What is Bitcoin And How To Protect It From Cybercrime
What is Bitcoin?
Bitcoin might be not a new name for you, but many of us still don’t know what is bitcoin and what’s it use? Here in this article we are not only inform you about bitcoin but also make sure its security. A cryptocurrency is an electronic form of digital asset or money used as a medium of exchange. This is a source of electronic payment that uses cryptography to provide additional security for transactions. The trick with this form of currency is that governments and regulators have yet to find suitable business norms and legal structures to manage and manage cryptocurrency. This is where cybercriminals can benefit.
What is Cybercrime?
Most of those paying attention would expect the price of cybercrime to rise in recent years. However, a new report puts the numbers: global cybercrime costs around 600 billion dollars a year. That’s is above 500 billion dollars in 2014 when security vendor McAfee and the Think Tank Center for Strategic and International Studies last published a similar study. The new estimate is 0.8% of world GDP, compared with 0.7% in 2014.
You can attack any company and demand a ransom in digital currency as this form of cybercrime is untraceable, and there is no evidence to trace it back to the culprit. With the proliferation of cryptocurrencies in the business world, cybercrime has become a real threat. Many more criminals are trying to use digital assets to control their illegal activities. Additionally, cryptocurrencies are a great way to launder money.
How to Protect Bitcoin From Cybercrime
If you make cryptocurrency transactions without following cybersecurity rules, there is a risk that you would lose bitcoins from hacker attacks. Here you need to understand that before you start working with Bitcoin, you need to know the answer to a few questions:
- Which wallet did you use for your bitcoin?
- Your Bitcoin Wallet Encrypted or not?
- Your password is strong enough or not?
- Do you like public Wi-Fi or not?
The quires to these questions will reveal whether your bitcoin is safe from cybercriminals or not. To keep your bitcoins secure from hackers, we’ve listed some precautions to avoid hacker’s tricks.
1-Select a Bitcoin wallet that gives you convenience
Did you know what Bitcoin Wallet means? It is an electronic device that can store, send, receive and track digital currency. You can find various types of crypto wallets online, and it is essential to choose the one that best suits your storage and trading needs. For consumers who are particularly concerned about cyber warning, cold storage may be the best option in this regard.
However, the security solution is to store your bitcoins in what is known as a hardware wallet. Manufacturers like Trezor and Ledger offer various USB-like device models that come with pre-installed security layers and encryption functions. If you decide to go with another digital wallet provider, make sure you get only a reliable and reputable source.
2-Use Safe Internet While Trading?
While trading or transacting crypto-only, use a secure internet connection and avoid public Wi-Fi networks. Use a VPN when accessing your home network for extra security as VPN changes your IP address and location and protects your browsing activity from threat participants.
Do you like to use public Wi-Fi? Well, hackers love to do too! Free Wi-Fi networks are often insecure, making it easier for hackers to steal sensitive user information. When you order abroad and need to be connected to the internet, the ideal solution is to use your mobile package data to access password-protected websites and applications such as bank accounts number and online network details.
You can also use VPNs to make sure security of your connection and turn off your phone’s Bluetooth connection to avoid unknown connections to other devices.
Secure your personal Information /Private key like your bank PIN. The secret key is only for your eyes. This is the main to your hard-earned money, so better save it. One of the ways to protect your wallet and cryptocurrency is to store your private key offline. You can also write it on paper and save it to avoid damage or use refrigerated storage devices that can be accessed offline. This is the most important precaution you should follow so, please do not anywhere any timeshare or tell your personal key / Information. If you apply this step, it will help you prevent your trading and save you the hackers.
4-Use Different Type Of Wallets
There is no limit to creating wallets. You can spread your cryptocurrency investment across different Wallets. Use a wallet for your daily transactions and keep the rest in a separate wallet. This will protect your wallet and reduce the loss of breaches of your crypto account. You can use a different type of wallets such as:
- Paper Wallet
- Hardware Wallet
- Custodial Wallet
- Non-custodial wallet
5-Encrption Of Your Bitcoin Wallet As Well
It is imperative enabling encrypting your Bitcoin wallet is another line of defense against potential cyber-attacks. It allows you to manage a password and save your coins if someone tries to access your account. Hackers can only steal your bitcoins if they know the password you set.
When you use a mobile device or laptop to make Bitcoin transactions, encrypting your wallet becomes even more critical because you are connected to the internet.
6-Avoid To Click On Unknown Links
Cybercriminals share a different type of suspicious traps through unnatural links. They will go to great lengths to grab their targets’ attention and make them click on suspicious links that lead to malicious websites that can steal sensitive data and damage electronic devices. If you click on a potentially dangerous link, it could put your Bitcoin wallet at risk. So, don’t touch any links that you don’t know.
7-Update Software Regularly
Software updates are one of the common security precautions. You must use the latest version of Bitcoin software, no matter what Software you are using. Updated Software supports information about the latest security fixes. It also protects your wallet features. If your bitcoin wallet is not updated, you can quickly become a prime target for attackers and phishers.
It is equally important to keep your device up to date, where you have stored all critical data. So make sure you choose a service too.
Ultimately, you are the only one who entirely responsible for the safety of your Bitcoin wallet. The cryptocurrency world is continually evolving, and security systems are improving. Hence, you need to take all necessary precautions and keep up with the latest security improvements and updates to keep your bitcoin or cryptocurrency wallet safe from hackers.