Bitcoin has greatly risen to more than an asset price of $12,000 trading value. It is the largest cryptocurrency and the highest level of trade value since 2019.
Though the price of digital currency swings without a pattern or difficult to predict, it has attracted both investors and cybercriminals.
The cryptocurrency trend started in 2009, it was then followed by a series of heists and hacks targeting the exchange platforms and crypto-wallets.
A decade later, the government released a cryptocurrency anti-money laundering report from blockchain security. In record, the total value of cryptocurrency assets that was involved with crime all over the world is $4.3 billion.
Cybercriminals have stolen a total of $125 million in major cryptocurrency networks such as Bitcoin, Ethereum, and several others more.
Major threats to your cryptocurrency are focused on the security of your crypto wallets, digital wallets, and exchange networks. Crypto wallets are unique and do not store your digital coins, it gives you a private key that allows you to make transactions and trade.
A private key is unique to every individual, it also serves as your digital identity in the crypto community or market.
Should it be hacked or stolen from you, this can lead to the use of fraudulent transactions or coin theft. Cybercriminals now have the technical ability and knowledge to penetrate digital wallets or storages and steal your assets.
Digital wallet security is very essential against cyber attacks especially when you are practicing digital transactions and cryptocurrency trading.
Here are 6 of the best ways on how to secure your cryptocurrency
Cold Wallet
Cold wallets are applications that are not connected to the internet, this makes them secure from online threats and cyber-attacks. Store your private keys in a hardware wallet and apply the necessary security protocols such as encryption and passwords.
There was an incident where major cryptocurrencies’ hot wallet was penetrated causing the network to lose an estimate of $32 million and affected 50 thousand of its users.
Secure Internet
When you access your network account, establish transactions, or execute trading, make sure that you are using a secure network.
For additional security, you can use a VPN that allows you to change your IP address, location, and keep your activity private.
Multiple Wallet Maintenance
The creation of a digital wallet is not limited only to one. Take advantage of creating multiple wallets while carefully maintaining them.
You can assign wallets depending on your use. You can have one for transactions, another for trading, and another for payments. Doing this will secure your portfolio and you can easily manage your assets if there are any breaches to one of your account wallets.
Personal Device Security
Whether you are using your laptop, mobile phones, or other smart devices in trading, make sure that all of them have updated software and security. Updating your software also updates your built-in antivirus software, this adds another layer of security in protecting your digital assets.
Passwords
Make sure to use strong passwords and do not use words that are relevant to you. Passwords are our first line of defense against intrusions so you have to keep it private.
Practice changing your passwords regularly as well, this will keep your attackers busy in guessing your password.
Beware of Phishing
Phishing scams can be through malicious advertisements, emails, and messages. Always be careful in the opening link. If the email is unrelated to you do not open and delete it.
Career Opportunity
The industry of cryptocurrency is continuously growing and evolving. It is your responsibility to keep your digital assets safe by securing your wallet with the latest security precautions.
To help you with this, you can keep track of the latest security trend, preventive strategies, and attack techniques. You can also learn by enrolling in our cybersecurity online courses and certification programs at RCyberSolutions.
