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5 Untold Ways to Safeguard Your Bitcoin Wallet from Hackers Fishing Around


Nov 07, 2017 Posted /  2670 Views


5 Untold Ways to Safeguard Your Bitcoin Wallet from Hackers Fishing Around

How Bitcoin Works?

The Bitcoin money is produced by a software program that creates a Bitcoin address for the smallest unit of this cryptocurrency; this address holds each coin.  The owner of every Bitcoin is given an exclusive ‘Private Key,’ with which he or she can make the Bitcoin transaction.  Since, this first cryptocurrency was unleashed in the year 2009,  till now many new apps and software have been launched to help Bitcoin owners manage their private keys.

Bitcoin Wallet Hacks

Do you own tech hackers around the globe have stolen million of Bitcoins just by using phone numbers and email addresses?

 

A Federal Trade Commission report for the year 2013, received 1,038 cases of Bitcoin hackings, approx 3.2% of all identity theft reports.

 

By January 2016, this figure has jumped to 2,658-means, 6.3 % of all identity theft incidents for that month in the United States of America.

 

While it's quite a daunting task to bound the cryptocurrency hackings into a figure, Coinbase, the most illustrious digital asset broker, proposed the cases of hackings are on track to augment significantly during the Christmas and New York season, will double the number.

No Security Lapses, but Your Phone Number Is Your Identity

Though, there is no security weakness for Bitcoin, as it based on the most secured Blockchain technology, Bitcoin hacking reports having a negative impact on the credibility of this virtual money. Instead, owing to the lack of cybersecurity knowledge, hackers are milking it to the best of their use to some easy cash. These hackers, target individuals, who have shared their phone number over the various social media networks, with banks, payment platforms like the PayPal, and many other platforms.


Even, online fraudsters without much computer knowledge have stolen millions of Bitcoins. Agree or not, your phone number is the key to unlock the door of your cryptocurrency account, and the easiest way for hackers is to get in touch with a customer support agency, which is willing is to exchange a section of their database for cash.

 

Then, these expert crypto hackers use the typical security measure termed as two-factor authentication done via text message.  Logging into a personal account via the shortcode received over the phone call or through SMS is aimed to add an extra layer of security, but there is been exploited by fraudsters to gain access to your bank or cryptocurrency accounts.

5 Ways to Safeguard Your Bitcoin Wallet from Hackers

Always Use Your Personal Computer or Smartphone to Make a Bitcoin Transaction

Not just Bitcoin, for all monetary transactions, make it a habit to use your own computer, laptop, or smartphone. This is quite a basic tip, that will safeguard you from becoming an easy prey of hackers fishing around. With you never know, what’s the mindset of an individual, take a serious note of this while spending Bitcoins.

Never Store Your Bitcoin Address and Its Private Keys at the Same Place

Just like, we don’t write ATM pin code on the credit card or keep it inside the wallet, always keep your Bitcoin address and its private keys at different locations. As you never know what will happen, you will be ensured both are not united to steal all your Bitcoin currencies. It’s ideal if you remember the private keys by heart or best to write it in a personal diary.

Always Go for an Updated Bitcoin Wallet Software

Just like, we download Android Apps which are frequently updated, choose Bitcoin wallet software updated recently. This tells the company developed the software is upgrading its product to defy all kinds of hacker threats. In a nutshell, latest software is not vulnerable to new hack tactics in the market, plus, you get some advanced features.

Set a Strong Password

Though this is an absolute given tip, somehow, many of us have a common habit of picking an easy-peasy password like [email protected] Instead, think and thought for at least five minutes when scripting a password, never go with generic ones. Also, stay away from online tools, which provide password suggestions, do it by yourself.  Pick a password, which is a perfect mingle of alphanumeric characters, with the strength of at least 8 characters. Furthermore, update your Bitcoin wallet password every now and then.

Always Use a VPN

If you are serious about your Internet security, then consider having a VPN service provider. This safeguards your wi-fi from getting hacked and your personal information cracked. For further information, it's best to reach out to a tech expert for advice.

 

Wrapping up, if you obey the above five safety tips, you can safeguard your Bitcoin wallet against the hackers fishing around for easy preys.

 

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: bitcoin investment how bitcoin works Bitcoin wallet Bitcoin wallet software Bitcoin Wallet Hacks expert crypto hackers Bitcoin Transaction Internet security

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