Cryptocurrency transactions are growing day by day and on the other side frauds and data leaks are also increasing. This festival season, there has been a rise of gold and diamond stocks and along with those cryptocurrencies has also witnessed a spike. The virtual currencies have been gaining a lot of attention in the Indian market as even top Bollywood stars like Amitabh Bachchan have jumped on the bandwagon.
Cryptocurrencies are digital tokens that are encrypted for secure transactions and control the creation of new units. Some of the recently highlighted data breach cases in India include the BuyUCoin hack of nearly 3 lakh users and the robbing of three Bitcoin exchanges of Rs 9 crore in November 2020. Here are the 5 ways to protect your cryptocurrencies this festival season.
With a growing demand for cryptos, there are tens of exchanges being launched every new day. So stick to the best in the market, even if it takes you a good while to upload your documents so look for the storage options and if they offer added level of security.
Using a wallet service that is offered by a crypto exchange, investors' crypto is kept in centralized storage that may be a little vulnerable and easy to crack for hackers. So be smart and use offline wallets like the Trezor hardware wallets or SafePal which is a USB drive. These types of wallets are called cold wallets.
If you are using online wallets, then make sure to create strong passwords and devices running on a secure network. This way you can ensure that your cryptocurrencies are safer.
Make sure that you do not leak any sensitive data related to your accounts like email address, phone number, and date of birth with any suspicious number or emails, and abstain from clicking on pop-up ads with luring crypto schemes.
Look for any suspicious activity in your crypto exchange accounts and wallets by logging into them at regular intervals and so keeping yourself protected from any malicious attacks.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.