Ways to Protect Your Cryptocurrency Against Hackers
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Investing in CryptoCurrency has really taken off this year. It is growing faster than almost anything ever seen before. The market for this type of currency grew over $100 billion dollars in just six months. This is much faster than the growth of mainstream products and services that are used daily such as apps, smartphones and even the internet itself.
The rapid growth of trading cryptocurrencies has made more millionaires per month than anything else traded. Unfortunately, wherever there is money being made, the bad apples will try to take it away. In this case, the bad apples are hackers who are trying to steal people’s cryptocurrency. There have already be countless stories of hackers stealing from others. One such case involves a hacker stealing over $460 million from a single hack job. This is much more than just stealing a titanium bar for sale.
In order to find the best ways to guard your cryptocurrency from hackers, it takes learning some tips and tricks for protecting yourself by asking real hackers. Not all hackers are criminals, however. Some are known as “white hat” hackers and are hired to test vulnerabilities within services and online programs.
It can be scary and a bit risky investing in cryptocurrency. It isn’t quite the same as finding a titanium bar for sale to purchase and then keeping it somewhere safe. Thankfully, there are some surefire ways to lower your risk of getting hacked. Below are a few of the top tips for protecting your cryptocurrency from hackers.
Cold Storage Devices
The first and almost necessary way to protect your cryptocurrency from hackers is to use cold storage devices to lock up in a secure location. This essentially means taking your account offline and disconnecting it from any network while you are not using it. You can lock it up in a secure location such as a safety deposit box at a bank, storage locker or a safe in your home. Doing this will take your currency off of the exchanges and out of the internet cloud. When it is taken out of the cloud and off the exchanges, it cannot be hacked because it is not online. Cold storage it almost impossible to hack remotely because it is not connected to any networks. A hacker would need physical access to the drive or device in order to access and hack it.
Keep Time On Exchanges To A Minimum
While you are not actively trading your cryptocurrency, all experts recommend that you take your account down out of the exchanges immediately. While you may be holding an account through a secure exchange, the exchanges have the potential to be hacked as well. If you lose most or all of your cryptocurrency within an exchange because it was hacked, you will most likely not get any of it back. This is because most exchanges are not insured. Unfortunately, it is almost assured that you will never see any of your currency again once it is stolen. Your best chance of keeping your crypto safe is to control it yourself.
Use Two Factor Authorization
If you have to keep your account active in the exchanges for trading, you will need to have a two factor authorization setup in order to keep your currency more secure. Most cryptocurrency exchanges now generate random codes for each time someone accesses the platform. This is an added safety measure on top of the regular password that you generate. There are many popular password generators such as the Google Authenticator. These are very easy to set up and use. It can be done on your phone through the app and you don’t have to create an account to use it.