Any sensible investor has one eye on security: you want to know that your money is safe from fraudsters and scam artists. Cryptocurrencies such as bitcoin have actually been designed with one eye on security, and making it easier for people to make encrypted payments online is part of their raison d’etre.
However, we understand that there’s always going to be a small amount of uncertainty with any new technology. If you’re concerned about locking down your crypto, then here are a few things you can do to keep your money secure.
Understand the vulnerabilities
Cryptocurrency is typically stored in what’s known as a digital wallet, likely accessed through an app on your phone. These use the latest in high-tech encryption to keep your money safe, but they can still be vulnerable to hackers. With so much attention on cryptocurrency in recent years, many hackers have turned their attention to digital wallets, so it’s important to do what you can to keep yours safe:
- Choose a wallet from a provider with a good reputation and track record.
- Enable two factor authentication. Even if it means that you have to do slightly more to actually get into your account, it’s worth it to know that you have an extra layer of security. It also means that you should get a warning if anybody tries to access your account.
- Make sure you’re using the latest software. This means installing any updates as soon as they become available. This means that you’ll have the latest security features – and updates are also often used to patch security vulnerabilities.
Remember the basics
Many of the steps that you can take to secure your crypto come down to basic common sense. Just as with any other type of online account, you need to use complex and secure passwords that aren’t in use on any of your other accounts, and you need to avoid writing your password down or sharing it with anybody that you know. You’ll also be given a secure key, and the same rules apply. This is a very sensitive piece of information that needs to be stored securely and kept totally private.
Be aware of potential scams
Unfortunately, the popularity of cryptocurrency has been seen by some as an opportunity to prey on less experienced investors. Scams usually involve fake investment opportunities being presented on sites such as Facebook and Twitter. Scammers will share a link, sometimes as a paid advert or post, and encourage users to buy currencies through their platform. Once they have your money, you’ll never hear from them again. Other types of fraud include fake cryptocurrencies, presented as an exciting alternative to Bitcoin. While many different cryptocurrencies are now available, if you’re about to buy a coin that you’ve never heard of, do your research first and make sure it’s legit.
There are plenty of great cryptocurrency opportunities out there, so you just need to be discerning. Using a popular program such as News Spy to identify trading opportunities is a great way to take control of your crypto investment and ensure that you’re trading safely.