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Cryptocurrency Security & Measures to Stay Safe

Cryptocurrency platforms have become synonymous with mega heists in the past few years. For instance, Forbes reports that over $4billion in crypto was lost to internet scammers, hackers and ordinary fraudsters last year. 
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Holding virtual currency in any form puts you at risk of being hacked or defrauded through this new form of cybercrime.  With these concerns, the question then becomes whether cryptocurrencies are safe and if, not, how should you approach your security using them? There are no verified cases of breaches that affect the blockchain- the technology on which crypto is built upon. In fact, major banking institutions and government agencies are earnestly implementing the technology on critical infrastructure. However, companies, trading websites and individuals like you can still lose their virtual currency through other means such as breaches and browser attacks.
Here are some of the risks you might have to deal with while dealing with cryptocurrency today:

Platform hacks and password leaks

The biggest losses you might incur in crypto have nothing to do with your personal security or online habits. Last year, Cryptopia became the 7th crypto trading platform to go under as a result of hackers gaining access to their platform and stealing users’ assets.
Most crypto users and investors risk a lot of money by keeping their coins on online trading platforms such as Cryptopia. This is turning out to be the biggest risk factor when it comes to cryptocurrency. Instead of targeting the blockchain, hackers are finding it easier to hit online wallets and trading platforms.

Cryptocurrency scams and online fraud

It’s hard to keep count of the number of people who have fallen victim to crypto scams in the years we have had crypto in existence. You and many other people who don’t have the slightest clue about cryptocurrency can be duped into buying fake crypto.  Many more unsuspecting users have been defrauded with relative ease by signing up on fake crypto trading platforms.

Malware and viruses

Operating any virtual financial wallet such as crypto puts you in the crosshairs of organized cybercrime rings and other opportunists. The next malware or virus that infects your devices could empty your crypto wallets by stealing all your private keys.


How to secure your cryptocurrencies

Change your internet habits, You can prevent 90% of hacks or breaches by changing your internet habits. This means using a VPN app at all times to encrypt your online traffic. Other measures include using a password manager, a secure email service and avoiding unsecured websites and links. More importantly, double-check any emails you receive and avoid clicking on email links from unknown contacts.

Keep your private keys safe

You can invest in a multi-signature crypto address or choose to keep your private keys safely on an offline drive. These two approaches will keep your cryptocurrency safe from hackers and other opportunists after your coins.

Browse securely

Investing in a robust internet security package and browse security with the aforementioned security tools in place. This will keep you safe on the internet and prevent you from accessing bad links or leaking your data online.
Your personal security depends on you and having the right tools might give you peace of mind too. Stay safe and keep your crypto secure in your wallet at all times!

Chukwudi Solomon
Chukwudi Solomon I am Chukwudi Solomon, A tech lover, I like learning and inquiring new knowledge, and sharing of information's with people most especially about tech.

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