How to Protect Cryptocurrency From Scammers

  • Crypto Guru
    May 3, 2021, 17:37

One of the biggest advantages of cryptocurrency is that it isn’t regulated by a centralised authority. However, this is also one of its biggest weaknesses. How so?

Well, with Bitcoin and other unregulated forms of cryptocurrency, the users aren’t subject to inflation from a central bank, nor are they limited as to what they can spend their coins on. On the other hand, they also are responsible for the security of their own funds. If a person is scammed, there’s no bank to help get their BTC back.

So, for those who would like to start using cryptocurrency, it’s essential to understand the basic safety rules. To make it easier, we’ve compiled these rules and our top tips in today’s guide.

What Dangers Are There?

There are several key dangers that cryptocurrency holders face:

  1. Their crypto wallet could be hacked.
  2. Their PC could get a virus that’s designed to steal BTC.
  3. They may make a mistake when inputting a recipient’s wallet address.
  4. They might forget to back up their hardware wallet — so, if it breaks, they’d lose their crypto.

Basic Safety Rules to Follow E2E Encryption

Our first and foremost tip is to use a secure crypto wallet with end-to-end encryption. This is the most secure way of communicating privately online. The sender’s messages are encrypted, and only the receiver’s device can decrypt them. One such service, Grapherex, offers an end-to-end encrypted messenger with a crypto exchange and digital wallet features.

Enable 2FA

If an e-wallet has a 2FA option, it is crucial to enable it! It ensures that even if somebody obtains the user’s password, they cannot access their account.

Keep Track of the Wallet Transactions

By monitoring the wallet transactions on a regular basis, a crypto wallet user can quickly spot if something suspicious is going on. And if a person holds many different kinds of tokens in their wallet, it can be useful to get email notifications when spending occurs.

Use an Ad Blocker When Web Browsing

Many hackers use attractive phishing ads to try to get clicks — and, if the user clicks on the ad, malware is installed onto their system. Since it’s hard to distinguish between ads that are safe or infected with malware, we recommend installing a browser-based ad blocker.

Use a VPN

VPNs will protect the users’ web data and make it harder for scammers to track their blockchain activity. ExpressVPN and NordVPN are two great options. It is essential to keep in mind that free VPNs are often too good to be true; while they may block the users’ web activity, they get revenue by selling their data.

Triple-Check Recipient Addresses

If a person sends Bitcoin to the wrong wallet address, chances are they won’t be getting it back. Therefore, it is critical to take a few extra seconds to review the recipient’s address — and then once more!

We hope you found these tips useful! How do you keep your crypto wallet safe? Let us know in the comments!