Cryptocurrency is the gold rush of the new millennium. There is still a lot of money to be made, but it’s essential to be careful. Even with many built-in security features, there are many ways hackers will try to exploit vulnerabilities and steal either coins or personal informal. To guarantee your investment is well-protected, be sure to follow these essential tips.
Phone-porting is one of the most common crypto-crimes. Most people log in to their select exchange via email or with their phone numbers. Hackers go through Google, social media, and other outlets to dig up key investor information such as a phone number, email, and physical address. Hackers then call a service provider and trick the customer service technician into transferring the number to a device they control.
To avoid this, the best thing you can do is create a unique email address for the specific cryptocurrency you are purchasing. Combine this with an extremely strong password and do not use it for anything other than the exchange login. Nobody else should know about it besides you.
Phishing and Malware Attacks
This is of course not exclusive to crypto, but it becomes much more serious when you are protecting your investment. There are many different types of “cryptojacking”. Generally, it involves suspicious emails with links or attachments that contain malicious codes. These codes run a cryptomining script on the victim’s computer mining all their coins away. Watch out for websites as well. There are pop-up windows that automatically execute scripts without anything even being stored on your computer.
To protect yourself, apply a high level of security to your web browser and email. Ensure you are using a strong spam filter, make sure all attachments are scanned for viruses and use a strong ad blocking software while surfing the web. More than anything, avoid suspicious-looking sites. Crypto has become a very legitimate enterprise, and you can tell a real exchange from a fake one. Before you enter any payment information, do a background check on the site to make sure it has a solid reputation.
Another great way to add a layer of security when buying crypto is using a VPN or a virtual private network. A reliable VPN provides users with more anonymity by hiding their real IP address and encrypts all the data transmitted online.
Find the Right Exchanges
On that note, finding a reliable exchange is the most important aspect when it comes to buying cryptocurrency. They have sensitive information from your email and phone information to your credit card details and more. Watch for suspicious signs. Take for instance MyCoin. In 2016, the CEO resigned abruptly, and a month later the currency went bankrupt. Savvy users should have known right there to get out.
Attacks can happen, but the most critical part is how the company treats the attack. If they improve security measures, make financial restitution to the victims, and find the culprit, then those are great signs. When purchasing crypto, it is essential to look at the history of how the exchange responds to purchase orders and trades. These should be all handled quickly.
Choosing a Safe Altcoin
The fact is that BitCoin is too expensive for most users to purchase. It’s so valuable that there is a huge amount of different coins out there that base their value on it. However, selecting the right Altcoin can be a tricky task. Once again, everything goes back to reputation and credibility.
This is where it is crucial to do your homework. New coins are volatile and have the potential to either make or lose vast sums of money. In a speculative market, the best thing you can do is to research the team behind it. Here are a few of the questions you should ask yourself when purchasing crypto.
Do they come from another successful cryptocurrency and branch off to form their own? Just like the stock market, you can use previous examples of new coins as a way to gauge how one might perform. Does the currency use the latest technology? Does it have a strong team behind it? Have crypto-community experts endorsed it? If you can answer yes to these questions, then you have chosen a good currency.
How to Avoid the Threats of Buying Crypto Online
Everybody wants to cash in on the gold rush that is cryptocurrency. When even the smaller currencies are worth billions of dollars, it’s no surprise why. Nonetheless, just like any investment, you need to take safeguards to protect yourself. By doing research on the right exchanges and currencies and ensuring your personal information is well-concealed, you protect yourself against security threats making sure your investment is safe.