How do I protect myself trading cryptocurrencies?

Bitcoin and other cryptocurrencies are on everyone’s mind. As demand increases, prices rise. Price explosion also attracts more and more hackers trying to harm inexperienced and new cryptocurrency users.

This article provides 5 tips for secure and safe Bitcoin handling.

Why are cryptocurrencies vulnerable to fraud?

Although handling cryptocurrencies is no longer great experience, as in the early years, investors are facing certain risks.

Threats are diverse and with the rising value, it is becoming increasingly interesting for well-funded hacker groups.

Cryptocurrencies are created to avoid the manipulation – susceptibility of central bank-driven currencies. Through digital, decentralized transactions, system was created to perform transactions anonymously and securely. Each transaction is a complex Blockchain based system.

Fraud cases became known in which funds were redirected from users’ mining rigs to malicious wallets because victims forgot to change their default credentials. Search engine phishing scams that call malicious trading sites for legitimate exchanges are also spreading. And a Trojan called CryptoShuffler stole thousands of dollars by lurking on computers and spying on Bitcoin Wallet addresses!

With a few simple steps, cryptocurrency users can protect themselves from a series of frequent attacks. Just like you should keep an eye on normal money or keep expensive jewelry in a safe deposit box, it is worthwhile to take care of the secure administration of the cryptocurrency. This following tips are not all-inclusive and will not protect against every possible attack, but it’s a good start.

 

Tip 1: Choose secure Desktop of PC

PrimeMini 3 by Prime Computer – maintenance-free Bitcoin Trading

Cryptocurrency trading is digital process that is only possible using a PC. While this may seem trivial, one should be aware of which PC is trade before actual trading.

For notebooks that are regularly connected in different public WLAN networks, there is a higher risk of being infected by viruses and malware than with a home desktop PC. Therefore, using a home PC is probably safer than using a mobile laptop.

PC which is nitsafe and low maintenance, with unnecessary repairs, should be avoided.

Swiss computer manufacturer Prime Computer offers a PC that meets all these requirements. In addition to server systems, the manufacturer primarily offers high-performance PCs. The flagship of the provider is the PrimeMini3 .

Thanks to the fanless, non-mechanical system, Mini PC has no maintenance costs. Mini PC is not only convincing by the countless technical advantages that it brings compared to conventional PCs, it is very environment friendly and according to Prime Computer helps to save up to 2100 Dollars within 5 years.

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Full cost accounting for useful life that lasts 5 years:

Tip 2: Check security of the software

Once you decide on the right hardware, you should accept common safety recommendations and performance.

It is recommended to reinstall operating system of an already used PC. So you can make sure that no viruses or other malicious software is installed on the device.

Regular update of the software is extremely important to patch known vulnerabilities and security holes. Therefore, you should also make sure that you do not use outdated operating systems, because they are no longer updated.

Schedule routine anti-virus scans and / or have an IT expert fully scan your computer for Trojans, keyloggers, malicious applications / browser plug-ins.

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Tip 3: Use good passwords

Once you are sure that PC will be maintenance-free and safe, you should think about using appropriate passwords.

Guidelines for good and secure passwords is relatively simple:

  • Length: 28+ characters
  • Mix: Mix of numbers, uppercase, lowercase letters and symbols
  • Uniqueness: Each website or service should have its own unique password. Please do not reuse passwords!

Since you have many different services, it is recommended to use a password manager – just following the above rules, it can be relatively complex at 28+ characters.

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Tip 4: Use the right wallets

Because crypto currency resources are all technically stored in the Blockchain, the resources are basically very secure. However, key pairs that occupy the property must be stored somewhere. In general, there are two locations for it. Wallets and exchanges.

A cryptocurrency wallet is a secure digital wallet that stores public and private keys as well as the addresses – so-called AKA key pairs. Public keys (AKA addresses) are a place on Blockchain to track where assets are located. To be able to send cryptocurrency you also need an address for the destination and the source of the transaction. The source address is programmatically locked and can only be used with the corresponding private key. Fraud is only possible if someone gets access to the address and the relevant passwords.

In addition to online wallets, there are local wallets that are stored on a PC. You should make sure that local wallets you are responsible for the backups – a stable PC is therefore extremely relevant as mentioned above.

Tip 5: Use VPN Services

Using a VPN is recommended when conducting private transactions online. It’s a great way to protect yourself – especially when using WiFi in public places like hotels, fairs, cafes or co-working spaces. There are many services that will be used once on the desktop PC as well as on the mobile.

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