How to keep your crypto safe and secure
The use of cryptocurrency offers tons of advantages. This includes betting on online casino sites and anonymous transactions. With this, safety is the utmost priority of crypto networks. But no matter how safe it is, there are a few risks that come with it such as scams and cybertheft.
This is why you should tread carefully when doing crypto transactions like soccer bet or crypto casino gaming because a lot of money is on the line. Fortunately, there are numerous ways to ensure the safety of your crypto transactions.
When investing in crypto, safety should be your utmost priority. The best way to transact safely with your crypto is by preventing fraudulent activities in the first place. As they say, prevention is better than cure.
How to protect your crypto from cyberattacks
There are multiple ways to safely use crypto when doing online transactions. What’s better is that they are easy to do regardless if you’re new to crypto or not. In fact, every user should know these by now, and it’s your chance to learn more about them below:
Two-factor authentication (2FA)
Every essential application like emails have two-factor authentication (2FA) to prevent unwanted logins from anonymous third parties. For crypto, putting a 2FA when doing transactions adds an extra layer of security.
To set up your 2FA, you need to input a specific code from your device every time you make a crypto transaction. This allows you to directly type in your 2FA passcode without being redirected to an email verification to push through with your crypto transactions.
You’ll also need to connect your 2FA with both your email and phone number to add more security to prevent unwanted scams in the future. If someone tries to open your account through 2FA, you will also be notified.
Just like a 2FA, authenticator apps help make your crypto transactions more secure. What’s great about the authentication app is that they don’t require a direct message or email to validate your transaction.
Instead, it uses your device as the primary authentication tool which means that there is virtually no chance for a hacker to get into your account or system. While 2FA is great, it isn’t as good on its own without an authentication app.
A potential hacker must have the possession of your device so that they can get through with an authentication app. This makes it one of the best ways to make your crypto transactions more secure, and the best part about them is that they don’t cost a lot of money to set up as well.
Seed words backups
Just like fiat currency, crypto requires you to have a digital wallet you can use so you can start doing transactions. One of the first things that you will be confronted with is the concept of seed words.
Backing up your seed words is important when doing crypto transactions. Seed words or secret recovery phrase is a series of words or phrases that collect all your account keys into one organised file.
They are best used to recover your account in the event that your crypto files get corrupted. If you don’t back up your seed words, you can lose all your crypto access when your device crashes. For cold wallets, physical devices wear out overtime. So, having a spare backup of all the access to your crypto is the wisest thing to do to avoid any unwanted and unexpected crashes that can potentially delete all your crypto in one go.
Using cold wallets
When investing in crypto for the first time, there are two main wallets that you can use: Hot and cold wallets. Hot wallets are typically known for their flexibility because they can be used online to trade your crypto. On the other hand, cold wallets are less flexible but are generally considered to be safer for storing large amounts of crypto because they can’t be accessed online.
Cold wallets normally come in physical hardware that make them more reliable in protecting your crypto from online hackers. They might be more expensive than hot wallets, but you’re paying for a more robust security system that will keep your crypto safe from threats and attacks.
Use stronger passwords
Just like any online account, you need to manage your passwords better so you won’t risk losing all your crypto in one go. One of the safer ways to do this is simply to abide by the rules of registering that asks you to diversify your password upon setting up an account.
For instance, most crypto wallets and exchange sites require you to include alphanumeric symbols and special characters to make your password stronger and harder to guess. By doing so, you are actively making your password more unique.
If you have multiple exchange accounts and digital wallets, it’s advised to have a set of various passwords for each account that you have. This way, if a hacker finds out one password to an account, they won’t be able to hack into your other accounts because they have different sets of passwords.
Having multiple passwords for several accounts might be challenging, so opting for a password manager is the best way to fix this issue. With this kind of application, you can easily navigate through your accounts without having to memorise all your passwords because the app will fill them for you.
4 common scams and cyberattacks to avoid
There are hundreds of mischievous scams surrounding the crypto space, and knowing about them will make you aware of certain things to avoid when doing crypto transactions online. To keep your crypto secure, learn first about the common threats that hackers use to trick crypto users and asset holders below:
Fake crypto exchanges
The biggest fake crypto exchange sites offer the most ridiculous deals that are too good to be true. Fake crypto exchange sites also tend to be unregistered and have no licences backing up their claims.
Another great indicator that the sites are not what they claim to be is through customer reviews. Usually, a lot of negative reviews will surface online about how a particular exchange is providing services to users. The moment you see scam topics appearing in the review sections, it’s best to go with their words and avoid the sites completely.
Rug pull scams
Rug pulls are some of the most notorious crypto scams in the world. This works when developers pump malicious crypto prices way high then pulling as much value out of them as quickly as possible. Once new investors are lured into buying their coins, they instantly abandon the project after prices drop to zero.
This type of crypto scam is the typical exit scam that decentralised finance (deFi) are usually more susceptible to. The reason for this is that it’s incredibly difficult to spot a rug pull once it’s there because it follows the ‘buy low and sell high’ concept. However, once you identify one, it’s going to be easier to spot on the next time around.
Phishing scams are among the most classic types of scams that are also prevalent in other industries. In the crypto space, this works by hackers sending malicious emails that give you suspicious links to sites that will immediately grab your personal information such as crypto wallet keys and passwords.
What hackers would want to get from you using phishing scams is your unique digital wallet private key ID. This makes it one of the most dangerous crypto scams out there that you should definitely avoid.
Sim-swap scams are one of the newer types of cyberattacks in the crypto space where hackers get access to your SIM card and collect all of your phone’s data. The information that can be taken from this type of scam are your passwords and the 2FA that will bypass all security measures that will lead to your crypto coins.
When this occurs, the user’s crypto accounts will be hacked and wipe out all the data in your device leaving nothing for the investor. It’s one of the most problematic scams out there, so make sure you don’t swap your sim’s data with any company online.
When using crypto in a Bitcoin gambling site like Sportsbet, it is important that your crypto transactions are safe. With the technology constantly changing and improving, hackers are also finding new and creative ways to steal other people’s valuable data and crypto.
The best course of action is to be aware of these threats and appreciate what notable companies are doing to boost the crypto technology’s security features. As long as you ensure that you are avoiding the biggest crypto scams out there, you won’t come across issues with cyberthreats and continue to enjoy what the industry has to offer.