Bitcoin is the safest digital currency you have ever heard. Blockchain technology is so complicated and vital that no one could penetrate its security feature. But there are some different ways to compromise your valuable digital assets explained on cashforextrade.org . In this article, we will discuss some tips which you can take help to secure your Bitcoins.
Keep the Key and Seed Safe.
The following applies to both software and hardware wallets: They generate a so-called “seed phrase” in addition to the keys. The seed phrase is a string of 12 or 24 words that “restores” the wallet. Important here: Strictly speaking, cryptocurrencies are never “in” a wallet but always on the Blockchain, and The wallet – whether hardware or software – only allows access to these coins. If, for example, the hardware wallet is lost or damaged, the cryptocurrencies remain unaffected: the configuration of the device and thus access to the coins can be restored with the seed phrase.
But that also means that hackers don’t need more than these 12 or 24 words to completely and anonymously empty a crypto account. Therefore, one of the most important rules for protecting your cryptocurrencies is to keep your seed phrase and private keys safe!
The following procedure has proven useful. For this: Write the words with a pencil on a piece of paper just after you create the account. Pencil is more permanent than other choices. Ballpoint pens or ink, for example, react with the paper and dissolve too quickly. You should do this process one more time to have two copies of the seed phrase. Some users also engrave their seed phrase on a metal plate (e.g. “Crypto Steel Wallet”). This method provides additional protection against damage (e.g. from water or mechanical influences) and is more durable than paper.
It would help to keep the seed phrase into an unapproachable place like a secured drawer or a safe. And ideally, in two different places to prevent the loss of the seed phrase due to fire or burglary, for example. Some investors also store their seed phrase in the “brain wallet”. However, this is strongly discouraged: the human memory is fallible, and memory loss can also occur for various reasons.
For Crypto Investors: Beware of Phishing Attacks.
Crypto investors are often the target of so-called phishing attacks. Attackers use unnatural links as a bet. This link is sent by fake email, WhatsApp messages, and other sources of communication. For example, anything can then hide behind it – the hackers often want to get the seed phrase for the crypto stocks. Or they try to enter into your account section by gaining access to your login information. Users should therefore examine all crypto-related emails closely. And: never enter the seed phrase or the private key online – neither on a website nor in chat rooms or the like!
Use Bookmarks for Crypto Websites
Again and again, scammers create clones of well-known crypto websites that websites can hardly distinguish from the originals. The URL often looks identical, differing only by a single letter. Sometimes the cyber criminals even manage to achieve a high Google ranking – or the crooks advertise their “services” with an ad.
For example, A user is looking for a specific crypto exchange, which is fraudulent plagiarism. Unfortunately, he unsuspectingly enters his login data for the exchange – and falls into the trap. However, this can easily be prevented by carefully checking the Internet address and creating a bookmark for the page. In addition, users should check for all crypto offerings – whether crypto exchanges, coin websites, or DeFi apps.
What Crypto Investors Should Avoid
Finally, after the tips, a list of things that crypto investors should avoid for the safety of their assets: Don’t do anything crypto-related when you’re distracted or tired. In the crypto sphere, “everything is gone with one click”. Private keys are essential to protect. Do not store seed phrases or private keys in the cloud. Ideally, it would help not store your personnel crypto info on your working computer because most working computers have internet access. However, if this cannot be avoided, the data should be encoded and password-protected.
When in doubt, always assume the worst. Be suspicious.