If you have heard of cryptocurrencies and you definitely have started research and might be also interested in making money with cryptocurrencies. cryptocurrencies might be easy way to make money but it might also be risky if you are not careful when you are owning cryptocurrencies.
Below are some of the possible misfortunes that could happen to you due to lack of computer literacy;
- Suppose you exposed to some shit while generating a license key of your favorite game. The malicious software scans your hard disk and breaches the private key, and within a millisecond you will receive a bitcoin transaction notification, taking away all your precious Bitcoins.
- Your bitcoins has stolen by a Michael, who works on Google and has admin rights, with the help of some service. And interestingly nobody has noticed this stealing transaction, sounds magical! Right?
- Imagine a trojan catches while you are busy hunting for a fresh porn. It encrypts your files on the hard disc and all the links that lead to your cryptocurrency wallets, would reveal. Once trojan realizes the worth of your wallets, then you will be demanded to pay a ransom, or your hard drive remains encrypted, and you cannot even send money the hacker as your keys are also under the hard layers of encryption. Though this is the most tragic scenario, sadly happening too often.
- What if you lose your unencrypted laptop or your unprotected phone stolen in a public place.
- You wake up one morning without your cryptocurrencies because the NSA agent exercises his/her advantage in Windows operating systems.
- You receive an email from the service where your crypto-money stored. However, you didn’t realize the spelling mistake of email provider like; blokchain.info rather than blockchain.info, and click the link and authorizes it. Your bitcoins are no more.
- What if your email provider loosed the users’ database by some guy George and started different semantic analyzers. Within a couple of hours, your bitcoins disappear.
These are not all the hard and fast situations that rob away your cryptocurrencies; there are millions of ways that can easily breach your privacy without your consent. Now you see, cryptocurrencies are not an ordinary wealth that you can keep it unprotected.
With great power comes great responsibility.
Neither Jesus Christ nor Trump would be bothered in case you lose your digital currency; it’s you that need to secure your digital privacy and wealth. Here is the list of some tips you need priorities to save your cryptocurrencies from cyber-security breaches.
Recommended Wallets – Select intelligently
Must have wallets
- Trezor – Hardware Wallet; the first movers in the industry and managed to maintain gold standards of crypto-security. Trezor provides top-notch security against both virtual and physical theft. In case your PC catches a malware, your private keys would never be compromised with Trezor; it’s more a vault than a wallet.
- Coinbase – Hot Wallet; the first movers in the industry and managed to maintain gold standards of crypto-security. Trezor provides top-notch security against both virtual and physical theft. In case your PC catches a malware, your private keys would never be compromised with Trezor; it’s more a vault than a wallet.
- MyEtherWallet – Paper Wallet; Paper Wallet; paper wallet is for those who wish to have their private wallets without having to pay for hardware wallets; instead invest the saved money back in your coins. Signup and get your private keys, don’t worry! The website does not log your data. If you are a security-conscious person, you can use the downloadable version and run it offline. We don’t recommend paper wallets for novices, as although it’s free but need the extensive hassle and in-depth knowledge to set-up properly.
- Jaxx – Software Wallet; the first mobile wallet solution, makes crypto-currency portable enough. You can download on all your favorite screens. Jaxx uses a mnemonic seed to backup your wallet. You can receive funds, scan QR code, view your crypto handlings; all in one app. An advanced feature, shape lift integration with multiple device linkages is there to satisfy your tech-savviness.
Use Cold Storage
- Yes, keeping Bitcoin reserves offline in the cold storage. You can use different methods of cold storage to keep your crypto currencies safe and sound. One best is to use a bootable USB flash drive. To execute the process, walk through the step-by-step guide below.
- Create a bootable USB flash drive with encrypted storage; it has a perfect tail due to electrum and boxed encryption. Set up passwords for login and encryption.
- Create a cold wallet loaded with tails (no Internet), using Electrum. Set up a complex password and jot down 12-13 words (seed) on paper; this seed would help you regain your wallet from any other device in the future. Make sure you check the box “View Transactions Before Signing” in the wallet settings. This way Electrum will show your transaction details before putting a password and share transaction details to the network.
- Develop a Watch-only wallet in your main device and copy paste your Bitcoin public address from Electrum to a word document on the flash drive and shutdown the tails. Recreate watch-only wallet with your public address in any wallet app of your choice. Now you can view your Bitcoin balance but can’t spend them.
Secure your Cryptocurrencies with a VPN
You read it right; a VPN does not only entertain your porn needs but also secure your cryptocurrencies from being stolen. Since you store your bitcoin in a wallet, but your entire network is always at the risk of threats. Securing your network is the second substantial step after acquiring cryptocurrencies into a wallet. A VPN tunnel your connection to an outside server; you appear as if you are from another location in the digital world. Find the best VPN and download, don’t just rely on wallets, though they are important too but does not protect your entire transactions.
Secure your Cryptocurrency Spending
Send your cryptocurrency with using Tails again (we recommend don’t use the internet), then run the transaction – here you receive a reminder before signing, as we have selected the option earlier. Click sign and save once you entered the password; don’t send the transaction to the network right away and don’t enable internet. First, copy the transaction to the flash drive and to load the transaction from a flash drive, just select something like “load transaction from file’ in the main device wallet options and broadcast. This will send your transaction from watch-only wallet to the Blockchain, without exposing your private key from Tails USB.
Last but not the least
Don’t forget the basic rule “never share your private key with ANYONE”
My overall recommendation is to act as per the instructions and avoid unnecessary actions. Try to increase your computer literacy so that you can avoid data-breaching in the form of digital anonymity and the form of digital wealth. Do remember, like salt is not the only ingredient to cook a pasta, similarly, antivirus and a strong e-wallet is not the only solution. You will still need a secure and fast VPN to make your digital footprints invisible