With the rise of digital finance solutions nowadays, cryptocurrencies have become very popular both as an investment vehicle and as a form of payment. Several businesses like travel agencies, e-commerce platforms, healthcare, supply chain management and now more crypto casinos in the UK are accepting cryptocurrencies as a payment form. Sergio Zammit from Crypto News says that many players go to online casino platforms because of the advanced security features, fast transactions, and anonymity they offer.
However, with the increasing popularity of cryptocurrencies comes the risk of falling victim to cyber-attacks. According to their 2023 Crypto Crime Report, cryptocurrency hackers stole $3.8 billion in 2022, a significant increase from previous years. That is due to the presence of hackers who are constantly looking for creative ways to gain access to your crypto wallets and exchange accounts. This is why it is crucial to ensure that your digital assets are as safe and secure from potential cyberattacks. This is why opting to choose vetted sources helps protect you when making purchasing decisions.
1. Use Strong and Unique Passwords
To safeguard your crypto holdings, it is essential to create and use strong passwords. Use at least 12 characters and include a blend of special symbols, numbers, and upper and lower case letters. Avoid using personal information that potential hackers can easily guess. Refrain from using your pet’s name, your birthday, common words, or “password123”. Once you’ve created your unique strong password, avoid reusing the exact same password on other platforms and different accounts. Using the same password across multiple platforms puts your entire digital identity and risk as well as your crypto assets..
2. Enable Two-Factor Authentication (2FA)
Enabling two-factor authentication (2FA) will add a layer of protection on top of your strong password. This security measure will require you to use additional information, such as a one-time PIN (OTP) sent to your device or biometric authentication, like a fingerprint scan. You could also opt for authenticator apps instead of relying on codes sent via text. These apps create an OTP that is only valid for a short period or a limited number of uses.
3. Choose Secure Wallets
The type of wallet you choose to store your crypto assets can impact how secure they are. These crypto wallets have varying security features. Hardware wallets are physical devices and are the safest option. This specific wallet includes PIN protection, biometric authentication, and the ability to sign transactions without exposing private keys.
Cold wallets are not connected to the internet and are a paper document that has two QR codes and sets of characters printed on it and kept in a safe place. However, losing this information also means losing access to your crypto assets.
Software wallets are mobile, desktop, and web-based devices that store your private keys on a connected device. These wallets offer you convenience, however, there is a risk of falling prey to cybercriminals. To maximise the safety of a software wallet, use robust encryption, regularly update the wallet, and only use soft wallets from reputable providers.