The surge in market value of famous cryptocurrencies like bitcoin makes them a fundamental target for hackers and scammers. Hackers will continue to exploit the loopholes in the security protocols of cryptocurrency exchanges and e-wallets. You could use https://bit-profit.app/ for a smoother trading experience that comes with the best trading techniques. Despite robust security protocols provided by exchange and cryptocurrency wallets, your crypto assets are not entirely safe on these platforms.
Hackers are always one step ahead and constantly find new ways to hack into cryptocurrency exchanges and wallets. Large-scale crypto thefts by hackers have become common in this era of the bitcoin revolution. As a crypto asset holder, you should take the necessary steps to secure your crypto assets from the prying eyes of hackers and scammers.
There are a few steps you need to follow while securing your crypto assets
- Do not rely on third-party exchange platforms to store your bitcoin.
- Make sure the cryptocurrency exchange is secure and legitimate; it should have the operation license and list an official website with secure transactions.
- Don’t log in on exchanges with your account credentials but use 2-factor authentication to access your account. This security feature adds an extra layer for hackers to breach through emails or phishing emails. Let’s have a detailed look.
Transfer assets to cold storage
Crypto assets hold an immense value for investors, making them vulnerable to hackers; even more, if you own a few bitcoins worth thousands of dollars, it is inevitable to take all the measures to secure your crypto assets.
One of the ways to secure your cryptocurrency assets is by transferring them to cold storage (offline, offline); this implies that you can’t access your wallet when you want, but it has complete protection against any intrusions. Besides, transferring your crypto assets to the hot wallet is also not recommended as these digital wallets are vulnerable and prone to cyber theft.
Be aware of spoofed Bitcoins
Spoofed bitcoins are fake, created fraudulently with a stolen private key equivalent to an exchange platform’s reserve limit for buying or selling bitcoins. The bogus name bitcoins came from the process of creation where hackers create fake transactions with the source bitcoin address changing other person’s bitcoins to himself.
A simple way to identify spoofed bitcoin is to analyse the https protocol in the web address; spoofed bitcoins will have some letters or numbers before or after “https,” which indicates fraud activity.
Check for legitimate exchanges
To secure your digital assets, select a reliable cryptocurrency exchange platform. Therefore, it is necessary to check reviews of different exchange platforms to find the most secure and legitimate exchange platform. Payment methods, security protocols, trading pairs, and various cryptocurrencies are features that investors must check in a cryptocurrency exchange. It is also essential to check if the exchange platform has a license of operation.
Trading platforms vulnerable
Hackers are using social engineering and phishing tactics to steal the login credentials of traders. In addition, these hackers often use email spoofing and fake sites to lure users into giving their login credentials.
The hackers usually ask users to deposit funds on the same account and will provide them with this mock address; once they have all the data they need, they go ahead with emptying your account and move away with your funds. Thus, you must use only legit trading platforms of cryptocurrencies like bitcoin and Ethereum, which provide a secure trading platform for investors.
Use 2-factor authentication
Securing your cryptocurrency assets using 2-factor authentication is the surest way to safeguard your digital assets. This security feature will provide you with a secondary identification code required to access your wallet or exchange account; this implies that anyone trying to access your account must have a secondary identification code for accessing an account.
Transaction charges for sending bitcoins are not gigantic as these exchanges don’t demand high fees, but a few places demand high fees. So, choose correctly when sending bitcoin from an exchange platform.
Secure private keys
Things to remember while storing your private keys include, First and foremost, keeping your private keys secure and away from any unauthorised access by hackers. Store them in a wallet that is not connected to the Internet.
Second, you should never spend more than 25 percent of your holdings in one investment scheme. Thirdly, you must back up all your private keys every once in a while and keep them with a separate backup technique to safeguard against losing private keys or hacking attacks.
Transferring crypto assets is simple for investors, but some risks are involved. The best way to prevent such incidents is by keeping the funds in an offline wallet; this will protect your account from hackers and scammers. You can access your bitcoin address through reputable wallets like a paper wallet, hardware, or desktop wallet. Preferably it would help if you stored most of your coins in offline wallets rather than digital wallets.