Cryptocurrency has been billed to be the currency of the future.
If you fall into any of the current scams and shams around it, though, you could lose all of your money.
That is the case with Eric Savics, a creative who lost all of his cryptocurrency holdings to scammers just last year.
So that you don’t find yourself in the same shoes as Eric, here are some of the things to do today.
Get a Trusted Wallet
We cannot say this enough.
Just a few days ago, a Defi service came out to tell users that they had run away with all of their monies and even bragged that there was nothing the users could do about it.
According to the reports, this scam totaled more than $32 million.
In the case of Eric, as mentioned above, he also fell victim to trusting the wrong wallet.
Above any other thing, make sure the wallet option you have chosen is from a trusted company/ brand with a track record behind them. Otherwise, every other thing we mention here won’t make a difference for you.
Choose a Secure Password
Your crypto wallet is not the place to repeat the same password that you have used for tens of other accounts. Don’t even think about remixing the password to make it look unique either.
For your crypto wallet, it is time to go all out.
Get a random password generator to come up with the best password for you. These generators come up with password strings so long, you will need a password manager to store them. That’s fine – we don’t expect that you remember it offhand either.
Keep your recovery phrase safe
The idea of a recovery phrase is that you can log in to your account from anywhere in the world without the password.
They are the special keys that you can use to access your coins in any kind of wallet too.
This means that anyone with access to those keys might not even need to have your password, your device, or any other personal details before they can access your funds.
Know your wallets
Do you need a cold wallet, or would you be better off with a hot wallet?
Cold storage is the best for cryptocurrency since they are not connected to the internet and is impossible to hack remotely. However, they are not made for everyone.
Read up on the differences between a hot and cold wallet, see what they both hold for you and confirm which one is best for your holding/ trading model.
Keep Anonymous
The idea of cryptocurrency is to stay anonymous. Lose that and you might be on the way to a hacking attempt.
Besides the anonymity that the cryptos provide, you should also do your part.
For one, get a VPN for security and privacy. Always layer your connection over one to ensure your data cannot be intercepted and used to identify you.
Likewise, don't go around telling everyone that cares to hear that you are holding a certain amount of cryptos. Keep your trading/ wallet devices home if possible – and make sure you are always with them if you have to take those units outdoors.
Get Secure Today
Cryptocurrencies might be anonymous – but that also means that you won’t know who stole your money if it happens. Thus, you don’t want to fall victim to these hacks when you could have prevented them. Start with the above and stand a better chance against them today.
About the Author:
Matthew Stern is a technology content strategist at TechFools, a tech blog aiming at informing readers about the potential dangers of technology and introducing them to the best ways to protect themselves online. As a tech enthusiast and an advocate for digital freedom, Matthew is dedicated to introducing his readers to the latest technology trends and teaching them how to gain control over their digital lives.