Cryptocurrencies themselves are inherently safe due to their cryptographic nature. Hacking a blockchain or a crypto private key is essentially impossible as it would require an unfeasible amount of computational power. The only thing that stands in the way of getting your security compromised and funds stolen is your own personal carelessness. Luckily, you can follow good security tips, be vigilant and keep your crypto safe.
It is important to have a firewall and an updated antivirus in place. Always apply system updates for your operating system. Make sure you don’t install any software if you are not entirely sure about it. Make sure to research about the reputation of a software you’re about to install, using Google, social media sites like Reddit, Twitter or friends more knowledgeable about the topic.
Phishing can be defined as a fraudulent attempt to obtain sensitive information from a user by disguising themselves as a trustworthy entity. A very common scam technique used by hackers is creating a fake, identical version of the exchange or web wallet page they use and mailing the link to the victim, usually with a convincing message that convinces them to log in and take some action instantly. To avoid phishing, always check if the link showing in your browser perfectly matches the one of your exchange or web wallet.
Every few months you hear of another bitcoin exchange that has been hacked somewhere in the world. There are more and more exchanges, and that means there are a growing number of targets for hackers. Hackers know that exchanges are mostly honey-pots, filled with private user information, and more importantly bitcoin that can be virtually instantly stolen and transferred away to an anonymous bitcoin wallet.
Exchanges should be used as intended, so in other words, you deposit, exchange, and withdraw once you are done. Only leave the funds on the exchange that you are using to trade. Any cryptocurrency that you are not trading with, you should withdraw to your own secure wallet, one that YOU control the private keys for.
It refers to an extra layer of security added to the validation procedure. This makes it difficult for hackers to invade your wallet or exchange account, as only providing the password isn’t enough for them to gain access. Most wallets and exchanges offer 2-factor authentication options, like requiring a random PIN sent to you by Google Authenticator, SMS or e-mail.