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Cryptogambling / How to keep your crypto safe online in 2023

How to keep your crypto safe online in 2023

Publish Date: 28/04/2023

Keeping safe online should be your priority regardless of the activities that you are partaking in. However, when it comes to the crypto industry, it is very important to be extra safe.

There are a lot of scammers in the online space these days, which is why this article is timely and important for anyone who takes safety as a mantra.  Everyone in the crypto industry should take the phrase “Safety First” personally.

Always use a Cold Wallet

There are so many wallets in the crypto space, however, for the purpose of safety, it is very important always to store your crypto in a cold wallet because Cold wallets are hardware wallets designed to keep your cryptocurrencies offline, away from the internet and potential hackers.

Here are a few examples of Cold wallets that you can use to secure your funds safely:

AirGap

Source: AirGap

The AirGap Wallet is a watch-only wallet that works alongside AirGap Vault to provide better security while handling funds. It initiates transactions, connects to a network to fetch data from the blockchain, and displays this information within the app as a portfolio overview. In contrast, the Vault does not connect to any network on any device. It signs transactions and securely protects the private key offline.

AirGap Wallet supports several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Kusama (KSM), Tezos (XTZ), Cosmos (ATOM), Moonbeam (GLMR), Moonriver (MOVR), Astar (ASTR), Shiden (SDN), Aeternity (AE), and Groestlcoin (GRS).

To set up the AirGap wallet and vault, follow the step-by-step video below:

Video: AirGap — The step by step guide

AirGap — The step by step guide

Ledger

Source: Ledger

Ledger offers multicurrency hardware wallets that allow users to store their cryptocurrency private keys offline. Cryptocurrency transactions require the use of cryptographic private keys, but storing these keys online makes them vulnerable to theft and hacking. To mitigate this risk, cryptocurrency users have developed various alternative storage systems, such as hot wallets (online), mobile wallets (in smartphones), and paper wallets (on paper).

Trezor

Source: Trezor

Trezor is a hardware wallet that combines security and convenience. Trezor can sign transactions while connected to an online device. This feature ensures that spending bitcoins remains secure even when using a compromised computer.

SafePal

Source: SafePal

The SafePal cryptocurrency wallet application provides a secure, decentralized, user-friendly, and free way to manage over 10,000 cryptocurrencies on your mobile device. The app enables you to effortlessly store, send, receive, buy, and trade cryptocurrencies, all while enjoying a seamless and intuitive user experience.

ColdCard

Source: ColdCard

The Coldcard hardware wallet is a straightforward, highly secure, open-source, and cost-effective solution for cryptocurrency storage. Your private key is kept in a dedicated security chip, and you can easily back up the wallet using an encrypted microSD card. The wallet’s MicroPython software design also enables you to customize and modify it to suit your preferences.

Always 2FA Authorization

As a crypto enthusiast, 2FA should be your buddy. This is important in other to safeguard your crypto from scammers.

When you purchase cryptocurrency for the first time, it is usually held in an exchange account. If a hacker gains access to this account, they can transfer your cryptocurrency to a wallet address they control.

To protect yourself from such attacks, it’s important to buy your cryptocurrency securely and activate two-factor authentication (2FA) for withdrawals in your exchange app.

With 2FA, you must enter a code from your phone every time you attempt to make a cryptocurrency withdrawal. Although it can be a minor inconvenience when your phone battery is low or you have to retrieve it from another room, 2FA can prevent you from losing your cryptocurrency if an attacker gains access to your account.

Use a strong password

One of the ways to stay safe online is to ensure you have a strong password for all your crypto wallets and app, a strong password should be alpha-numeric. sing a combination of upper and lowercase letters and including special characters such as “@”, “#”, “$”, “%”, or “&” can also make a password stronger.

Beware of Clone Support Channel

It is very important to beware of support channels as most of them can be cloned. When seeking the help of support staff, it is important to ensure that you are messaging the right support channel. These are things a real support channel will never do:

  • Ask for your seed phrase
  • Ask for your password
  • DM you first
  • Ask for your security number.

Once you noticed any support group asking for the details above, kindly abort the mission.

Attackers often trick users into opening links and downloading a malicious files as one of their most common techniques for stealing cryptocurrency. These links are skillfully designed to appear as if they originate from a reputable company.

For instance, suppose an attacker monitors your internet activity and discovers that you are seeking new job opportunities. They might decide to send links either via DM or Email that look exactly like the job site. The links can also clone the exchange you are using.

Final Note

It is always better to be safe than sorry when it comes to the matter of security. It must be done like your life depends on it in order to be safe from crypto scammers online.

I’m sure that if you follow the tips stated above religiously, then you should be safe from crypto scammers. The tips stated above are for common scam practices, scammers always look for new ways to scam people so ensure you don’t release your personal details to anyone.

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