Some of the world’s biggest retailers now accept payment in cryptocurrency, such as lush Cosmetics, Microsoft, Express VPN, and Amazon, to mention just a few. Other household names don’t accept payment directly but allow customers to buy gift cards with cryptocurrencies, such as Spotify, Uber, and Wagamama. Given the ability to self-manage and transfer funds without much difficulty, it doesn’t come as a surprise that the popularity of cryptocurrency has soared over the years.
Even if you’re not an investor, it’s best to buy cryptocurrency at the moment. Ethereum, in particular, is a good long-term investment for the following one to three years. People talk about Bitcoin the most, but you should keep Ethereum under careful consideration. Factors like its exceptional model, scalability solutions, and trading security might put Ethereum at the top of the list. While searching the Web, you’ll come across many articles that explain how to buy Ethereum. It’s not more complicated than buying shares.
Cryptocurrency is increasingly becoming a tool for cybercriminals. For this reason, you should take crypto security seriously. Please continue reading to learn what the best practices are for keeping your crypto assets safe.
Get A Hardware Wallet
As far as crypto storage is concerned, there’s one basic rule most people agree on: a hardware wallet is a good investment. If you store your crypto holdings digitally, they’re vulnerable to cyber threats because the private and public keys are stored over the Internet. Web-based wallets, mobile wallets, and desktop wallets are hot wallets. Even if all hot wallets are vulnerable to cyberattacks, web-based wallets are the least secure. Don’t keep your cryptocurrency in one place, especially if you have a considerable amount.
A hardware wallet is by far the safest way to store your cryptocurrency. Stealing from such a wallet entails taking possession of the physical device, typically resembling a USB drive, not to mention the associated PINs or passwords. It’s difficult, if not impossible, to access the funds. Obtain a cold wallet from a reliable manufacturer or their authorized resellers. It’s a good idea to read the recommendations for the device specifications. If you have more than a few hundred dollars in Ethereum, get a hardware wallet before purchasing some more.
Don’t Use SMS For Two-Factor Authentication
Enable two-factor authentication anywhere and everywhere to improve the security of your crypto account. Two-factor authentication is a security system that requires you to prove you’re the account holder. The first factor is a password, and the second one is a text with a code sent to your smartphone. Receiving a 2FA code via SMS is less secure than using biometrics (fingerprints, face, or retina). It’s a time bomb waiting to get hacked. Threat actors have been able to deceive carriers into activating SIM cards on new devices.
Data gets leaked every now and then, so it’s easy for malicious actors to get hold of your phone number and the last four digits of your social security number. In other words, a sophisticated hacker can steal the SMS authentication code without you even knowing. It would be best to use biometrics for authentication, as they’re non-transferable, so they can’t be passed from one person to the other. You always have your unique physical characteristics with you, so you can’t forget them, leave them at home, or leave them in another room.
Be Cautious When Joining a WIFI
As with everything related to cryptocurrencies, caution must be exercised, particularly when using untrustworthy networks. The WIFI host can direct your browser to any page, more often than not, a fake version of the cryptocurrency exchange or wallet. When you connect your smartphone or computer to a public WIFI, you establish a local area network (LAN) connection. LAN connections don’t typically have firewall protection, so remote attackers can scan your device without much difficulty. If you desperately need access, use a VPN.