Cryptocurrency Security Tips: How to Protect From Hackers

Cryptocurrency Security Tips is becoming more important day by day. Cryptocurrency environment is evolving so much that there are a lot of people who don’t know how to save their cryptocurrencies from hackers also. So what is the best ways to protect cryptocurrency from hacking.

In the last two months, one of the largest cryptocurrency exchanges Coinbase has added 1.9 million new users to the system. And the leading digital wallet store of cryptocurrencies has also seen like the same growth in users in its database. But the problem is does all these new users know about how to save their cryptocurrencies and risks and security holes.

Phone-Porting Attack

  • Hackers find the investors from social media
  • Get all the info about investor and call customer service
  • Transfers the phone into a device that they can control
  • They reset the password, steal the cryptocurrencies

There are so many examples of this type of victims on coinbase and other cryptocurrency exchange platforms. You can just lose thousands of dollars in a few second.

Computer hacks

The same thing also can be done with computer hacks.

Phishing Attacks

Phishing is sending emails to be seen as a different trustworthy person or legal entity. With these kind of emails they get as much as information possible like usernames, paswords and credit card details. By getting all these information they can get money from your accounts directly or indirectly.

Cryptocurrency Ponzi Schemes

In general, a Ponzi Scheme is a fraudulent investment. Generally the owners or operators generates “returns for older investors through revenue paid by new investors”. This is not a legitimate, profit making or financial trading business activity.

Cryptocurrency Security Tips

Cryptocurrency Security Tips: How To Protect Cryptocurrencies?

Set up a unique email for exchange that no one else knows.

Assign a unique password that used nowhere before and after. And be sure no one knows. Make it complicated. But don’t forget.

Save your phone against any attack. Be suspicious!

Use software authenticator like Google, don’t use two step phone verification. Sim cards can be copied.

Buy from different exchange platforms. Don’t be stick to one platform.

Keep them offline. Think about using hardware wallets. “Cold wallet.” Think about “hot wallet” as a checking account and “cold wallet” as the savings account.

Use decentralized exchanges for Ethereum trading.

Don’t trust anybody, even yourself. Keep it secret to yourself, don’t mention anyone about your investments, especially on social media.

Add ‘do not port’ to your SIM cart account.

Keywords: Cryptocurrency Security Tips, paper wallet cryptocurrency, how to store cryptocurrency offline, cryptocurrency security issues, cryptocurrency security tips

Husband, Father, Friend | Writer at TowardsDataScience and Hackernoon | Salih Sarikaya is a data &product & media professional with many years of experience | Top Tech Influencers of USA (CES2017-Onalytica) | Key Blockchain Influencer (Business Insider, DisruptorDaily, TokenTarget, KLOUT, MOZ) | Entrepreneur | Author | Pro Member of PEN America & SPJ | Computational Sociology MA


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