No doubt, cryptocurrency is the money of the future, as its ubiquitous presence tells how widely people are accepting it. Despite many contradictions and issues on the legal existence, it is ruling the internet world and people have cashed their expectations through this digital currency.
However, with benefits come several threats and the risk of hacking is the worst among all. If you have invested in crypto and are worried about its safety, then the following 5 preventive measures can help.
1.Keep an eye on your wallet transactions & why not keep a cold wallet?
This tip is similar to your real-life practice in which you take care of the wallet in your pocket. You need to do the same with your crypto-money wallet that exists online. Stay sharp in your observation to detect any suspicious activity in your transactions. Any deal that occurred without your knowledge should come in the immediate notice.
Keep the notification alert ‘ON’ to get the timely information of any transaction done through your account. It is best to connect all the platforms with the notification feature. E-mail, mobile number, all the doors should remain open. Another solution to this situation is, keep a cold wallet, which means keeping your money offline.
2. Never tell people the actual amount of cryptocurrency you own
It is good to trust people but your personal financial information is like an asset that cannot be shared with anyone else.
The best rules to follow in this concern are –
- If possible, don’t even tell that you own any sort of digital money.
- In case you have to tell, give a smart answer in response.
- Never show your crypto money account to explain how the transactions work.
- It is better to stay ignorant about the digital currency things if you do not trust the person.
3. Use different addresses for every transaction
No one can know your personal details during transactions but a public address is visible during the transactions. This can invite the threat because, through your public address, one can easily see your past deals. This means you are giving a chance to make you an easy prey for hacking.
Avoid the threat by using a different address for every deal. This is the only and the best possible way to play safely in the world of internet money.
4. Never mention about your cryptocurrency in financial details on a document
For various purposes, it becomes vital to give financial information. For example, if you are applying for loans without a guarantor or maybe a credit card, you need to provide the details. It is advisable to not to mention anything about the cryptocurrency you have. The information given to the finance companies can be transferred to any third party. In that case, it is obvious to come in the notice of many unknown eyes that may turn into a potential threat later.
The above preventive measures are basic but strong in importance. Follow them and leave no space for a mistake otherwise, hackers may treat you with their shocking deeds.
Hi everyone, I am Amelie Wilson and my followers call me as the writing enthusiast, who is a fond of writing. Actually, I am enthusiastic about writing especially on the UK finance. While working as the senior most financial expert at Fortnitemoney(a direct lender), I used to write financial and loan-based blogs that are well researched and well edited.