Looking to make good money by buying cryptocurrencies? Yes, the cryptocurrency market is unpredictable, but if you can get the pulse of it, it’s possible to have some great returns.
And while it’s a thought that will drive you to the cryptocurrency market, how much have you thought about protecting your assets? Here is the thing – cryptocurrencies are virtual and you could have a hard time protecting your assets from hackers if you aren’t careful.
On the flip side of the craze for cryptocurrency, the “Will Quantum Computers break Bitcoin” debate, there is a grey area. This area gives rise to a question on the minds of every trader, investor, and regulator all over the globe. Even to those who have been swept off their feet by the advent of cryptocurrency. It is invariably,
How secure and safe is my cryptocurrency?
Can your cryptocurrency be hacked? Unfortunately, Yes.
Cryptocurrency is the peer-to-peer network without any centralized monitoring of the network. Still a technological puzzle to many techno geeks, the cyber criminals are drawn to it like bees to a cosmos. Attempts are made every day to hack the system, for the simple reason that it involves money. You could buy one of those super secure USB drives where you can store your details. Or enroll yourself in a cryptocurrency exchange to store your money. However, USB drives can be lost. And exchanges have been hacked as well.
M for Money, M for motivation.
Understanding the risks involved with cryptocurrency assets
There is plenty of risks involved when it involves real money on the internet. Your connection to buy and sell your altcoins will be watched by criminal elements and targeted. Linking your bank account and credit will also involve data risk in spite of the two-step authentication processes.
If you are careless with choices, you can fall prey to a fraud ICO (Initial Coin Offering) who lurk for investors to send altcoins to their anonymous addresses while promising easy profits. But to make your investments successful, you should definitely check the investigational results of ICO Pulse experts, who manage the most up-to-date ICO list in the world of cryptocurrency.
The alt coins themselves are protected since the blockchains require the black hats to infiltrate the thousands of simultaneous mining, thanks to the redundant Distributed Ledger Technology.
That brings us to two ways we could add to the security we offer ourselves online.
Virtual private networks (VPNs) and proxy
Proxy bypasses all your traffic through a remote server, making the source of your connection different from the actual one. This isn’t of much importance because addresses in the cryptocurrency world are seldom real. They are anonymous so your actual location will not be tracked anyway. VPN, however, works by encrypting your data.
They secure your IP address, applications, web information from hackers and surveillance. They are effectively used by world’s biggest corporation houses, spy agencies for decades. Some are even available with special benefits for cryptocurrency enthusiasts. Besides prevention of data leakage, VPNs also monitor the traffic you generate which secures your cryptocurrency during online purchases.
The best part is it comes at a nominal price. A well researched, paid VPN service will assure that your data doesn’t run a risk of unsolicited access.