7 Key Tips to Shield Your Bitcoin from Hackers

While the skyrocketing decentralized cryptocurrency called bitcoin is earning positive attention from investors, it’s also drawing negative attention from bad actors like hackers and scammers. Of late, many people have lost their bitcoin savings through cybersecurity attacks. Not surprisingly, these cybersecurity attacks target individuals and platforms. In the face of rising bitcoin hacks, you must employ the best mitigation strategies: 

1. Purchase from a Secure Exchange

You should purchase your cryptocurrency from an exchange renowned for its security and stability. Additionally, the exchange should have a reimbursement policy in case it’s hacked. Many people permanently lose their digital currency investments, even if a hack hits their exchange rather than their personal account. Doing business with a lesser-known exchange is also a bad idea as it may not have the resources to cope with a hack. For example, the Japanese exchange Mt. Gox had to declare bankruptcy after criminals stole $450 million in cryptocurrencies. 

2. Try a Cold Wallet

There are two types of crypto wallets: hot wallets and cold wallets. Hot wallets are online storage mediums for cryptocurrencies, like accounts at a crypto exchange. Meanwhile, cold wallets are offline storage mediums like physical thumbnail drives that hold your crypto code. 

Hot wallets are certainly more convenient and helpful if you trade regularly. But cold wallets are more secure. Just hold on to your cold wallet password, or you could lose your bitcoin forever! 

3. Adopt Password Security Protocols

• Set a complex password for your online account that’s at least ten characters long and carries a mixture of letters, numbers, and symbols.
• Set equally complex answers for your secret questions.
• Never use patterns in your passwords like special dates or common words. 
• Change your password regularly.
• Use two-factor authentication to protect your account from thieves with stolen passwords.
• Avoid sharing your password with anyone. 

4. Don’t Overshare

Try not to talk about your crypto investments online on public platforms like social media pages or message boards. Hackers are always looking out for such information to develop a list of targets for social engineering attacks. Similarly, hide any information like your name, address, or phone number, that cybercriminals can use to hack your accounts. 

5. Spot Social Engineering Attacks

Social engineering attacks can be challenging to recognize because they use human emotions to manipulate people. For example, you may receive a phishing email that looks like it’s from your crypto exchange asking you for sensitive data. Or you may find a USB drive sent to your house carrying Trojan password-stealers. 

6. Secure Your Devices

Ensure that your computers and mobile devices are shielded from malware designed to steal sensitive information. Search for anti-malware software that can stop keylogging spyware from sharing your login credentials with a hacker. In addition, download the latest security patches for your operating system and audit your apps — remove any program that appears suspicious and could be a Trojan or a virus. 

7. Secure Your Phone Number

A surprising level of bitcoin theft occurs through SIM-swapping hacks. Here, cybercriminals call a victim’s cellular service, pretending to be them and asking for a new SIM. After gaining access to the cellular number, hackers quickly reset their target’s crypto passwords and drain their accounts.

With your bitcoin rising in value, you can’t afford to take your crypto security lightly. Follow every measure to prevent hackers from attacking your digital assets. 

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