Bitcoin Assets: How to Keep Them Safe from Hackers
Some of the major reasons why people are afraid of buying Bitcoin and other cryptocurrencies are the lack of proper education on how the crypto space works. The fear of being hacked and their digital assets stolen, and fluctuation in Bitcoin prices are all contributing factors. Since Bitcoin is not governed under a centralized organ that one can fall back to for compensation in case of a fraudulent hack, like is the case with back accounts and fiat currencies, most people are hesitant to buy Bitcoin.
However, investing in Bitcoin is not as scary as it might sound because there are numerous ways to keep your digital assets safe. The aim is to make sure that you are not a soft target for hackers. This blog post explores some of the ways in which you can protect your Bitcoin assets from hackers.
Choosing a Trusted E-Wallet
An E-wallet is typically an online portfolio that serves as a bank account for cryptos. For you to trade or hold Bitcoin and other cryptocurrencies, you will need an e-wallet, which is also known as a digital wallet.
With an e-wallet, you are your own banker, and since this “online self-managed bank account” is of great value, it needs to be offered by a secure, safe, and trusted Bitcoin wallet provider. There are numerous companies offering Bitcoin wallets, and it is up to you to choose the most reputable one. With a company with a stellar reputation for security, you are assured that your digital assets are safe.
Securing your Wi-Fi and Devices
For you to manage your Bitcoin or trade with it, you will require access to a Bitcoin platform. When accessing these platforms, you must make sure that your devices are protected with updated anti-virus software to prevent third-parties from watching your screen or reading your private keys.
Additionally, you should only access your Bitcoin assets via a private and secured network. You should not and must not use public Wi-Fi for Bitcoin transaction execution.
User Trusted Exchange Platforms
Beware that there are exchanges that snoop on your private keys to help you trade fiat currencies and cryptos. If you decide to trust such an exchange, you are banking on the expectation that they will not get hacked. If a hacker compromised the exchange, all your Bitcoin would be drained in the process.
For this reason, it is recommended that you only work with exchanges with excellent customer reviews or those with a great reputation in the crypto community.
Keeping Your Investment Quiet
It is definitely fun and exciting to discuss developments in the cryptocurrency industry with other enthusiasts but try as much as possible not to get vocal about your Bitcoin holding in public.
By public, we mean social media, but also be careful who you confide in personal conversations as well. The less others know about your crypto holding, the safer your stash is. You can never tell who is watching or reading your public comments. Your audience might target you because they know there is something valuable to be stolen.
Protecting Yourself from Phishing Schemes
Most investors with a digital wallet use mobile devices to manage it. As the value of Bitcoin increases, black hat hackers are motivated to target people with mobile phishing schemes aimed at stealing your login credentials.
Phishing campaigns are socially engineered attacks, and they could pop up anywhere in your mobile device, be it email, texts, third-party messaging apps, or social media. Other hackers have gone beyond phishing and are using malicious apps with hidden ability to watch your screen activity or log your keystrokes.
To prevent such attacks on your mobile device, consider installing reliable and reputable anti-virus software in all your smart devices.
When your Bitcoin is stolen, it is gone and gone for good. Even the anonymous Satoshi said it himself that there is no way of recovering stolen Bitcoin. This is why it is very important that you stay vigilant to protect your investment.