryptocurrency exchanges, these third-party firms keep your crypto assets. Congratulations if you’ve done your homework and invested with a reliable bitcoin exchange. However, even if these exchanges are as renowned as they come, they are not completely risk-free. Given that even trusted exchanges such as Crypto.com have been hacked, you can never be too sure about the security of your cryptocurrencies unless…you store them in a cold wallet.

What exactly is a cold wallet? A cold wallet, also known as a cold storage device or a hardware wallet, is a physical device that holds your bitcoin entirely offline. This ensures that your assets are entirely safe from any internet hacks. To conduct transactions, simply attach them to your computer as you would a USB device or external hard drive.

Cold wallets are your best bet for storing your cryptocurrency. Keep in mind that you should not store your recovery password online. Not on your phones, and not on your PCs. Paper is the best option.

Make sure your passwords are secure – Protect Your Crypto Wallet

This may seem obvious, yet many of us are guilty of using the same password for many accounts. This is not something you want to do. Password protection is essential. Your password should ideally be a complicated 16-character combination of alphabets, digits, and special characters.

In addition, if applicable, configure your two-factor authentication (2FA). If the software you’re using doesn’t allow 2FA, you should reconsider utilizing the exchange or wallet in the first place.

Distribute your assets among different wallets

You should keep your bitcoins in multiple wallets, both online and offline. You don’t want to put all your eggs in one basket, especially if you’re investing huge sums. With no restriction on the number of wallets you can create, you can diversify your assets anyway you see fit. However, each wallet has its unique set of fees. Given the relatively tiny investment amount, the expense of numerous wallets may not make financial sense for beginners investing a few hundred dollars.

Crypto wallets are widely divided into two types: hot and cold.

Hot wallets are wallets that connect to the internet via an app on your phone, laptop, or directly through a web browser. Some examples include MetaMask, Coinbase Wallet, and Edge Wallet.

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