There are a number of excellent benefits of cryptocurrencies. They are extremely convenient and offer a tremendous amount of privacy. However, there is a pitfall to using cryptocurrencies. They are not the most secure way to process payments or store your wealth.
A number of cryptocurrency security breaches have illustrated this problem in recent months. Last year, a new report showed that the number of cyberattacks against crypto exchanges increased 1,400%.
While a lot of attention has been paid to the risks of using exchanges, there are also security concerns about using crypto wallets as well. Cyber criminals have discovered that malware and social engineering can be very effective at stealing from cryptocurrency users. The number of traditional ransomware attacks against consumers has dropped 13% over the past year (although ransomware attacks against businesses are up 365%). Part of the reason is that hackers are spending more of their time going after cryptocurrency wallets instead.
Cryptocurrency users need to be aware of these risks. Fortunately, there are a number of tips they can follow to minimize the risk of getting hacked. The most important precaution they can take is to choose the safest possible wallet.
Here are some of the safest cryptocurrency wallets to use in 2020.
Ledger Nano X
Ledger Nano X was recently announced at the Consumer Electronic Show in January. This is possibly the newest cryptocurrency wallet on the market.
Consumers that are concerned about security should seriously consider using this. According to recent reviews on the safest cryptocurrency wallets, it is the most secure cryptocurrency wallet available. In addition to its excellent security features, there are other reasons to consider using the ledger. It is very convenient to use, because it allows you to access and manage cryptocurrencies through Bluetooth technology.
Trezor Wallet is another very secure cryptocurrency wallet to look into. This cryptocurrency wallet was developed by Satoshi labs, which is a company that is well known for producing high-quality cryptocurrency products.
Trezor Wallet what is the first of its kind that allowed users to store cryptocurrencies On a local hard drive. Satoshi labs recognize that off-line storage was the safest way to protect digital currency’s from hackers. They have continued to upgrade their wallets overtime to protect against a new generation of security risks.
Guarda Wallet is an innovative crypto wallet that can be used to store, exchange and manage multiple types of cryptocurrencies. It is one of the few crypto wallets that is registered in the European union against traditional currency exchanges, which proves that it is highly secure.
You can import private keys with this wallet, as well as major crypto exchanges. You can use desktop, mobile and web versions of this wallet.
Take important security precautions when setting up a crypto wallet
Choosing the right crypto wallet is in essential for step. You can significantly decrease security risks by choosing one of the more secure options to store your crypto assets.
However, there are other precautions that you must take as well. Some of the important steps are listed below.
Make sure malware protection is always up-to-date
Hackers are using a wide range of new strategies to rob cryptocurrency users. They employ a combination of malware and social engineering tactics.
Your malware protection is your first line of defense. You are going to want to make sure that all antivirus software is updated regularly to guard against the newest forms of ransomware, keyloggers and other threats.
Be careful about using unsecured networks
Even if your machine’s security is well protected, your cryptocurrency assets can still be vulnerable when you are making transactions. Clever hackers can steal your credentials when you are trying to process payments over the web.
You need to be very careful about the networks that you are using. You don’t want to send cryptocurrency payments through unsecured network’s. You also need to be careful about using hotspots that you can’t authenticate. Hackers sometimes set up bogus hotspots with the intention of stealing information that is passed through them. They could easily steal the password to your crypto wallet if you log into one of these networks.
You need to be very careful about the networks that you are using. You don’t want to send cryptocurrency payments through unsecured networks. You also need to be careful about using hotspots that you can’t authenticate. Hackers sometimes set up bogus hotspots with the intention of stealing information that is passed through them. They could easily steal the password to your crypto wallet if you log into one of these networks.
Make sure that you are crypto wallets are well secure
The number of cryptocurrency wallets that are hacked is likely to increase over the coming year. You can protect your own digital currencies by choosing the right wallet and making sure it is well protected.