It would be difficult to have missed the growing interest in Bitcoin and the alternate versions of cryptocurrency that are now available. There has been a significant growth of interest in the world of crypto finances, but for the millions of new users, many are not giving much consideration to the security of their digital finances. One of the most prevalent concerns when it comes to implementing the use of Bitcoin into your finances, whether at a personal level or in terms of your business, is that due to the way that the blockchain works, should you fall victim to a costly hack or theft, it is next to impossible to recoup your losses. Therefore, it is essential that you take your security seriously, and minimize your chances of risk. If you’re looking at Bitcoin as either a investment or business opportunity, then here are the best ways to keep your finances safe.
Use a designated email
Your first step should be to set up a new email account. This account will only be used for the purposes of managing your Bitcoin, and it’s important that you make that email account as secure as possible. For that reason, you should look at building the strongest password possible, so use the most common advice when it comes to password creation. Use long, preferably randomly generated passwords that will be impossible to guess or hack using the brute force techniques favored by hackers, and your first layer of defense will be much more useful.
Use a wallet
You’re going to need a wallet to store and use your Bitcoins, so it’s essential that you find the best one. There are numerous options available to you, such as Wirex who can offer their Wirex App and wallet that holsters a number of safety features that will be of benefit for those who use cryptocurrency. As well as the security issues, Wirex also offers Bitcoin payment cards that can be used at any outlet that accepts Visa cards, so your Bitcoins are not only safe, but easily managed at the same time.
Don’t talk about it on social media
There is a chance that you’ll want to talk about your Bitcoin purchases on social media, but that’s a common way for hackers to find new targets. That’s why you should limit your discussions regarding cryptocurrency when it comes to Facebook posts and Twitter hashtags. Even if you use VPN tools and resources, the fact that hackers specifically focus on social media accounts that discuss Bitcoin should be enough reason to restrict your online conversations when it comes to digital finances. Social media accounts are far easier to hack than you may think, and access to those accounts offers criminals the ability to find ways into your other online accounts.
Be wary of the Internet of Things
The Internet of Things (IoT) has become as prolific a tech subject as cryptocurrency itself, but you should be very careful about adopting the technology. Although it may be tempting to make use of the benefits of having connected appliances and resources, they can very easily act as a backdoor into your databases, as recently occurred at a casino who were hacked using a fish tank thermometer. While it’s inevitable that IoT will become more widespread, and that government legislation will eventually enforce a certain level of security, those rules are yet to become law, so it’s important that you remember the technology is new and untested at this point.
Cryptocurrency is a growing technology, and with more new users on a weekly basis, it’s clear that the digital revolution is not going away anytime soon. While you may be considering the technology as either investment or business tool, it is essential that you remember at all times that any action online carries risks, and only by minimizing those risks can you protect yourself.