Cryptocurrency is taking over the world – but you need to be safe when using it.
Right now, there are over 300 million crypto users worldwide. On top of this, over 18,000 businesses are now accepting different types of cryptocurrencies as payment methods, such as the highly popular Bitcoin.
As great as this is, it goes without saying that cryptocurrency comes with some risks. After all, everything is conducted online – and the internet isn’t perfect when it comes to cybersecurity.
Because of this, it’s important that both beginner and pro cryptocurrency owners pay careful attention to their security measures.
For example, when creating a wallet or exchange account, you must always use secure passwords that combine letters, numbers, and symbols. Want to learn more? Make sure to read the tips below.
What is Day Trading?
In simple terms, day trading is when you enter and exit a position in the market during the same day in an attempt to make a quick profit.
If this is something you already do – or are planning on doing – then it’s recommended that you use a vwap strategy, which stands for the volume-weighted average price. This will help you to gain insight into the average price a financial asset has traded at during the day, which then enables you to make smarter and more educated decisions.
Cold Wallets are Secure Than Hot Wallets
When it comes to crypto, you can either use cold wallets, hot wallets, or both.
Cold wallets don’t connect to the internet, which means they’re less prone to cyberattacks and, therefore, safer. If you want to keep your keys extra secure, then this is definitely a good option for you.
VPNs are Your Best Friend
By now, you’ve probably heard about VPNs through television and YouTube advertisements.
Over recent years, VPNs have become incredibly popular – to the point where 31% of the global population now uses them.
Whilst trading and making crypto transactions, VPNs add an incredible layer of security for people due to the fact that connections become encrypted, which makes it almost impossible for cybercriminals to monitor their activity.
However, only use reliable VPN services and refrain from using free VPNs as they are nothing but data farms that collect and sell your browsing information to third-party advertisers.
Avoid Public WIFI
Speaking of the internet, make sure to avoid public WIFI when trading crypto. Public WIFI is unencrypted, meaning it’s easy for hackers to snoop around and steal important information, such as your crypto keys. Therefore, unless it’s an emergency, you should always try to avoid using public WIFI. Even then, use a VPN.
Keep Your Private Keys Away from Public Eyes
Next, make sure to keep your private keys secure and out of sight.
If you share them online or with your friends, it automatically makes your crypto more vulnerable due to the fact that people will be able to use your key to access the funds you have.
Also, make sure to use strong passwords for your smartphone, laptops, and tablets so that there’s less chance of people stealing your keys.
Be Wary of Possible Phishing Attempts
Here’s the final tip for today: watch out for phishing and other cryptocurrency scams.
Phishing is a major problem across all industries – but it’s especially common in the world of crypto. Just last year, hackers stole $55 million worth of crypto from DeFi lender bZx by simply using a phishing scam.
Phishing emails are the primary cause of concern. They will attempt to appear genuine but are actually very dangerous if you click on the link within them, as it can lead to people accessing your funds and various other problems.