Even though the cryptocurrency market is highly lucrative, it doesn’t come without its fair of challenges. Over the years, a new breed of cybercriminals has increasingly targeted this burgeoning environment of virtual currencies. They intend to generate illicit currency through extortion, mining, and stealing money from wallets and exchanges. 

Due to the ever-growing value of cryptocurrencies and their acceptance throughout the globe, experts warn that cyberattacks on the industry are far from over. Therefore, it’s your responsibility to ensure that you protect your coins, or else you will find yourself immersed in a pool of losses.

Below are some simple yet effective ways to keep your wallet safe;

Use a secure internet connection

When you get to your favourite local entertainment joint or coffee shop, the first thing you order is the Wi-Fi password. Well, it doesn’t hurt to enjoy some free internet connection. Nonetheless, if you have a cryptocurrency wallet on your phone or laptop, avoid public networks at all costs!

Most public wireless networks have tens of security flaws since they are hardly secured. Therefore, if you have to connect to the internet while in a place away from home, consider using your phone’s data bundles. Luckily, you can create a private Wi-Fi connection using your phone’s hotspot feature.

Keep your private key offline

Even if there are reputable and trustworthy password managers where you can store your private key, you will remain more secure by keeping it off the grid.

One of the best ways of storing this key is right into your brain. Take time and memorise it, and always keep your memory a secret!

If you have a lot going through your mind and you are sure you will not remember this key when needed, writing it on a piece of paper is better than saving it on electronic devices.

Choose cold wallets over hot ones

When choosing a wallet to store your coins, consider cold wallets over their hot counterparts. The former is offline and more secure; thus, they reduce the threat of losing your investment to hackers. 

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The latter are easy to set up, highly available, have simple interfaces, and boast of instant transfer time, but they are more vulnerable to cyberattacks.

Never open suspicious links

Another amazing way to protect your cryptocurrencies is by being conscious of your online activity and ignoring links that could potentially harm your investment.

Remember, hackers are shrewd, and will create websites with URLs which are almost similar to that of your wallet service provider. They will then send you emails that feature attractive offers, and when you click, you might end up losing all your coins and other sensitive data.

Whenever you receive an email with a link that requires you to enter your private key, ensure you verify the site’s URL and only proceed when you are sure it’s authentic.

Use strong passwords for your online wallet

Research shows that 52% of people use the same password across different platforms. Using a weak password for your online wallet is like signing its death warrant.

Avoid using names, phone numbers, ID or passport numbers, the name of your child, or the title of your favourite movie as a password. Instead, use a robust password with an alphanumeric combination. Also, set up 2-factor authentication, which ensures a third-party cannot access your wallet without providing a 6-digit key sent through your email or phone number.

There are many authenticators in the online ecosystem, but most professionals recommend the Google Authenticator app.

Final thoughts

Remember, you are solely responsible for the safety of your cryptocurrency wallet. Apart from the strategies above, you also need to remember that the crypto scene is constantly changing, and security systems keep improving every day. Therefore, keep up with the trends and ensure you adopt sophisticated methods to keep your wallets away from the prying eyes of modern cybercriminals.