Whether you’re playing on the best crypto casino or trading to increase your assets, you must keep them safe. Nowadays, there are many risks online since people with malicious intentions want to get to you and your money Crypto Enthusiast.
In this article, you’ll learn about five essential tips if you’re an avid crypto enthusiast and want to protect your digital coins .
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Why You Should Worry About Cybersecurity
Some people have doubled or tripled the amount of money they put in when they initially started investing in crypto.
These stories spread like wildfire, and they’re the primary reason so many investors are interested in this field.
In 2018, the crypto market had over 18 million verified users. Nowadays, it has many more because there are numerous ways to invest in digital currencies, for example, by playing in online casinos.
Unfortunately, hacks, scams, and other cybersecurity issues have happened throughout history, and they’ve plagued the cryptocurrency industry.
In 2016, for instance, a phishing scam began and lasted over three years. Allegedly, the culprits stole more than $100 million in cryptos.
Although people with malicious intentions are out there, you can do different things to protect yourself and your assets. It’s why cybersecurity is essential. If you’re a crypto investor, you must ensure your digital coins are always safe.
Five Cybersecurity Tips to Consider
You should never compromise the security of your accounts. If you follow different cybersecurity tips, you’ll be able to prevent issues, such as scams and phishing. Here are some things to remember:
Go Through Your Account Activity
Every once in a while, you should audit your crypto wallets, accounts, and everywhere you hold information about your digital assets.
Firstly, you’ll need to start with the basics. Log into your email and check the platforms you’ve signed up for. Make note of these on a piece of paper and store it somewhere you think is safe.
Then, make sure you log into your accounts and check them from time to time. Regularly monitoring them allows you to have full control over what happens. If someone tries to hack or scam you, you’ll be able to take action immediately.
Furthermore, monitoring your accounts helps you prevent someone else from taking over your account. If you regularly check on them, you’ll be able to see unauthorized access attempts and do what’s necessary to guarantee they don’t happen again.
Suppose that there is a good chance that someone is trying to get into your account. Even so, you don’t need to panic. If you’ve spotted them before they do anything with your funds, you can contact the platform’s customer support or change your passwords.
Check for Fake ICOs (Initial Coin Offerings)
Trading and investing are not the same, but if you’re a beginner in the crypto world, you might be vulnerable to accepting fake ICOs.
In some cases, people might offer coins that apparently have a lot of potential. They’ll say the currency has a fantastic ROI (return on investment) and innovative technological features.
Unfortunately, you’ll become part of the scammed people unless you thoroughly know the red flags and learn to spot malicious people.
To identify fake initial coin offerings, the first thing you must do is go to the currency’s website. Look through the members, find their social media profiles, and try to learn more about them.
If the people’s social media accounts don’t match their activity, it’s a red flag. You might find, for example, that some have thousands of posts but zero to 10 followers. Plus, all they do is promote crypto.
Overall, that doesn’t look good at all because it shows they’re only trying to bait people to fall into their scam. However, if you’re still unsure, you should ask the team’s whitepaper and check for a financial model.
Lastly, you can also request a code or samples of it. If they can’t provide it, it means it’s probably a lie and they’re not developing anything.
Rely on 2FA (Two-factor Authentication) and API Key Restriction
Luckily, there are different methods you can rely on to protect your accounts. Two-factor authentication is one of them.
You should use the Google Authenticator App instead of SMS 2FA, particularly because skilled hackers may intercept the latter.
Moreover, if you’re thinking of using different software to trade or invest in crypto, you should restrict your API keys. Even if someone is able to find your accounts, they won’t be able to touch them.
Watch Out for Phishing Emails
As time goes on, technology evolves, but so do the techniques that hackers use to get your information.
In some cases, you might receive emails with links. If you don’t look closely, you might believe they come from reputable companies.
Don’t give away any information or click links until you check the domain name on the email. If it’s from a reputable company, it’ll be their own.
You often have to be extra careful since hackers will use domain names that are similar to the company’s. It could be, for example, @coinman.com instead of @coinman.org.
Lastly, you must also be wary if the email asks for you to give away or confirm personal information. Before doing what it says, call the company to make sure.
Never Store All Your Cryptos in a Single Exchange
Crypto exchanges have been hackers’ victims over the years, and they’ve also had other cybersecurity issues. Consequently, many people had their accounts frozen, or worse – they lost them.
What you must conclude from this is that your assets will never be fully assets if you store them in an exchange. Instead, you must only rely on a private wallet.
Some traders and investors want to keep their assets in an exchange, though. If this is you, just try to regularly remove your earnings. If something happens, you won’t lose everything.
Nowadays, hackers rely on much more sophisticated techniques to get the information they want.
Therefore, you must be wary and make sure you do everything in your power to keep your information safe.