cryptojacking

Cyber Attacks And Bitcoins: What You Need To Know

Bitcoin has gained huge attention in recent years because it has made the process of money laundering much easier. This is giving rise to a number of hackers who use ransomware attacks on the objective.

Cyber theft uses some technical skills to hack your Crypto wallet when you lose your private keys. Nowadays, hackers are using fake Google extensions to get access to your account. They are targeting Cryptocurrency users via mail by sending them security alerts for their wallets. These attackers encourage them to download some software on their desktop or mobile, and through this, they are able to hack your wallet, and ultimately users lose all their Cryptocurrencies.

Hence, if you are a Bitcoin or other Cryptocurrency user, you must be very alert of all types of attacks that are increasing on the exchange platforms or via any other methods.

In the year 2018, Coincheck (a Cryptocurrency exchange service) was hacked, and about five hundred NEM tokens were eliminated from the exchange. However, this service was capable of remunerating all users with its own capital, but there is no guarantee that hacks will not repeat in the future. This gives a sign to all Bitcoin and other Cryptocurrency users to stay active and alert of their digital currencies.

The Rise Of Cybercrime

Cryptocurrencies such as Bitcoin are linked with cyber-attacks because it is decentralized currency meaning no involvement of any government or banks. Thus, this increases the chance for hackers to hack your wallet or funds.

Cyber thefts are highly professional and experienced in these attacks because they are paid a good sum of amount. Besides, the value of Bitcoin is increasing, and so the cyber attacks.

When you are purchasing Bitcoins or any other digital currencies, you must be very aware of the security features of the wallet where you are going to store your Bitcoins. Don’t choose wallets that were hacked in the past.

Hence, cyber-attacks are a threat to every Crypto user, and there are several ways to mitigate risks when trading in cryptocurrencies such as Bitcoin that you can pay attention to.

Can You Protect Bitcoins From Cyber Crimes?

Many Bitcoin users still question ‘how to protect digital currencies from cyberattacks?’. However, Bitcoin uses Blockchain technology to make the user’s personal data protected and payments safe. Blockchain has also proven its worth in other fields.

You need to understand that a Blockchain network is not enough to protect your digital currencies. There are other ways to protect your Bitcoin, and these ways are listed below.

 

  1. Practice good cybercrime hygiene. When you receive any emails or messages to download any kind of application or software, you must ignore all—only download apps from credible platforms.
  2. Another way to protect your Bitcoins from cyberattacks is to keep your virus software up to date. It is important that you have a credible firewall or anti-virus protection for your PC or laptop.
  3. Do not use an easy or a common password at any cost. Use special characters, as well as up and down cases for your password. Also, you must not use the same password on all platforms.
  4. Enable two-factor authentication if possible. This makes the task hard for cyber attackers to hack your account. According to the reports, many accounts are still left that do not have a two-factor authentication process.
  5. Next tip to protect your Bitcoins from cyberattacks is by not saving your password on the exchange platform. If you save your password to the browser, then it can be prone to attack.
  6. Lastly, avoid using free wallets with poor security. Instead, go for the paid wallets that offer powerful security features.

The Final Thoughts

According to the official site, Keeping your Bitcoin safe should be the initial step that you need to take after investing in this digital currency. Thus, follow all the above instructions carefully to mitigate the risk of your currencies from Cyberattacks.

About the author

Venkatesan Prabu

Wikitechy Founder, Author, International Speaker, and Job Consultant. My role as the CEO of Wikitechy, I help businesses build their next generation digital platforms and help with their product innovation and growth strategy. I'm a frequent speaker at tech conferences and events.

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