Simple Tips for Protecting the Privacy of Cryptocurrency Transactions

Cryptocurrency has been an integral part of many financial transactions for  a long time. The popularity of crypto coins is increasing at lightning speed. Investments, business projects and startups cannot work without cryptocurrency. And now it will not be superfluous to think about the privacy and security of your coins.

Today, a large percentage of users around the world are faced with the problem of safely storing their digital assets. As the hype around electronic money increases, the number of scammers also continues to grow. For a long time, everyone was talking about the famous invasion of the Coincheck exchange by scammers who robbed it of a considerable amount of billions of dollars. Such an event shocked all users and the issue of security in the crypto industry became a priority. Protecting crypto assets is a very important aspect that needs to be understood in more detail.

How to store cryptocurrency?

Each user is at risk of losing their assets due to the volatility of the cryptocurrency, but the weak security of storage is much more dangerous than the volatility of rates. We strongly recommend that you take care of the safe storage of crypto assets, even before you purchase them.

There are a couple of options for storing cryptocurrency:

• PC (on a personal computer);
• Exchange (or web service);
• Paper carrier.

Storing cryptocurrency on a personal computer involves the use of bitcoin services: Electrum and Armory. They are responsible for the security of your wallet with an encrypted password. In order to increase protection, your PC should not have access to the Internet, all keys will be in backup copies, and in which case, the files themselves are quickly deleted from the computer.

An equally popular way is to store cryptocurrencies on online exchanges. In order to start working with exchanges, you must provide proof of identity documents. Some consider this a big minus, as the anonymity of the user is lost. But, this method is quite simple and affordable. If you want to view your balance or make a transaction, then all you need is a phone and Internet access.

If you choose to store cryptocurrency on paper, then you just need to print out the address of your bitcoin wallet. Thus, you will receive a guarantee of 100% protection of private passwords and email addresses. The bitcoin wallet address will be interpreted into a QR code and available for use.

A good way to store crypto is to use two completely different wallets at once. Most large companies working with cryptocurrencies use this option to store their funds.

How to protect yourself from cryptocurrency theft: useful tips and life hacks.

• Increase the security of your wallet by changing addresses frequently, don't use the same address twice. Registering a new address is free and takes a few seconds.
• Create a separate e-mail address for cryptocurrencies. Do not use personal or corporate mail, as in the event of a hack, fraudsters will not be able to access financial information. We recommend using encrypted mail.
• Do not connect to public open Wi-fi hotspots. Such points are often hacked by hackers.
• Use proven paid VPNs while connected to the network, they will increase the security of your information than free programs. In tandem with a VPN, we recommend using the anonymous Tor browser.
• Two-factor authentication will provide additional protection against hacks. Come up with complex passwords, the characters of which will not be easy to guess.
• Install quality antivirus programs with premium packages.
• Don't store keys online, use safe deposit boxes and safes instead.
• For everyday transactions, pay in small amounts. The ranking of funds will protect you from unwanted intrusions of scammers. This will nullify the theft of all assets in one go.
• Periodically create a backup copy of your wallet, this will allow you to restore access to it in case of a computer breakdown or phone theft.
• We recommend keeping the minimum amounts on exchanges, and the main capital on paper.

It can be summed up that securing the wallet is very important, as reliable protection will help you work efficiently and without problems with your cryptocurrency assets. Despite the fact that scammers are waiting for an opportunity to attack, common sense, awareness and the right financial tools will help you protect your cryptocurrency wallet and your own funds.