The cryptocurrency market had a very rough beginning when it was first started as many people claimed it to be a market of fake currencies with no real value. Today, that same market is worth trillions of dollars in the global economy because of its steady rise in popularity and value. Many people who had faith in cryptocurrency and invested early in it are billionaires now because of their amazing returns.
This success has inspired thousands of investors from around the world to invest in the market and if you tooo want to be one of them then you can click on this go url to do so. While most of these investors are excited to venture into the world of crypto, they also have some semblance of anxiety and fear regarding their crypto assets and their security.
The primary cause of this anxiety are hackers. Crypto hackers are notorious for stealing large amounts of cryptocurrencies from people by accessing their wallets and transferring all their funds to their own account. This can leave a huge dent on someone’s finances and no investor would want a hacker to steal all their funds.
If you too are one such anxious crypto investor who is worried that hackers may access your wallet and steal all your cryptocurrencies, then don’t worry because we have you covered. In this article, we will be listing several ways that you can choose to protect your crypto wallet from malicious parties and hackers. Read the article till the end so that you don’t miss out on crucial details.
1. Opt for cold storage
There are primarily two types of crypto wallets – hot online wallets and cold offline wallets. Hot storage are online wallets that need to be connected to the internet for you to access their funds and their cryptocurrencies. Cold storage, on the other hand, doesn’t need an internet connection for storing your cryptocurrencies inside them.
Whenever choosing from either of them, always try to opt for a cold storage if you own a large amount of cryptocurrencies. This is because hot storage has a significantly more chance of getting hacked than cold storage does simply because of their online nature.
While you are connected to your hot storage, a hacker can easily access your internet connection and steal your account’s keys or use your own device to transfer funds to their account. This is simply impossible with cold storage because it is entirely offline and physical in nature and can’t be accessed unless and until you willingly hand it over to a hacker.
If you own cryptocurrency with a lot of value, say $10,000 or more, you should definitely consider getting a hardware or paper wallet for storing your crypto assets. However, for small amounts and day-to-day purposes, opting for hot storage on a popular exchange is often the right choice.
2. Invest and trade on a secured connection
The most popular way a malicious hacker hacks into your laptop or smartphone is through an unsecured public network connection such as the public wifi in cafes and restaurants. A hacker can easily set up his own malicious code that can be transmitted to your computer the moment you join into a public wifi connection.
If you want to ensure the maximum safety for your wallet against malicious online parties, it is essential that you only use your online wallet for investing, trading or withdrawal while you are connected to your own secure internet connection. This eliminates the possibility of hackers accessing the same network you are in.
As a general rule of the thumb, avoid connecting to public connections whenever possible and at the chance you do, ensure that you don’t access your online wallet.
3. Own multiple wallets on multiple exchanges
One of the simplest ways of reducing the risk of hackers accessing your account is by owning multiple wallets on different crypto exchanges and putting different email IDs and passwords on all of them. This way, even if one of your accounts gets compromised, you still have the assurity that your other accounts are relatively safe.
This is not a method to eliminate the risk of hackers but rather a failsafe measure to reduce your losses and keep them at an absolute minimum. We strongly recommend diversifying your portfolio and dividing it within your various accounts. For example, suppose you have a portfolio with a value of about $1000, then we recommend that you divide it into five wallets of $200 each.
Keeping only one account for your trading needs at a particular exchange is a sure way of putting that account at maximum risk of getting hacked.
4. Install the latest anti-malware software on your device
Antivirus and anti-malware software are immensely important in today’s date. These software protect your device from external malware that is installed by hackers to control your computer or laptop. Most hackers often use trojan viruses or malware-infused applications to inject virus into your device which puts your computer at an immense risk of getting hacked.
You can easily reduce the risk of hackers getting access to your computer, laptop, or smartphone by installing antivirus software on all of them that detects viruses as soon as it enters your devices. We also recommend that you run virus scans on your device from time to time to ensure that your antivirus application doesn’t miss any particular viruses on your computer.
5. Update your passwords from time to time
You’d be surprised to know that many people choose to keep the same password for all their accounts for several years before a hacker finds it out and single handedly accesses all their accounts with relative ease. That’s why, we strongly recommend that you update your passwords from time to time – especially if you have the same password for all your accounts.
Updating your account passwords with new and unique passcodes keeps your hackers guessing on how to access your wallet and provides optimal security for your account.
There are several steps that we strongly recommend you do if you want to protect your cryptocurrency wallet from the clutches of a malicious hacker. We hope this article was insightful for you and if it was, please follow our website for regular updates as it will help us out immensely.