Cryptocurrency or virtual money is a delightful concept! You cannot touch and feel your money but it continues to make you richer and richer with every passing day, provided you are completely in sync with the tricks of the crypto investment trade! That apart, storing your precious crypto away from the prying eyes of hackers and phishing attackers is an art to be mastered too! Learning how to buy your bitcoins online or from a crypto ATM near you and understanding how to invest in them for a profit will all go in vain unless you gather knowledge on how to protect your reserves from unauthorized access.
Learn More about Phishing
Mobile phishing is for real. Many of us, using crypto wallets, resort to a mobile application for accessing them. As these currencies reach dizzying heights in value, hackers derive more and more motivation to target investors. They camouflage into phishing campaigns. The primary objective of these campaigns is to steal log-in information. These attacks can barge in from anywhere including social media, platforms for third-party messaging, emails, or even texts from unknown sources popping up on your screens. Just like we use antivirus packages for our laptops and computers, the same may also be required for smartphones as well as tablets. These devices that we carry everywhere with us contain truckloads of confidential information that needs protective armor.
Be Aware of Transactional Methods and Norms
You need to apply principles pertaining to cyber resilience to your crypto wallet. Any wallet that you use for storing your crypto investments is nothing but a piece of code or a piece of data. You should know how this data and this code are used when you are making crypto transactions. Make sure the systems and the network frameworks you are using for transactional purposes are not compromised in any way. Remember, cyber-attacks are more often staged. They will first establish a foothold and then expand, before attacking the wallet, which is indeed their prime target. The cyber protections engaged for your wallet will only be as good as your level of understanding of them.
The Secret Key is More Important than you think
This key is your validation proof as the authorized person receiving or sending digital money. It establishes you as the rightful owner of the wallet you are using. Never share your private key with anyone. The safest storage for it is cold storage. This means you print out the key and remove all digital traces. A safe method for recovery is by using a seed, which is a series of words that have been randomly generated, that can be leveraged by a user. The seed phrase should be printed on paper or written down and then stored in a safe location. Choosing digital storage for this phrase will again defeat the purpose of this entire exercise.
As they say, knowledge is indeed golden. And, it can be almost literally true when it comes to crypto transactions. Just like you might have learned about accessing your crypto reserves safely through a Bitcoin ATM in Connecticut, you must also gather facts concerning online transactions of wallets and how to keep your money safe in this big bad virtual world.
