How to secure your cryptocurrencies

Bitcoin Hack Myth: Are Bitcoins Really Hacked or Is It the Users?

The prevailing hype of the "Bitcoin hack" does not literally mean that the Bitcoins are hacked, in fact, the Bitcoins have never been hacked, it's the people associated with it. The hack may be due to the computer or laptop hardware or software failure, compromised exchanges and sometimes even a piece of paper can reveal all that the hush-hush! To do away with such awful loses, there are certain ways in which you can always secure your cryptocurrencies!

Why Bitcoin Security Matters More Than Ever

Firstly, the cryptocurrency software wallet - Exodus, remains an undeterred answer to all the hackers around the world. It may not be the most secure one but yes, it is something definitely worth using! One of the Exodus users shared his experience of using it and was utterly gleeful by its implementation and quality. He revealed that while his computer failed due to some hardware problem, he still continued to bag the bought crypto coins into his "Dead computer wallet" without a hitch and thus, expanded his portfolio.

Later on, when he purchased a new laptop, all he had to do was just download the app and enter his 12 words passphrase and Bam! Every information was already updated and devoid of any kind of stumbling block!

The Ever-Growing Craze of Cryptocurrency

Also Read: Is the craze of bitcoin over or people are still looking to invest in bitcoin or other cryptocurrencies

The ceaseless craze of cryptocurrency has rapidly burgeoned from $20 billion at the start of the year to almost $129 billion by the quarter. That is equivalent to almost a whopping 6 times of the initial number. No smartphone, no technology and nothing has ever fazed out this wild ever in the history before!

Hackers vs White-Hat Hackers in Crypto Space

Well with such a ravishing growth of wealth, on one hand, there is also an equivalent threat of preserving such huge affluence by the hackers who are eternally hunting from pillar to post for something worth hacking! Besides, Only a hacker can beat a hacker!

Yes, even the 'white hat hackers' exist who tend to keep a constant check on the vulnerabilities in the smart deals in order to preserve the millions of wealth of a company. Such hackers pour out the ways of preserving the worthy cryptocurrencies as well!

Using Cryptocurrency Wallets for Better Security

You can begin with the usage of the cryptocurrency wallets to enhance the security of the same to many folds!

Online Wallet: Risks and Limitations

Online Wallet
Well, this works as a Hotmail for a bitcoin. You can access it for a short duration of time. Stashing the passphrase offline is always an undying issue as they never permit it. Besides, hackers term it as a honeypot.

This is because if in any case, your well-trusted browser keeps a hacking-keen eye on you or in any case your online wallet itself gets hacked, either way, it's always a risk, not-worth taking at all while dealing in millions!

Mobile Wallet: Convenience With Security Concerns

Mobile Wallet

It is also a temporary wallet for socking away your day-to-day smaller amounts of crypto. Knoff off a purchase, lend your friend money, it's a convenient channel for an easy exchange of smaller amounts but also hails with a security cost.

One of the users asserting it's security claimed that upon purchasing a new Oppo mobile phone, Jaxx, a crypto mobile wallet came built-in with it and when he opened the account to view his passphrase a click sound of the snapshot followed it, indicating that his phone was being rooted after which he immediately uninstalled it!

So, make sure the mobile wallets that you use are secure enough not only to channelize but also to stash-in your extras!

Desktop Wallet: Secure Yet Usage-Sensitive

Desktop Wallet

Here comes the Exodus world! It is till date a really secure wallet that can be installed on your PC. They tend to store your passphrase offline and thus, even if you end up losing your PC, you can still access your crypto.

However, if you are much into the online gaming, porn viewing and downloading of the non-certified apps then in this case, it is recommended not to hold the desktop wallet on your PC.

Always remember to keep one device virtually that is "Factory OEM", which means that you do not end up storing anything in it that could trade-off your security!

Hardware Wallet: One of the Safest Crypto Storage Options

Hardware Wallet

It is one of the best secure wallets, as it is known to be an intention-forged USB key that requires a passphrase to access its data and can also be operated offline. It is a ROM based software and hacking into it is never a cake walk!

However, if you tend to use it blissfully on an off-balance machine then definitely it's a bad apple and can hail all the opposites to what is stated above.

The two most popularly trusted drives are Ledger Nano S and Trezor which can be used for storing your cryptocurrencies securely.

Paper Wallet: The Ultimate Cold Storage Method

Paper Wallet
They are termed as the staple for the crypto "cold storage" and are known to be in existence prior to any of the above-mentioned ones. You can print it out and stash it secretly in your bank deposit secure-box, storage box or at any other secure location.

Paper wallet comprises of your key and passphrase all printed out on a single piece of paper which is devoid of any type of software hacking and can be preserved anywhere you like. The only drawback it possesses is it's really wearisome!

Importance of Cold Storage for Crypto Safety

Besides, when you aren't actively prying with your cryptos then it is the best to stock them off in your secure cold-storage and not online as despite the complicated online encryption if in any case its hacked, then you will end up losing your entire savings within a fraction of seconds.

Two-Factor Authentication: A Must for Crypto Security

In addition, always count for a two-way authentication as quoted by the Hercules of the cryptocurrency and Blockchain space like Brock Pierce through Faction One, Bryan Larkin, a well-reputed white-hat hacker,
"If you are not using a 2-factor authenticator then you are a target."

The most popular one supporting it is the Google Authenticator.

Why SMS Authentication Is Not Safe

Bryan, along with Hartej, another white-hat hacker also quoted the insecurity in using the text messages. They revealed that the hackers can easily gain the access to your SIM cards by contacting the SIM operator and requesting a reset.

Such trespassing can be avoided by calling the operator yourself and requesting that SIM resetting should never be done.

Extra Security Measures to Protect Cryptocurrencies

Also, by installing BitDefender, MalwareBytes, and turning off Javascript on any machine can make you stay away from hackers if you desire to stash your cryptos securely.