Do your future investment plans include cryptocurrency or digital currency? If so, you are not alone. Thousands of long-time investors have plans to invest in digital currency in the future. There is no doubt, cryptocurrency investments are extremely risky, which is why it is crucial to be fully prepared. Regardless of what your future investment campaign is geared toward, preparation is key to security. This is especially true when investing online, where you are at the mercy of hackers. Yes, hackers are lurking around every corner of the World Wide Web, waiting for unsuspecting investors to scam. Unfortunately, this is what you must deal with when investing in digital currencies.
Know how to protect your digital currencies by reading the content provided below.
Virtual Currency Scams On The Rise
It cannot be stressed enough the number of cryptocurrency scams is on the rise. As more and more people begin to invest in cryptocurrency, online scam networks are strengthening by the numbers. Knowing there are risks is a great starting point. Since you are new to cryptocurrency investment, you may not be familiar with these risks. If you need help getting started, you can always consult with a cryptocurrency expert.
Securitize Your E-Wallet
Like cash, digital currency is stored in a wallet. Unlike a real wallet, online wallets are not physical items. Instead, digital wallets or e-wallets are applications installed on mobile devices. To access your digital wallet, you will need a desktop computer, a mobile device like a tablet or cellphone, and an Internet connection. There are also what experts have deemed an “offline wallet” or“cold wallet”. The primary difference between an e-wallet and an offline wallet is there is no need for an Internet connection. Which cryptocurrency wallet do you think offers the most protection against online hackers?
Since there is no Internet connection needed to access a cold wallet, it is going to offer a higher level of security as compared to an online wallet. This is why experts recommend storing about 95 percent of cryptocurrency in cold wallets and only 5 percent in e-wallets. Hackers are guaranteed to not have access to your cold wallet, where most of your digital currency is stored.
Do Not Fall Prey To Crypto High-Yield Investment Programs
Once it gets out, you are looking for new crypto investments, you will have a target on your head. Why is this the case? Many online scammers work in networks, meaning they rarely work alone. So, it will not take long for word to spread about your interest in cryptocurrencies.
One investment scam to be on the lookout for is crypto HYIP, High-Yield Investment Programs. It should be an immediate red flag when someone offers you an investment opportunity with a higher-than-normal yield guarantee.
Use Strong Passwords
Non-secure digital currency accounts are at the mercy of online scam artists. These are prime targets for online hackers because they hold the key to your cryptocurrencies. Protecting your accounts across the Internet should be one of the highest priorities. Experts recommend utilizing at least two strong or unbreakable passwords that should never be stored online or on paper.