One of the biggest reasons why a lot of people avoid cryptocurrency and crypto investments is that the issue of cybersecurity attacks and scam has always been concerning them in case of losing their funds and not being able to retrieve it consequently. In case of any lost funds, it’s extremely difficult to get it back and that is why it’s fully on you to guarantee the security of your funds. As you may already know, cryptocurrency is not backed by any regulatory force, bank or government. That is why their price as well as their security is not connected to any kind of outsider or third party.
Cryptocurrencies, as recent as they are, have attracted many users all around the world and this number is increasing day after day, however, the issue of security with crypto assets has always hindered many financial investors to turn to them and to hold funds in their Bitcoin wallets. In this article, we will tell you about all the necessary actions you need to take for the security of your funds and the big question; how to keep your Bitcoin wallet safe?
Despite the security that is offered by your cryptocurrency wallet and your payment provider, Bitcoin wallets can be hacked in case someone has access to your private keys by using an application. For the security of your wallet and your funds, you should never store your keys on a device that has a connection that is always on or accessible.
To reach that purpose, your data should be stored on a ‘Cold Storage’ and by that we mean any device that is not connected to the internet or any other device that can use it and its data consequently. An example of a device that is considered a cold storage is a USB flash drive, of course up until it is not connected to a computer or another device.
Once you connect a USB flash drive to another device or computer it is no longer considered a cold storage, but rather a ‘Hot Storage’ that is not safe anymore, until it is disconnected again.
There is one very simple way you can find out whether your Bitcoin wallet is hacked, and that is when you can see transactions which have been initiated from your wallet but not on your side, that is when your wallet has been hacked %100 for sure.
So you buy Bitcoin and store it in your digital wallet but realize that it is hacked. The first and foremost step after finding out that your wallet has been hacked, is to rescue the remaining amount of money that is left in your account by transferring them to a secure account that you are fully sure of its security and then change all your login information and passwords belonging to each and every one of your accounts.
The next step would be to notify your payment service provider to track it through the police or take the necessary actions to return your funds if possible. In some cases when the stolen funds are transferred to a wallet on the same service, it is possible to track and return them by contacting your payment processor.
So you want to secure your Bitcoin wallet, here are 5 most useful tips you can use to prevent your wallet from being hacked or scammed:
Before starting to make any transactions, you need to make sure of the security and safety of the service you are using. You need to do your research before choosing your service and try to choose the most reputable online exchange among the existing options. The service you are using has the most leading role in the security of your funds. Try to go for services that hire extra layers of security such as 2 step verification, KYC and multi-factor authentication (MFA).
The key to safeguard your password from being stolen is to choose a strong one and keep it as private as possible. Do not reuse the password you are using for your crypto wallet to your other accounts and avoid using any personal information in your password structure. Keep your password on a ‘Cold Storage’ rather than your browser or your mobile phone and change your password at least every six month.
Don't use public WiFi to access your crypto accounts or digital wallets. In addition, alway connect your device to a VPN to hide your IP and protect it from those who want to track your activities. A VPN will keep your data safe and secure and will give you full control over your data and funds.
A backup of your wallet is a safe way to restore your data once it’s gone.if you keep your wallet encrypted, you can recover your wallet after your mobile or computer was stolen. There are many ways you can get a backup of your data and information easily including, encrypting online backups, Using many secure locations and making regular backups.
Use the most recent software on any device you want to use. Updates may be made to automatically install. Ensure that your device, including any loaded applications, is up to date. Using endpoint security tools like anti-viruses and anti-malware is equally vital.
The price of Bitcoin has surged in recent years significantly and that is the reason why many users are turning to the asset more than ever before.
The safest Bitcoin wallet is one that comes with the strongest security features and tracks the record of your transactions and money transfers by giving you a report of the history of your funds and lets you store your Bitcoin without worrying about it getting scammed or lost.
Not only should your BTC wallet be safe, but also it should provide you with a wide user interface, transparency and reasonable costs. A reputable exchange service will give you the opportunity to keep track of your funds, hire extra layers of security and is alert 24/7 to inform you in case of any suspicious or fraudulent activities. All these features are packed together to be a crypto exchange called PayPax.
For PayPax the issue of security has always been a priority. PayPax uses extra layers of security like two step verification, user authentication and KYC to ensure the security of your funds and won’t expose your data to any third party unless by your own permission.